MBA Mortgage Applications Down 18.6%
MBA mortgage applications fell 18.6% on back of falling refinancing due increased mortgage rates; Prior reading was a decrease of 2.3%; On year level MBA Basic Index is down 18.6%.
Archive for December, 2010
Morning Reading – December 21, 2010
*** FT Alphaville: China’s bonded-warehouse copper mystery ***
*** FT Alphaville: UK fiscal fail ***
*** FT Alphaville: Rollover is all, Moody’s fears for Portugal edition ***
*** Distressed Volatility: Marc Faber: Emerging Markets To Fall 20-30% In Next 6 Months ***
ATA For-Hire Truck Tonnage Index Fell 0.1% In November
The American Trucking Associations seasonally adjusted For-Hire Truck Tonnage Index fell 0.1% in November vs. 0.9% rise in October.
Moody’s/REAL National Commercial Property Index Rose 1.3% In October
Moody’s/REAL National Commercial Property Index rose 1.3% in October and it is now running at +3.2% y-o-y.
Rig Count Weekly – December 20, 2010
Number of crude oil drilling rigs fell for 7; Number of natural gas drilling rigs fell for 7.
Afternoon Reading – December 20, 2010
*** FT Alphaville: Eight bond markets a-sellin’ ***
*** FT Alphaville: Why commodities may not be a good bet ***
*** The Big Picture: My thought on the yr end 2011 price target ***
*** The Big Picture: Eastman Kodak Color ***
Chicago Fed National Activity Index For November At -0.46
Chicago Fed National Activity Index for November was reported at -0.46 vs. revised October reading of -0.25. Chicago Fed National Activity Index 3-month moving average was at -0.41.
Morning Reading – December 20, 2010
*** China Financial Markets: Chinese growth in 2011 ***
*** The Big Picture: Winding Down with an Xmas Rally ***
*** The Big Picture: FusionIQ S&P 500 Technical Snapshot ***
*** FT Alphaville: Those crazy, crazy CACs ***
*** FT Alphaville: An audience with Lloyd Blankfein ***
*** FT Alphaville: Saxo’s outrageous predictions for 2011 ***
*** FT BeyondBRICs: Chinese train driver manual – in English? ***
*** Daily Options Report: VIX-Piracy Time! ***
New Week Intro – December 20, 2010
Weekly economic calendar.
Dry Bulk Weekly – December 20, 2010
Baltic dry index fell 4.6% last week; Capesize Index was up 1.1%; Panamax Index fell 13.6%; Supramax Index was down 3.4%; Handysize Index rose 1.1%.
Iron stockpiles & steel inventory mostly unchanged; Iron ore and steel prices stable. No indication of any major disruptions in Chinese economy. Low rates are probably byproduct of excess supply of ships and seasonal factors (weaker construction steel demand in China during winter months).
Tanker Weekly – December 19, 2010
Baltic Dirty Tanker Index rose 2.4%; Baltic Clean Tanker Index fell 2.7%.
Seasonal effects (cold weather in northern hemisphere; possibility of ice forming in the Baltic Sea) in addition to bullishness in the oil markets are keeping rates at decent levels.
U.S. Freight Carloads Weekly – December 19, 2010
U.S. railroads originated 286,391 carloads, up 9.3% compared with the same week in 2009 and down 5.5% compared with 5-year average. Week over week change was -5.6%.
U.S. Natural Gas Weekly – December 17, 2010
Working gas in storage fell 164 Bcf from previous week. The consensus was at 165 Bcf.
Demand seems to be not sufficient to clear the excess inventory; looks like another lost winter for natural gas price ahead.
Morning Reading – December 17, 2010
*** The Big Picture: The Bond Herd, 6% and Gold ***
*** The Big Picture: Uh-Oh: Facebook’s Zuckerberg is Time Man of the Year ***
*** The Big Picture: RealtyTrac: Foreclosures To Roar Back in 2011 ***
*** Macro Man: Order of Service ***
*** FT Alphaville: The rise in Fed funds futures rates ***
*** FT Alphaville: The luck of Lloyds ***
*** FT BeyondBRICs: A carrier? What else are we missing? ***
*** Calculated Risk: Moody’s Downgrades Ireland’s Credit Rating ***
December Philadelphia FED General Business Conditions Index At 24.3
Philadelphia FED General Business Conditions Index rose to 24.3. The consensus was at 15.0, prior reading at 22.5.
Industrial production expansion will continue in December.