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Two Ways: New Record for Foreclosures


Strengthen your portfolio in good times and bad.


Even as the economy seems to be stabilizing, foreclosures in the US climbed to a record in the third quarter, affecting nearly 938,000 properties, according to a report by Realty Trac.

This compares to about 890,000 in the prior three months, marking an increase of 5.4%. In a story by Bloomberg, the problem appears to be prime loans (loans made to borrowers with the best credit records) going into foreclosure, as well as unemployment which is at a 26-year high.

In the month of September alone, Realty Trac said 343,638 properties received foreclosure filings, the third-highest monthly total behind July and August of this year. The September figure was down 4% from the previous month but was still 29% higher from a year before.

From the Bull Pen: As previously stated, the macro environment looks terrible, but one can't deny the roles of governments and central banks around the world. Look to ArcelorMittal (MT). One can fade (read: buy) the weakness into gapfill (38.50). A sell stop can be set below that level.

From the Bear Cave: A daily chart of Lowe's (LOW) shows the stock is unable to close above 22. There's also resistance at 22.80 (the downside gap). Bears playing the downside can set a buy stop around these levels.

A Quick Check Around the World

Asian trading closed with the Nikkei 1.77%, India -0.21%, Hang Seng 0.51%, Shanghai 0.31%, and Taiwan 0.19%.

Across the pond, we see the FTSE -0.12%, CAC 0.19%, DAX 0.04%

As of 8:20 a.m. EST, S&P Futures are trading -6.00 to 1081.50 and Nasdaq futures are -10.00 to 1738.00.

A Look at Commodities

Over in commodities, crude oil is -0.14 to 75.04 while gold is -15.5 to 1049.00 this morning. Silver is -0.49 to 17.405 and copper -5.750 to 278.70.

The dollar index is +0.0450 to 75.7700.

On the Radar


08:30 Export Price ex-ag
08:30 Import Prices ex-oil
08:30 Retail Sales (-2.0% cons)
08:30 Retail Sales ex-auto (-0.2% cons)
10:00 Business Inventories (-0.8% cons)
02:00 FOMC Minutes

Click here for the full trading radar.

Thirsty Thursday! Good luck and have a great day!

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No positions in stocks mentioned.

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