New Home Sales Unexpectedly Plunge to Record Low; Fannie Mae, Freddie Mac Post Losses
Fundamental
Streda, 24 Február 2010 20:30

Before we get to new home sales, let's take a look at how the GSEs are doing. Please consider Fannie, Freddie Post Losses on Tax Credit Writedowns.

Freddie Mac posted a $6.5 billion net loss as it marked down $3.4 billion in low-income housing tax credits that the U.S. Treasury Department barred the McLean, Virginia-based company from selling, according to a filing today. Fannie Mae, which plans to report official results this week, said it’s taking a $5 billion charge for the same reason.
Freddie Mac, which buys mortgages and guarantees home-loan securities, has tapped $50.7 billion in Treasury preferred stock investment since November 2008 to remain solvent. While Freddie Mac avoided having to take more federal aid for a third straight quarter, the company said new accounting rules that took affect Jan.

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Capital Flight out of Greece; Run on the Banks Underway; Greek Unions Stage Another Strike
Fundamental
Streda, 24 Február 2010 20:30

Seeking to avoid taxes on bank accounts and sheltered income, Wealthy Greeks Send Money Abroad.

Wealthy Greeks are pulling their money out of local banks and sending it abroad, fearing increased government scrutiny on assets and a run on the banks if Athens is forced to turn to the International Monetary Fund, according to private bankers and other people with knowledge of the situation.
Part of the government's austerity package for this year is a declaration of war on income that hasn't been taxed.

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Midday Briefing for February 24th: Watching Patterns Across Time Frames
Technical
Streda, 24 Február 2010 20:30
<>We can see from the last several days of market action that we have been forming important support in the 1090-1092 area of the ES futures (bottom chart). Today's trade has been in line with <>, and a positive Cumulative NYSE TICK has confirmed that, but we also face resistance in the 1110-1112 area and thus a key trading range.
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Jednotný účet bude až po voľbách
Financie
Streda, 24 Február 2010 16:30
Čo bude obsahovať, určí vyhláška ministerstva financií

View detail ...

Zdroj: www.etrend.sk

 
ČSSD sľubuje vyššie dôchodky bez reformy
Financie
Streda, 24 Február 2010 16:30
Na rast penzií zatiaľ nie sú peniaze

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Zdroj: www.etrend.sk

 
New Home Sales fall to Record Low in January
Fundamental
Streda, 24 Február 2010 16:30

by CalculatedRisk on 2/24/2010 10:15:00 AM

Note: See previous post for video and discussion of Bernanke's testimony.

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Bernanke Humphrey-Hawkins Testimony at 10 AM ET
Fundamental
Streda, 24 Február 2010 16:30

by CalculatedRisk on 2/24/2010 09:50:00 AM

Federal Reserve Chairman Ben Bernanke is scheduled to provide the Semiannual Monetary Policy Report to the Congress before the House Committee on Financial Services at 10 AM ET.

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MBA: Mortgage Purchase Applications at Lowest Level Since May 1997
Fundamental
Streda, 24 Február 2010 16:30

by CalculatedRisk on 2/24/2010 08:12:00 AM

The MBA reports: Mortgage Applications Decrease in Latest MBA Weekly Survey

The Market Composite Index ... decreased 8.5 percent on a seasonally adjusted basis from one week earlier. ...

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Using the Day's Pivot Level to Identify Trending Days in the Stock Market
Technical
Streda, 24 Február 2010 16:30
<>One of the most important price levels for my own trading is the pivot level for the day. The way I calculate pivot level is as an approximation of the average trading price from the prior day. I post the day's pivot level each morning before the open via Twitter (<>).
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Decline in a Firm Stock Market: What Comes Next?
Technical
Streda, 24 Február 2010 16:30
<>Hats off to Rennie Yang of <>, who identified a worthwhile historical pattern relevant to today's trade. I find the patterns he identifies to be very helpful in framing trading hypotheses. When I see current market action supporting the hypothesis, it tells me that the market is following its historical script--and those are trades that merit conviction.
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