Stock Market Rollercoaster
By Barry Ritholtz - November 18th, 2008, 5:30PM
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Stock Market Rollercoaster by Paul Zanetti
Macro Notes
30 yr FNMA mortgage rate falls below 4%Peter Boockvar
Today's rally in MBS has taken the 30 yr FNMA coupon to below 4% at 3.98%, for the first time since May 20th. Combining the treasury rally with continued purchases by the Federal Reserve (where Bullard wants to extend past the expected expiration in March) and likely end of yr buying by banks has helped to achieve for now a key Fed goal and that is to keep mortgage rates low in order to spur demand. The move lower in rates interestingly comes on the day that the consumer confidence data reveals that those that plan to buy a home...
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November 18th, 2008 at 5:42 pm
From the guys who brought you the Real Estate charts from a couple days ago…..looks like the top of the old Cyclone roller coaster I used to ride as a kid…!
http://www.tradersnarrative.com/massive-ominous-double-top-formation-2080.html
November 18th, 2008 at 6:07 pm
That looks like the coaster from Cedar Pointe in Sandusky, Ohio. Get some Dramamine and buckle up..
November 18th, 2008 at 9:02 pm
Darling comic.
One of my best friend is with MS. He’s older than I am, but I won’t hold it against him. Anyway, even BEFORE the close, I sent him an email asking “have you seen everything now?”
His reply: “The range of emotions I go through everyday is gonna kill me! I think I’m going to start drinking before the open from now on.”
(What he was really going to do was bang out 50 hard miles on his bike before dinner. Remember the market closes at 1 pm in the west.)