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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (58812)	7/30/2003 3:46:17 PM
From: Sully-	Respond to of 65232

14:25 ET Mortgage apps off sharply: warning on housing : Barrington Research comments on the 24.3% decline in mortgage applications for the week ended July 25. According to firm, at the current level, the composite index is below the year ago level for the first time in over a year. While Barrington does not see an actual housing bust unless rates rise substantially in the near-term, firm believes that in this age of short investor time horizons, housing-related stocks could come under pressure with further rises in mortgage rates and declines in mortgage activity. Notes that the plunge in refinancing activity is obviously a negative for banks and other financial institutions that have been major beneficiaries of the preceding boom. 14:10 ET Beige Book detail : The Beige Book reports 'somewhat stronger growth' amid increased optimism. Manufacturing activity edged higher despite weak capital spending as several Fed districts reported increased plans for investment. Consumer spending was termed 'lackluster' as the housing sector reaped the rewards of low interest rates. Prices (outside of energy) and wages were little changed. Commercial lending remained weak as mortgage demand rocketed higher. The Richmond Fed compiled the reports which are consistent with the slightly improved economic reports. Please see our Bond Ticker page for the Summary Text of the report.

To: Sully- who wrote (58812)	7/31/2003 11:19:29 AM
From: RR	Read Replies (1) \| Respond to of 65232

<To me, that's not doom & gloom. It's not seeing blue skies ahead. It's being practical based on what is happening & comparing it to what is expected & already priced in.> Too many doom and gloomers feed off themselves. No faith. No confidence. There's something negative every day they wake up, in their eyes. I've said this before and I'll say it again, you watch most of the true blood doom and gloomers, and they are failures in life. I don't want to be around them, and I don't get around them. They reap misery. They rarely try to raise the bar in their personal life. So, it's good to know that you keep it in perspective, Tim. You're certainly smart enough to make the distinction. RR