The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.
Here’s an excerpt:
The London Olympic Stadium is 53 meters high. This blog had about 520 visitors in 2012. If every visitor were a meter, this blog would be 10 times taller than the Olympic Stadium – not too shabby.
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WEEKLY QUOTE “Growth itself contains the germ of happiness.”
WEEKLY TIP Do your money decisions reflect your values? If they don’t, you can wind up conflicted, stressed out and unhappy.
WEEKLY RIDDLE It is found in the ground, round as a circle and yards deeper than a cup, and a hundred horses cannot pull it up. It isn’t going anywhere, it cannot think; it might provide you with something to drink. What is it?
Last week’s riddle: George lives on the 26th floor of an apartment building. Each day, he takes the elevator down to lobby and goes to work. When he returns home, he stands in the lobby and presses the elevator button for the 20th floor, gets off on that floor and walks 6 flights up to his residence without stopping. Why doesn’t he just press the button for the 26th floor?
Last week’s answer: He is too short to reach the button for the 26th floor.
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December 31, 2012
CRUNCH TIME IN WASHINGTON After a bipartisan meeting failed to produce a deal to avert the fiscal cliff, President Obama had a terse message for Congress Friday evening: if the Senate couldn’t come up with a new proposal during the weekend, he would urge its leaders to arrange a simple up-or-down vote on a small-scale fix, a bill that would extend long-term jobless benefits into 2013 and sustain the Bush-era tax cuts for those earning $250,000 or less. “I’m optimistic we may still be able to reach an agreement that can pass both houses in time,” the President noted Friday. That certainly contrasted with Senate Majority Leader Harry Reid’s view of prospects for a deal last Thursday: “I don’t know timewise how it can happen now.”1 UNSURPRISINGLY, CONSUMER CONFIDENCE WANES Worries over the fiscal cliff presumably factored into the big December drop in the Conference Board’s Consumer Confidence Index. It tumbled down to 65.1 from November’s 71.5 mark, declining for a second consecutive month.2 HOME SALES, HOME PRICES IMPROVE New home sales rose 4.4% in November, according to the Census Bureau; the National Association of Realtors announced a 1.7% gain in pending home sales for that month. These increases took new home sales and pending home sales to their highest levels since April 2010. October’s S&P/Case-Shiller Home Price Index came out last week and showed prices up 4.3% overall from a year before.3 S&P 500 GIVES BACK ITS DECEMBER GAINS The S&P slipped 1.94% last week to 1,402.43 as doubts over a fiscal cliff deal mounted. The NASDAQ dropped 2.01% last week to settle at 2,960.31 Friday; the DJIA slipped 1.92% in five days to end the week at 12,938.11. As for the CBOE VIX, it closed above 22 on Friday. On the NYMEX, oil gained 2.4% last week to a Friday close of $90.80 a barrel; gold futures lost 0.3% on the week to settle Friday at $1,656.30 an ounce.4,5,6,7 THIS WEEK: The fiscal cliff deadline arrives Monday on Capitol Hill. Tuesday is New Year’s Day; U.S. financial markets will be closed. Wednesday, at least some tax hikes and federal spending cuts may kick in; ISM comes out with its December manufacturing index, and the Commerce Department releases December auto sales figures. Thursday brings new initial jobless claims figures, new Challenger and ADP reports, December’s FOMC minutes and earnings from Family Dollar. December’s jobs report is out Friday, plus ISM’s service sector index and earnings from Mosaic.
Sources: cnbc.com, usatoday.com, bigcharts.com, treasury.gov, treasurydirect.gov – 12/28/124,5,6,8,9,10 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.
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Please feel free to forward this article to family, friends or colleagues.
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| This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.
Citations. 1 – http://www.cnbc.com/id/100343159 [12/28/12] 2 – http://www.latimes.com/business/money/la-fi-mo-consumer-confidence-20121227,0,1460310.story [12/27/12] 3 – http://www.bloomberg.com/news/2012-12-28/pending-sales-of-existing-u-s-homes-climb-for-third-month-1-.html [12/28/12] 4 – http://www.cnbc.com/id/100343266 [12/28/12] 5 – 247wallst.com/2012/12/28/247-wall-st-closing-bell-december-28-2012-markets-sink-on-lack-of-cliff-deal-nok-rimm-hlf-call/ [12/28/12] 6 – http://www.usatoday.com/money/markets/overview/ [12/28/12] 7 – montoyaregistry.com/Financial-Market.aspx?financial-market=retirement-investment-funds&category=3 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F28%2F11&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F28%2F11&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F28%2F11&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F28%2F07&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F28%2F07&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F28%2F07&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F27%2F02&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F27%2F02&x=0&y=0 [12/28/12] 8 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F27%2F02&x=0&y=0 [12/28/12] 9 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [12/28/12] 9 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [12/28/12] 10 – treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm71002.pdf [7/10/02]
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WEEKLY QUOTE
“The first time someone shows you who they are, believe them.”- Maya Angelou
WEEKLY TIP
The “buy now, pay later” mentality is a path to excessive debt. Save now and buy later instead.
