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Strategies & Market Trends : January Effect 2003 -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (645)	7/9/2003 8:23:11 AM
From: RockyBalboa	Respond to of 666

Going forward, this could reinforce the selling of T-Bonds-> Demand for Home Loan Refinancings Drops Wednesday July 9, 7:01 am ET NEW YORK (Reuters) - Demand in the United States for loans to buy homes and refinance mortgages fell in the July 4 holiday week as interest rates crept higher, an industry group reported on Wednesday. The drop in applications for mortgage loans was, in part, due to the holiday weekend that lured Americans to beaches and parks. And while rates are up slightly, borrowing costs remain low enough to encourage home buying as well as refinancings. The Mortgage Bankers Association of America said its measure of demand for refinancings, the refinancing index, fell 21.3 percent to 6,768.3, while its gauge of demand for loans to buy a home, the purchase index, fell 5.5 percent to 414.1. The trade group's measure of overall lending activity, the market index, fell 17.7 percent to 1,346.3 and 30-year loan contract rates rose to 5.37 percent in the July 4 week from 5.23 percent in the previous reporting week

To: RockyBalboa who wrote (645)	7/14/2003 8:59:02 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 666

Volume is significantly down, volatility decreases a typical sign of the summer lull. That is, it is even harder to trade around an odd position now. The swings, though are still there but with extremely slow movements, yet they are tradeable. I suspect some rebound of the currencies given the the recovering interest rate situation (in Europe), and the stabilisation of the usd index. Still a tough call which currency drives to the next floor, now the trading is a bit tought against a lot of offer. The pound did a nice spin after the rate cut, from which it strongly rebounded but it did not stick to its gains. it is still in the support building procedure but perhaps it works out at and ahead of the 1.62 levels. For today the signals are mixed: Stocks way up, but currencies recover. Now as the indices stall (NASD: 1300, ESTX 2505, SP 1006), I think there could be only one way how to deal with it today: to trade the indices down after having watched the suckers' open.