Mfg Company
Day Trading Economic News Analysis: March 3, 2010
The weekly mortgage applications increased 14.6% on a seasonally adjusted basis from one week earlier. “Mortgage applications rebounded last week, particularly refis, as rates dropped back below 5 percent,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Purchase activity remains subdued, with application volumes remaining within the narrow range seen in the last few months.” The weekly Mortgage Bankers’ Association Purchase Applications is a leading indicator for single-family home sales and housing construction. Equities to watch on these numbers include: Home builders, mortgage lenders, and home furnishings companies.
Some of the stocks to watch within this sector include: Home Depot and Lowe’s. Home Depot (HD) peaked at its 52 week high of 31.81 and it has a strong trend on the daily chart. Lowe’s reached its 52 week high back in December and it is currently nearing the highs again. Both these home improvement retailers benefit when housing numbers improve.
Crude oil inventories rose up 4.1 million barrels to 341.6 million barrels. Equities to watch on these numbers include: Oil Well, refineries and gas operations. Oil rose 1.8% to $81.08 a barrel as the Beige Book found improvement within the US economy, despite weather conditions in many areas.
February ISM Non-Manufacturing Index showed a significant increase in new orders to 53.0, which shows rising business activity ahead and possible improvements in the labor markets. ISM Non-Manufacturing Index has been around the 50 level since it rose 1.4 points to 50.1 in December while the manufacturing side has been showing positive upside momentum. Equities to watch on these numbers include: Agriculture, mining, construction, transportation, communications, wholesale and retail stocks.
Some of the stocks to watch within this sector include: W.R. Grace and US Steel. Chemical manufacturer W.R.Grace (GRA) peaked at its 52 week today of 30.23 and has a strong trend on the daily chart. US Steel (X) hit its 52 week high in January and bounce off the 200 EMA on the dailies and looks to make a run back up to previous highs.
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About the Author
Shamim Ziyaaudhin is one of the editors of TraderMongers.com, a one stop trading news feed source for worldwide traders and investors. Their philosophy is to establish the standard for providing market news feed that is comprehensive, accurate, and concise. Providing technical and fundamental trading setups, economic numbers, and calendar events throughout the trading day. Shamim has a Masters in Business Administration from Fairleigh Dickinson University and holds a degree in Psychology from Rutgers University.
Hot Air Engine by Fanning Mfg. Co.
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