WEEKLY RIDDLE
What do the letter T and an island have in common?
Last week’s riddle:
Victor is assigned to paint suite numbers on doors at an office building with 100 suites, which will be numbered from 1 to 100. How many times will he have to paint the number 8?
Last week’s answer:
20 times – 8, 18, 28, 38, 48, 58, 68, 78, 80, 81, 82, 83, 84, 85, 86, 87, 88 (which has two eights in it), 89 and 98.
December 17, 2012
INFLATION DECLINES
With gasoline costs falling 7.4% in November and energy costs dipping 4.1% on the whole, it is hardly a surprise that the federal government’s Consumer Price Index fell 0.3% last month – its first decline since May. Core consumer prices rose 0.1%. The Producer Price Index also retreated 0.8% in November. In the past 12 months, America has seen 1.8% overall consumer inflation and 1.5% overall wholesale inflation. In AAA’s December 13 survey, unleaded gasoline was averaging $3.29 per gallon nationally – down 68¢ from its 2012 peak.1,2
IF JOBLESS RATE HITS 6.5%, FED MIGHT RAISE RATES
In a remarkably specific policy announcement, the Federal Reserve’s Open Market Committee said that the central bank would keep interest rates at historic lows “at least as long” as unemployment exceeds 6.5% and inflation is projected at 2.5% or less. If the jobless rate continues to fall as it has since July, the Fed could end up adjusting rates prior to 2015. The central bank also said it will buy more debt – it will purchase $45 billion of Treasury bonds per month starting in January.1,3,4,5
RETAIL SALES IMPROVE 0.3%
November’s increase was a nice rebound from the 0.3% slip the Commerce Department had reported for October. Economists surveyed by Bloomberg had projected a November gain of 0.5%, however.5
STOCKS LOSE GROUND, NO PROGRESS IN WASHINGTON
Major stock indices declined last week as follows: S&P 500, -0.32% to 1,413.58; NASDAQ, -0.23% to 2,971.33; DJIA, -0.15% to 13,135.01. While President Obama and House Speaker John Boehner met privately last Thursday, there was no sign of a fiscal cliff deal emerging in the nation’s capital. Oil settled Friday at $86.73, and gold settled Friday at $1,697.00.6,7,8
THIS WEEK: No major U.S. economic releases are scheduled to come out on Monday. Tuesday, a new NAHB Housing Market Index arrives and Oracle offers a new earnings report. Wednesday, we learn about November housing starts and FedEx, Bed Bath & Beyond, Accenture and General Mills come out with earnings. Thursday, the final estimate of Q3 GDP, November existing home sales numbers, the Conference Board index of leading indicators and weekly jobless claims figures complement earnings from Nike, Micron, ConAgra, CarMax, Darden Restaurants, Discover Financial, Rite Aid and RIM. Friday brings the final University of Michigan consumer sentiment survey for December and reports on durable goods orders and consumer spending for November.
% CHG Y-T-D 1-YR CHG 5-YR AVG 10-YR AVG
DJIA +7.51 +11.09 -0.31 +5.57
NASDAQ +14.06 +17.01 +2.55 +11.81
S&P 500 +12.40 +16.65 -0.74 +5.89
REAL YIELD 12/14 RATE 1 YR AGO 5 YRS AGO 10 YRS AGO
10 YR TIPS -0.74% -0.04% 1.90% 3.10%
Sources: usatoday.com, cnbc.com, bigcharts.com, treasury.gov, treasurydirect.gov – 12/14/126,7,8,10,11,12
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.
Please feel free to forward this article to family, friends or colleagues.
If you would like us to add them to our distribution list, please reply with their address.
We will contact them first and request their permission to add them to our list.
This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.
Citations.
