FNMA 4.5% Down just 6 basis points...after trading as much as 44 basis points lower in the session. Inflation rumors rampant and the dollar reached 14 month lows against the euro. It was bad news for stocks that pushed money back into bonds today. Dow is Down 92 points...and back under 10,000 points as investors digest the lower than expected earnings from Boeing and news from Wal-Mart that they will be slashing prices for the holidays...and therefore earning less money. Shoppers are expected to spend about 3.2% less this year and retailers are gearing up for a beating in the fourth quarter in 2009. Oil inventories report came out showing that we have less gasoline stockpiled...so oil futures were up again today. Oil ended the session at just over $81/barrel. The "Beige Book" was released by the feds today and indicated that Commercial real estate was still weak among other things. Has anyone else noticed the great rates on commercial space lately? Wow. Remember you can get archived information and conduct searches of these newsletters at www.chadcan.com Enjoy the eve! Chad |
