Saturday, April 4, 2026 
Wednesday Market Recap
ADP job figures hit the tape at 5:15 EST this morning; within one minute the machines had bid up the e-mini futures contract 10 points. With its surplus time, the market then consolidated most of the day around the prevailing highs. 10 Year Treasury Note
Meredith Whitney—the recipient of death threats for calling the banks out on their shenanigans long before the mainstream press deigned to comment—spoke out today warning of the bubble in credit card debt that is soon to burst. She was quickly disregarded, as Capital One Financial was bolstered by the stress test results and an upgrade. After the bell, $COF traded even higher based on reports from the Wall Street Journal that they “do not need to bolster their capital.”
Things of note:
The NASDAQ was a clear underperformer today. While the Dow and S$P futures closed above yesterday’s highs, Nasdaq futures fell short.
Despite the strength in the tape, the Philadelphia Housing Sector Index $HGX closed off just over 2 1/4%.
In spite of the weak dollar USD, the Treasury Note ZN_F held firm. It remains in the range I discussed in yesterday’s post.
In the trading pits, all eyes have been on Friday. The stress test results are due to be released Thursday after the bell and unemployment numbers are to be released Friday before the open.
The stress test results have been inadvertently (or not inadvertently) leaked to the media—surely Timothy Geithner is applying mascara in preparation for his interview with Charlie Rose as I write. He will not be remiss in reminding us what has already been leaked: banks need an immense amount of capital, but everything is going to be just fine!
Peace.
Rates down, refinance activity up, purchase activity up!
The silent beneficiary may be Title Insurance Companies. They’ve sat on their asses for the last year…waiting. With a fair amount of competition driven out of the market, companies like Old Republic and Fidelity National may be standing at the flood gates of profitability.
Comment by High Noon — May 7, 2009 @ 9:07 am
umm…why is C and BAC up after hours? this doesn’t make any sense?
Comment by jason — May 7, 2009 @ 2:10 pm
[...] (top) Euro (bottom) The 1PM EST bond auction results sent the bond reeling and out of the range previously mentioned here at Trade the [...]
Pingback by Thursday 07.July.09 Market Recap | Trade the Picture — May 7, 2009 @ 11:57 pm
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