Update #1/ Week of December 14, 2009

Good Morning Everyone and Happy Monday! We have a pretty quiet morning on Wall Street and in credit markets this morning. Of course, it’s Monday, so that means the markets have to be positive (I think we’re up to 13 of the last 15 now) even though last week we only eked out a paltry 1 point gain on the Dow. Credit markets are slightly better and our pricing is any where from (.125) to around a (.25) better in rebate from Friday’s pricing. I suspect the markets will drift along this week in and around the unchanged mark with credit markets improving slightly throughout the week, having been unreasonably pounded last week.

There are no major economic news releases this morning. The FOMC begins their regularly scheduled meeting today and will be announcing their final monetary decision of the year tomorrow at 11:15 a.m. The dollar is slightly weaker, and this is usually a cause for gains on the stock market. Crude oil per barrel dipped over night well below the $69 mark, but is currently hovering just under $70.

Citigroup has come up with a plan to issue $17B of common stock to raise money in order to pay back their TARP money. The world economy got some good news over the weekend when Abu Dhabi stepped up to loan $10B to Dubai’s corporate flagship, Dubai World. They are not completely out of the woods, of course, but global markets are breathing a bit of a sigh. Look for markets to remain lethargic today with a lack of market moving news.

I will be in the office all day today if you need me. Call me here or email me with your loan scenario or pricing question. Have a terrific Monday and a very productive and prosperous week!