(As of 7:23 am pacific)
There is a lot of news today
and most of it is good. Markets are reacting with a modest gain. Real Estate continues to recover with
impressive gains in existing home sales.
Low interest rates seem to be finally turning the housing sector
around. Japan announced a new fiscal
stimulus program that will pump $160 billion into its economy. Oil prices are continuing to plummet, down
another 2-3%. Gold is mixed and the
dollar index is up slightly. Longer term
mortgage rates are down and short term rates are up, a sign that 'Operation
Twist' is having a continuing effect on the yield curve. Look for markets to strengthen through the
day as the impact of this series of positive reports takes hold.
