Archive for September 1st, 2010

Mortgage Purchase Applications Increase Slightly

| September 1, 2010

The Mortgage Bankers Association (MBA) reported that its Purchase Index increased 1.8% last week from the week before, although it continues to hold near long-term lows and the MBA forecasts that sales are unlikely to strengthen in August or September. “The sharp decline in MBA’s Purchase Application index in May had provided a clear leading […]

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Construction Spending Decreases in July

| September 1, 2010

The Census Bureau reported that <a href=construction spending decreased to an annual rate of $805 billion in July from $813 billion in June. “Spending on private construction was at a seasonally adjusted annual rate of $506.4 billion, 0.8 percent (±1.3%)* below the revised June estimate of $510.7 billion. Residential construction was at a seasonally adjusted […]

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National PMI Unexpectedly Rises in August

| September 1, 2010

The Institute for Supply Management (ISM) reported that its PMI increased to 56.3 in August from 55.5 in July. Consensus expectations were for a drop to 53.0, so the rise was unexpected and did not align with the regional surveys that also projected a decline as shown on the following graph from Calculated Risk. Divergences […]

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Stocks Complete the Formation of a Short-term Low

| September 1, 2010

Cycle analysis has been forecasting the imminent development of a short-term cycle low (STCL) in the stock market, and today’s massive rally has confirmed that the anticipated low occurred yesterday. Two weeks ago, we postulated that this STCL might develop in conjunction with either the existing home sales report or GDP revision report last week, […]

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Short-term Forecast for September 1, 2010

| September 1, 2010

Stock Daily Chart Analyses The following daily chart analyses provide short-term forecasts for the stock markets that we monitor. For intermediate-term outlooks see the latest weekly review, and for long-term outlooks see the big picture update. The S&P 500 Index The index closed sharply higher today, breaking well above resistance at the upper boundary of […]

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