By Greg Nosar
Today’s markets are down due to the higher than expected jobless claims and the disappointing Manufacturing data coming out. The 10 yr treasury continues it’s bid with a yield now posting 3.22%. Some encouraging data though is the pending homes sales were up in August, showing a decline in inventory. This recession started with homes, it needs to end with homes sales. The tax benefit of $8000 buyers credit seemed to have been the catalyst to increase the sales. However; this is scheduled to end in November. Other notables are Airline stocks taking a hit due to United Airlines announcing a stock dilution to increase capital. There is a battle between the bulls and bears today, conflicting data for recovery is setting the stage, but I think the real important number is the jobs number tomorrow, stay tuned.
