Final Financial Update/ Week of September 21, 2009

Welcome to all new subscribers, Good Morning and Happy Friday! It looks like today may be a real good day for us if the stock market continues to slide. Credit markets are rallying as I write this, and if this pattern continues, we should get some improvement in pricing today. The stock market had it’s first back to back losing session since the beginning of the month. Today’s loss would make it 3 days in a row, and that hasn’t happened for quite some time. It appears the Bears on Wall Street are finally winning the tug-o’-war.

The batch of economic news released this morning was mostly negative. In fact, the only bright spot of the morning’s financial news releases was consumer confidence -- just hilarious. The consumer continues to feel confident about the future even though they are not putting their wallets where their mouths are. Have we already said that several times?

Durable Goods Orders for August came in down 2.4%, far worse than the .4% increase for which the “experts” were looking. Even more, this is down from July’s revised increase of 4.8%. Looking back, July was sure a good month in many respects, but August is having a hard time keeping pace. New Home Sales report came in with an increase of .7% over July. It’s annualized rate of 429K units fell short though, of analysts’ expectations of 440K units.

Stocks are struggling to minimize the loses this morning so far . . . and we are seeing an “equal and opposite reaction” in credit markets . . . may the trend continue throughout the day. So far this morning’s initial rate offerings have bested (though slightly) the improved pricing from yesterday afternoon.
I will be in the office all day today . . . call me here or email me if I can help you in any way. Also, be sure to email me when you’re faxing over a lock request so I can be sure it gets locked. If I don’t hear from you today, have a terrific Friday and a very restful and enjoyable weekend!