Archive for November, 2009
Wednesday, November 25th, 2009
A number of data points came out before the bell this morning which lent support to the stock market yet the move in the indexes is very subdued, because not all the data points were positive.
First, new jobless claims fell by 16,500 and are finally below 500,000. It is sitting at 466,000. We are far from the normal level which is 350,000 or less. Still the trend is and has been down for a number of weeks. Even though the jobless claims are falling it does not mean jobs are being created only that fewer people are losing their jobs. Job creation is still far off in the future.
Consumer spending was up .4% for October which is a reverse of a .7% fall in September. That was slightly better than expected.
The not very positive report this morning was the durable goods report which fell .6% when there was an expected gain.
These numbers pour in every week and it’s a task to keep up with the numbers, both the raw data, the expectations and volatility of the statistics. In a transition period in the economy it is always a struggle to ferret the real story. In this case the economy is improving and will likely continue to do so though new jobs, the bread and butter of a healthy recovery, is not happening. The creation of new jobs is normally a lagging indicator in every economic recovery and this one is no different.
Good Trading
Steve Peasley
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Tuesday, November 24th, 2009
Today’s Stocks & Topics: Mutual Funds, (CSTR) Coinstar Inc., Gold, Taxes, Silver, (NG) NovaGold Resources Inc., (WH) WSP Holdings Ltd, (VLO) Valero Energy Corp., (SWN) Southwestern Energy Co.
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Monday, November 23rd, 2009
Today’s Stocks & Topics: (NLY) Annaly Capital Management Inc., (CMO) Capstead Mortgage Corp., (ROYL) Royal Energy Inc., Gains & Losses, Retirement, (WFT) Weatherford International Lt., Utility Sector, (FUQI) Fuqi International Inc., (C) Citigroup Inc.
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Monday, November 23rd, 2009
A shortened week started off this morning with a spike in stock prices. Frankly, it started before the opening based on comments by the Federal Reserve which drove the value of the dollar down thus stock prices up. Gold and other commodities also spiked up.
The October Existing Home Sales report came out a little after the opening. Sales jumped 10.1% and inventory fell to a 7 month supply. The better than expected number added impetus to the rally. The bad news was that home prices are still falling. Overall the news was good because as you look at the numbers you see sales increasing in the mid level homes not just the low end and even though a third of the home sales were for distressed properties at least they are being picked up by new buyers.
Later in the week New Home Sales will be released and that might not look as good. There will be a report revising the third quarter GDP which is likely to be down. There will be other reports as well. It is going to be a busy week for government statistics.
All and all it’s a good start to the holiday week.
Happy Thanksgiving!
Steve Peasley
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Saturday, November 21st, 2009
Today’s Stocks & Topics: (APT) Alpha Pro Tech Ltd, The Stock Market, Inflation, (MFA) MFA Financial Inc., (NTES) Netease.com Inc., The market as the year ends, (FNFG) First Niagara Financial Group Inc., (UNG) United States Natural Gas ETF, Ethical Investments, (AMZN) Amazon.com Inc., (AMAT) Applied Materials Inc., (NLST) Netlist Inc., (WFR) MEMC Electronic Materials Inc.
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