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IDS World Markets Wed 28th November 07


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Gold down; oil down; moon-shot market.

 

Durable goods numbers down more than expected.

 

Can things get any better than this for the market?

 

Makes me believe in Santa Claus.

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Anybody got any new evangelist pictures?

628511[/snapback]

 

How about the Farter?

628517[/snapback]

 

 

The farter the sun and the oil goes

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Ah, another wacky wednesday.

 

 

Existing Home Sales Fall for Eighth Straight Month in October

 

WASHINGTON (AP) -- Sales of existing homes fell for the eighth consecutive month in October, with median home prices falling by a record amount. anal cysts blamed the worsening housing slump on the credit crunch that hit in August.

 

The National Association of Realtors reported that sales of existing single-family homes and condominiums dropped by 1.2 percent last month to a seasonally adjusted annual rate of 4.97 million units.

 

The median price of a home sold last month declined to $207,800, a drop of 5.1 percent from a year ago, the biggest year-over-year price decline on record.

Linker

 

BULLISH! - and -

 

 

Profits at Banks Dropped by 25 Percent in Third Quarter Amid Mortgage Industry Troubles

 

WASHINGTON (AP) -- Third-quarter profits at federally insured banks and thrifts sank to a four-year low as reserves set aside to cover losses from bad mortgages soared to a 20-year high, data released Wednesday show.

 

Profit dropped $9.4 billion, or 24.7 percent, to $28.7 billion, dragged down by soaring loan defaults, the FDIC said.

 

It was the worst bank and thrift performance since the first quarter of 2003. Provisions for loan losses totaled $16.6 billion, the largest amount since the second quarter of 1987. Linker

 

BULLISH! :lol:

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