Archive for September 22nd, 2010

Mortgage Purchase Applications Remain Near Long-term Lows

| September 22, 2010

The Mortgage Bankers Association reported that their Purchase Index declined 3.3% from the prior week, holding near the lowest levels since the mid 1990s as shown on the following graph from Calculated Risk. The persistent weakness in new mortgage applications suggests that new home sales will also remain weak as we head into the end […]

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Gold Confirms Long-term Breakout as GCI Moves Lower

| September 22, 2010

Gold closed at another all-time high today, moving more than 2.5% above the previous long-term high of $1,256 and effectively confirming last week’s breakout. Technical indicators remain moderately bullish overall on the daily chart, supporting a continuation of the advance. However, the negative divergence between the Gold Currency Index (GCI) and gold in US dollar […]

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Short-term Forecast for September 22, 2010

| September 22, 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 moderately lower today, retreating further from recent highs of the uptrend from […]

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