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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (47453)	2/1/2012 2:06:12 PM
From: Johnny Canuck	Read Replies (2) \| Respond to of 70308

Obama proposes home loan refinancing planBy Les Christie \| CNNMoney.com – 23 minutes ago President Barack Obama proposed a plan aimed at helping millions of homeowners refinance their mortgages to today's historically-low rates. To pay for it though, he'll need $5 billion to $10 billion. The plan would allow borrowers who are current on their mortgage to save thousands of dollars by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development. The cost is estimated to range between $5 billion and $10 billion. To pay for it, Obama said he does not plan to add to the deficit. Instead, he wants to impose a fee on large banks -- a move that may have a hard time making it past members of Congress, who have rejected the notion of taxing the banks in the past. The refinancing plan is the latest in a string of programs designed to help solve the nation's housing market crisis. President Obama unveiled the Home Affordable Modification Program (HAMP) foreclosure-prevention effort three years ago as part of the massive stimulus bill. But the plan, which sought to help 4 million homeowners, has helped less than 1 million to date. What's different about this latest proposal is that it would help borrowers with private, non-government bank loans who could not obtain new refinanced loans in the past because they owed more on their mortgages than their homes were worth. "If you're underwater through no fault of your own and can't refinance, this plan changes that," Obama said in a speech in Falls Church, Va. On Wednesday. To be eligible for the new refinancing program, borrowers must not have missed a mortgage payment for at least six months and have no more than one late payment in the six months prior to that. They also must have a credit score of 580 or better, a threshold that the administration says 9 out of 10 borrowers meet. [url=http://us.lrd.yahoo.com/_ylt=ArCKkFI0baaknX74G_VNOFe424dG;_ylu=X3oDMTFqaWd2Ymg3BG1pdANBcnRpY2xlIEJvZHkEcG9zAzIEc2VjA01lZGlhQXJ0aWNsZUJvZHlBc3Nl

To: Johnny Canuck who wrote (47453)	2/10/2012 4:47:10 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70308

SP500 had a relatively wide trading range on the day, but it finished essentially where it opened indicating buyers matched sellers and the over all trend is undetermined. The uptrend is still intact and technically the high of May 2011 has been broken though just barely. The next 2 to 3 trading sessions should resolve the intermediate term direction. The breakout will either be confirmed or it will fail. DOW uptrend still intact. A sell signal would only be triggered on a break of 12,500. Still no new high on the DOW transports. The trend on this index is indeterminate today due to the inside day. The index is in a consolidation pattern. It feels heavy as it have tracked sideways for about a week. Without a catalyst it will fall under its own weight and trigger a sell signal. COMPQ continuing to power to a new high on accelerated volume. The trend is up and it does not pay to fight the trend. I find it hard to enter anything at this point though given the run the index has had. It is hard to find laggards with good momentum and fundamentals. That fact that the DOW lead the current rally and leadership changed to the COMPQ is good. We need another sector rotation to keep the overall market moving higher. I still don't like the financials as a group, but I won't fight the trend either. Financials have broken the down trend channel and are in an up trend. There is overhead resistance at this level. Gold has fail to break the down trend channel and is a falling back into the channel. Seasonally I believe this quarter is weak for gold as the Chinese and Indian wedding seasons have not started yet. Technically it looks like it could at least fall to 1635.