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Author Topic: Market Commentary - Jan 26, 2011  (Read 676 times)
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Capitalist Pig
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Posts: 17830

« on: 2011 Jan 26, 09:45:05 pm »

Earnings season continued today without any major surprises. Overall, the market was pretty quiet. This was most likely due to the anticipated Fed announcement this afternoon. No surprises there, monetization of the national debt (aka QE2) will continue ahead as planned. Also out today were reports on new home sales for December and the weekly numbers for mortgages.

The new home sales numbers are one of those oddly reported things. If you do some quick Googling, you'll see that the numbers for December were about 329,000 new homes sold, which was above both the expected number and November's number. So you might logically conclude that 329,000 new homes were sold in December. But not so fast. What is actually being reported is the annualized new home sales rate. In other words, if all of 2010 were like December of 2010, then 329,000 new homes would have been sold. Obviously, this was not that case. As it turns out, about 321,000 new homes were sold in all of 2010. This is down from 2009's figure of 375,000. The median sale value in December 2010 was 241,500. Remember, these numbers are only for newly constructed homes.

Turning to the general real estate market, the number of applications for mortgages dropped over 12% from last week.

In the fun factoids of the day, after the Fed decision came out, the markets generally lifted and the Dow hit 12,000 while the S&P 500 almost hit 1,300. People love round numbers!

Let's look at today's numbers:

US Dollar ETFGoldSilverDow 30S&P 500
22.39-0.18%  1311.60+0.81%  27.41+2.54%  11,985.44+0.07%  1,296.63+0.42% 

Silver had a nice day, snapping it's losing streak since Jan 18. Gold broke the losing streak it has been on since Jan 19.

Happy trading!

Neal McSpadden
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