Consumer Confidence Near 2-Year Low
President Bush announced a plan to help suffering homeowners who used subprime lending.
Morgan Stanley thinks that home prices may see 3-year fall. They must not think it's going to get too terrible considering their recent investment. Although a 60% discount to "market value" is probably a bargain regardless the price of Real Estate 3 years from now.
Moody's Economy.com agrees and adds that we could see -30% peak to trough.
Employers added a solid 94,000 jobs to their payrolls in November, the unemployment rate held steady at 4.7 percent and wages grew briskly, encouraging signs the nation's employment climate is holding up in the face of turbulence in the housing and credit markets.
Oil is around $90.
"Bush subprime plan limited but a step forward" CNNMoney.com Hell, we should, as good citizens, pool our collective efforts and bail out everyone who bought a house they couldn't afford based on some bogus payment that they orchestrated with overzealous loan products. Would that make CNN happy? I'm in.
Resistance? DOW 13630, NAZ 2725-35, S&P 1505
- DOW (13624), Double Top Breakout on 12/6; P.O. of 14900
- S&P (1508), Bearish Signal Reversal on 12/6; P.O. of 1690
- NAZ (2702), no new signal
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