1 – http://www.bloomberg.com/news/2012-12-14/consumer-prices-in-u-s-decline-more-than-forecast-in-november.html [12/14/12]
2 – http://www.businessweek.com/news/2012-12-13/wholesale-prices-in-u-dot-s-dot-fell-more-than-forecast-in-november [12/13/12]
3 – http://www.cnbc.com/id/100311233 [12/13/12]
4 – http://www.federalreserve.gov/newsevents/press/monetary/20121212a.htm [12/12/12]
5 – http://www.bloomberg.com/news/2012-12-13/retail-sales-increase-as-americans-snap-up-autos-electronics.html [12/13/12]
6 – http://www.usatoday.com/money/markets/overview/ [12/14/12]
7 – http://www.cnbc.com/id/100315158 [12/14/12]
8 – online.wsj.com/mdc/page/marketsdata.html [12/14/12]
9 – montoyaregistry.com/Financial-Market.aspx?financial-market=retirement-investment-funds&category=3 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F14%2F11&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F14%2F11&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F14%2F11&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F14%2F07&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F14%2F07&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F14%2F07&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F13%2F02&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F13%2F02&x=0&y=0 [12/14/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F13%2F02&x=0&y=0 [12/14/12]
11 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [12/14/12]
11 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [12/14/12]
12 – treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm71002.pdf [7/10/02]
WEEKLY QUOTE
“It’s not what happens to you that determines how far you will go in life; it is how you handle what happens to you.”
– Zig Ziglar
WEEKLY TIP
If you want to leave your company on your terms, make sure you leave enough time to carry out your exit strategy effectively. Think five years at minimum.
WEEKLY RIDDLE
Liz went into a convenience store at 1:58am on a Sunday morning to get a coffee. She drove six miles away and then returned to the store to get a lotto ticket … also at 1:58am. The store’s clock was working perfectly, so how could it be 1:58am again when she returned?
Last week’s riddle:
Ray slipped off of a 30-foot escalator and landed on a sidewalk. He was embarrassed, yet uninjured. How could this be?
Last week’s answer:
He slipped off the escalator’s bottom step.
SPENDING DOWN, CONFIDENCE & GDP UP
Personal spending decreased 0.2% in October, the first monthly retreat since June, possibly attributable to Superstorm Sandy. (Consumer spending dipped 0.3% when adjusted for inflation.) Personal income was flat in October for the first time since April. Even so, November’s Conference Board index of consumer confidence measured 73.7, a 57-month high. The Bureau of Economic Analysis revised Q3 GDP up to 2.7%, although federal spending and restocking of goods were the major factors in the quarter’s improved output.1,2
ANOTHER ROUND OF POSITIVE HOUSING NEWS
New home sales have increased 17.2% in the last 12 months, even with a 0.3% retreat in October. In addition to that news from the Census Bureau, the latest edition of the S&P/Case-Shiller Home Price Index showed home values in the third quarter rising 3.6% from Q3 2011. The National Association of Realtors reported a 5.2% jump in its pending home sales index in October, which at 104.8 reached its highest point since March 2007.3,4,5
BUSINESSES KEEP PURCHASING AS CLIFF NEARS
Durable goods orders were flat in October, but they rose 1.5% minus transportation orders. Increasing orders for electrical components (+4.1%), computers (+0.9%) and machinery (+2.9%) showed confidence on the part of companies.6
NEGOTIATIONS STALL, BUT STOCKS ADVANCE
Even with very little progress in the fiscal cliff talks in Washington, the S&P 500 managed a 0.50% gain last week to reach 1,416.25 at the closing bell on Friday. The NASDAQ (+1.46% to 3,010.24) and Dow (+0.12% to 13,025.04) also advanced last week. The NASDAQ and S&P respectively gained 1.11% and 0.29% in November; the DJIA, on the other hand, slipped 0.55% on the month. Gold closed Friday at $1,710.90; oil settled Friday at $88.91.7,8,9
THIS WEEK: ISM’s November manufacturing index appears Monday, along with Commerce Department data on November auto sales and Q3 results from Pep Boys. Tuesday brings earnings from Pandora, Toll Bros., BigLots! and AutoZone. Wednesday, ISM’s November service sector index is out plus data on October factory orders and earnings from Men’s Wearhouse. Thursday, the latest weekly jobless claims numbers arrive and the European Central Bank and Bank of England make policy announcements; earnings reports are in from Smithfield Foods, Lululemon and H&R Block. Friday, the November jobs report arrives; so does the preliminary December consumer sentiment index from the University of Michigan.ov, treasurydirect.gov – 11/30/127,10,11,12
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% CHG |
Y-T-D |
1-YR CHG |
5-YR AVG |
10-YR AVG |
|
DJIA |
+6.61 |
+8.13 |
-0.52 |
+4.64 |
|
NASDAQ |
+15.55 |
+14.88 |
+2.63 |
+10.36 |
|
S&P 500 |
+12.62 |
+13.58 |
-0.88 |
+5.13 |
|
REAL YIELD |
11/30 RATE |
1 YR AGO |
5 YRS AGO |
10 YRS AGO |
|
10 YR TIPS |
-0.79% |
0.03% |
1.63% |
3.10% |
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.
