News You Can Use from Gary Moore

Weekend Market Update

Nov. 21-22, 2009

Short-dated U.S. Treasuries rallied on Friday, sending yields on the two-year note to 11-month lows, as investors sought the safety of government instruments on fears that this year's stock market rally had run its course. Some market watchers said money managers were taking profits and were merely parking money.

Dell dragged down the tech sector after the company reported a 54% slide in corporate profits and sales that missed estimates. Major stock indices were down 1% or less for the week, while the Dow's losses were curbed by gains in defensive stocks---such as Coca-Cola and Merck.

Stocks have been in a near-term pattern of strong Mondays and selling into the weekends. The 10-year Treasury closed at a yield of 3.36%. Mortgage rates benefited from this week's action.

The National Association of Realtors on Monday reports October resale numbers. Sales are expected to show an upturn over September, due in part to first-time buyers rushing to close before the recently extended November deadline. That data is not expected to move the market unless it surprises greatly one way or another. The extended Home Buyer Tax Credit will apply to any sales under contract as of April 30 and closed by July 1, 2010.

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...by Gary Moore

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"If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence." - Bertrand Russell

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