Foreclosures
Stocks and bonds went sideways again today. The markets are trying to figure out their directions.
The Dollar gained over one cent today, and Gold lost $12 – providing another buying opportunity.
Oil and gasoline fell a large amount – probably on those speculator accusations coming out on manipulation.
In the news today…..
Durable Goods Orders – fell in June 2.5%, and this was lead down by commercial aircraft orders and auto sales. In fact, durable goods orders outside of these two areas was up 1.1%.
Foreclosures – are continuing and are upsetting Congress. Barney Franks threatened banks with legislation to allow judges to adjust monthly mortgage payments – IF the banks don’t start playing ball, and getting their promised 500,000 foreclosures completed by November 1. It appears to me that Barney Franks learned his negotiating skills from the mafia – and he should simply be not re-elected next year. What a loser. The bank agreement was reached on Tuesday in negotiations with the US Treasury – and Barney was just trying to get some political points scored.
Here are the last numbers for today:
Dow Jones 30 Industrial – 9070 (down 26 points)
10 Year Treasury Bond – 3.66% (down 0.02%)
Euro – $1.4035
Gold – $930 (down $12)
Oil – $63.35 (down $3.88)
Gasoline $1.86 (down $0.06)