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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (4236)	12/31/2003 2:19:25 PM
From: ild	Read Replies (1) \| Respond to of 110194

<<<more dollar intervention>>> Bullish <<<more statistics showing the economy is really slowing down>>> Who cares? <<<stocks slump>>> Never. Printing more money DOES create economic prosperity. -VBG-

To: yard_man who wrote (4236)	12/31/2003 2:31:09 PM
From: mishedlo	Read Replies (3) \| Respond to of 110194

Unemployment Claims Brian Reynolds at Minyanville Claims fall, but take it with a grain of salt Initial unemployment claims fell from 354k to 339k, below the 350k expected by the Bloomberg consensus. This is the lowest weekly reading since January 2001. However, as with the refinancing numbers this morning, caution needs to be taken when interpreting this number, as holiday seasonals have been known to play havoc with weekly data series. With Christmas having fallen on a Thursday this year, making for an effective 3-day week for many, the potential for abnormal readings is high. In recognition of this potential, the 10-year Treasury has only dropped a few ticks in response to the data. ============================================================ Eurodollars unchanged The market does not believe the numbers Mish

To: yard_man who wrote (4236)	12/31/2003 2:33:17 PM
From: mishedlo	Read Replies (2) \| Respond to of 110194

Refis Drop but don't jump to conclusions from Brian Williams The Mortgage Bankers index of refinancing applications fell from 1908.3 to 1644.3 last week, while the index of purchase applications fell from 411.6 to 390.3. This puts both series near the bottom of their recent ranges. However, caution should be the word when interpreting these numbers. These drops do not appear to be consistent with what has happened to bond yields. This time of year always plays havoc with weekly series. Last year was especially problematic for these two series, and the seasonal adjustments had to be revised a few weeks later. So, it may make sense not to draw any hard conclusions from the refi data for a few weeks.