Tuesday 7/29 ... At A Glance

By: Matthew Graham •
At A Glance:
  • After yesterday's very smooth day, O/N and this AM = volatile.
  • Case Shiller Drops a Bomb (on your home).  Prices down 16.9% in the last 12 months.
  • Merrill Lynch writes down via CDO sale -- 8.5 billion.
  • Covered Bonds, previously lurking in shadows, "introduced" by Paulson Yesterday.
  • Consumer Confidence due out at 10AM EST.
  • All Friday's losses regained in one short day yesterday.  1/3 of that gain retraced this morning.
  • MBS down a quarter of a point of YSP in very volatile trading.
  • QUICK LOCK GUIDE: FLOAT
    • As per usual, we float intraday and will reassess before lock cutoff's.  Bonds remain VERY reactive to stocks, so watch all the major indexes for rallies.
  • VIGILANCE: EXTREME
    • Today marks the beginning of what will be, for better or worse, an extremely volatile 4 days for the markets.