Update: DOW closes down 203-ISM well below expectations, 30 yr bond hits 4.00%, pending home sales rocket -Market Mover Thursday: Weekly Jobless claims rise..
Update: 4:54 pm EST: DOW closes down 203 to 9509.28; S & P down 27.23 to 1029.85, NAS down 64.94 to 2057.48
Update 1:22pm EST:
DOW now down 176.85 to 9535.43
S & P off 23.29 to 1033.79
NAS down 58.05 to 2066.37
30 yr now 3.95%!
10 yr 3.19%
Update: ISM well below expectations 52.6, that is a DROP from August reading of 52.9, thus delta going wrong way…DOW now down 82 to 9630…
but pending home sales JUMP (IMO off the pending END to the homebuyer tax credit, ends Nov 30th) markets ricocheting off the data…
Pending Home Sales rocket, NAR says it is due to paperwork backlogs wha?
Okay NAR says pending home sales UP but NOT NECESSARILY CLOSING, ahh funding and appraisal disputes abound, NAR says sales up on short sales pending for ‘complex appraisal rules’.:
up 16% in the West
up 8.2% in the NorthEast
up 3.1% in Midwest
up 0.8% in the South
‘unexpectedly’ (Only to the Hopium Smokin’ KoolAid Drinkin’ Pundits is this ‘unexpected’)
This is the weekly jobs number, the big one, monthly August jobs data will be released tomorrow.
Breaking on CNBC-
Weekly jobless claims (week ending 09/26) rise 17,000 to 551,000
Personal spending up 0.3%– 1.3% all Clunkers
Initial claims for state unemployment insurance rose to a seasonally adjusted 551,000 in the week ending Sept. 26 from a revised 534,000 in the previous week. Analysts polled by\ Reuters were expecting claims of 530,000, which would have been unchanged from the previously reported figure…
..Government data on Wednesday showed spending dropped at a 0.9 percent annual rate in the second quarter after rising 0.6 percent in the January-March period…
Jim Rogers joins MiM’s bandwagon in a call we are ‘facing retro 70s inflation’
The US faces high inflation because of the weak dollar and the Federal Reserve’s policy of printing money to counter the effects of the crisis, legendary investor Jim Rogers told CNBC Thursday. Price rises in the US are already steeper than the inflation rate reported by the government, Rogers added.”There’s no question the US is vulnerable to hyperinflation down the road or certainly the inflation we saw in the 1970s, I would expect that to come back in the foreseeable future, certainly in the next few years,” he said.
“The true inflation rate in America? It’s certainly at least 6 or 7 percent, the US government lies about it, as you know, everybody who shops knows that prices are up, everybody except the US government, and I wish we knew where they shopped so we can shop there too and get good prices.”
Rogers repeated his view that the Fed’s quantitative easing program is “debasing the currency” and said he was “extremely worried” about the fate of the dollar over the long term…..
Waiting for September ISM release..
Moderate in the Middle 