(As of 7:14 am PST)
Some mildly negative data on
the housing front have caused a small pull back in stock prices. Gold has lost its luster and is continuing
its decline. Oil is slightly to the positive. Longer term mortgage rates have ticked up a
small amount, while shorter term rates are stable to down a small
fraction. Housing starts were reported
down 8.5% due mostly to reduced building of apartments. Economic news is mixed out of Europe, but
relative stability has provided attractive yields for struggling countries to
issue debt on a favorable basis.
Projections are that Europe may pull out of its recession this
year. Expect prices to continue to mill
around flat line while the market seeks a catalyst for its next run up.
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