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Two Ways: New Record for Foreclosures

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Strengthen your portfolio in good times and bad.

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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

Economics

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.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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