Excerpt from: Flagstaff Mortgages
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| October 01, 2008 | | Call For Advice Tomorrow On When To Lock Your Home Mortgage | | Uncertainty continues to hover over the markets as everyone awaits
for the Senate to vote tonight on a revised rescue plan. There are
apparently some changes to the plan which includes some tax breaks and an
increase in the amount of FDIC protection from $100,000 to $250,000.
Everyone on Capitol Hill understands the sense of urgency to get a plan signed
and in motion, so we expect to see the plan pass this evening. Failure to
approve something this evening would likely have a damaging effect to the stock
markets tomorrow.
The ADP payroll report showed 8,000 jobs lost
when estimates called for a drop of 53,000. When you factor in the 20,000
or so government jobs added each month, this month's ADP suggests Friday's
official Jobs Report will come in somewhere near 12,000 jobs gained...this is a
far cry from the 105,000 job loss economists are expecting. Tomorrow, we
will lay out our Jobs report strategy, but we do feel Friday's Jobs report will
not be very good.
The Institute for Supply Management for
September will be reported shortly. Unless this report really
misses expectations, we don't expect much of a reaction.
Yesterday's Bond selloff was stopped dead by
support at the 200-day Moving Average. Prices are now bouncing a bit
higher off this strong floor of support. We will continue to float as long
as prices remain above the 200-day Moving Average.
Evening Update: Bill passes
Senate by wide margin. On to the House. | |
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