Please feel free to forward this article to family, friends or colleagues.
If you would like us to add them to our distribution list, please reply with their address.
We will contact them first and request their permission to add them to our list.
This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.
Citations.
1 – http://www.foxbusiness.com/economy/2012/11/30/consumer-spending-makes-unexpected-fall-in-october/ [11/30/12]
2 – http://www.reuters.com/article/2012/11/27/us-usa-economy-instant-idUSBRE8AQ0SP20121127 [11/27/12]
3 – http://www.latimes.com/business/la-fi-mo-new-home-sales-20121128,0,3039964.story [11/28/12]
4 – blogs.wsj.com/economics/2012/11/27/price-rise-shows-a-better-balanced-u-s-housing-market/ [11/27/12]
5 – http://www.philly.com/philly/business/20121130_Pending_home_sales_in_Oct__hit_nearly_6-year_high.html [11/30/12]
6 – news.investors.com/economy/112712-634800-fiscal-cliff-fears-dont-sink-durable-goods-confidence.htm [11/27/12]
7 – http://www.cnbc.com/id/50025105 [11/30/12]
8 – online.wsj.com/article/BT-CO-20121130-711977.html [11/30/12]
9 – montoyaregistry.com/Financial-Market.aspx?financial-market=retirement-investment-funds&category=3 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=11%2F30%2F11&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=11%2F30%2F11&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=11%2F30%2F11&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=11%2F30%2F07&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=11%2F30%2F07&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=11%2F30%2F07&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=11%2F29%2F02&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=11%2F29%2F02&x=0&y=0 [11/30/12]
10 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=11%2F29%2F02&x=0&y=0 [11/30/12]
11 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [11/30/12]
11 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [11/30/12]
12 – treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm71002.pdf [7/10/02]
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WEEKLY QUOTE “An inventor is simply a fellow who doesn’t take his education too seriously.”
WEEKLY TIP Some people open a retirement account only to “set it and forget it,” leaving the asset allocation unchanged for years. As you get older, be sure to review your allocation choices in light of your risk tolerance and time horizon.
WEEKLY RIDDLE Ray slipped off of a 30-foot escalator and landed on a sidewalk. He was embarrassed, yet uninjured. How could this be?
Last week’s riddle: Rhyming Riddle: My first is twice in apple but not once in tart. My second is in liver but not in heart. My third is in giant and also in ghost. Whole I’m best when I am roast. What am I?
Last week’s answer: A pig.
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November 26, 2012
MORE GOOD NEWS FROM THE HOUSING MARKET Existing home sales rose 2.1% in October, according to the National Association of Realtors. NAR noted a 10.9% annual gain in the sales pace and an 11.1% year-over-year rise in the median sale price to $178,600. The National Association of Home Builders (NAHB) Housing Market Index came in at 46 for November, a six-and-a-half year peak. Housing starts increased 3.6% in October to a five-year high.1,2 DID CONSUMER SENTIMENT IMPROVE THIS MONTH? The University of Michigan’s bellwether consumer sentiment survey came in at a final mark of 82.7 for November, up 0.1 point from the final October reading. The index’s preliminary November reading had been 84.9.3 WILL HOLIDAY SHOPPING SURPASS FORECASTS? The National Retail Federation projects 5 million fewer Black Friday weekend shoppers this year, but also a 4.1% annual gain in holiday retail sales. A Reuters survey showed that 21% of shoppers think they will spend less this holiday season, while 11% think they will spend more.4
CHEAPEST HOME LOANS IN DECADES With a helping hand from QE3, the average interest rate on the 30-year FRM fell to 3.34%, a new record low, in Freddie Mac’s November 20 Primary Mortgage Market Survey. A year ago, interest rates on these loans were hovering near 4%.2 DOW CLOSES ABOVE 13,000 Congress took its Thanksgiving recess last week, and no discouraging news on the fiscal cliff talks amounted to relatively good news for Wall Street. The Dow (+3.35% to 13,009.68), S&P 500 (+3.62% to 1,409.15) and NASDAQ (+3.99% to 2,966.85) all advanced across three-and-a-half trading days. Gold settled Friday at $1,751.80 an ounce, oil at $88.36 a barrel.5,6,7 THIS WEEK: No major U.S. economic reports are scheduled for Monday. On Tuesday, September’s Case-Shiller Home Price Index is out plus the Conference Board’s latest consumer confidence poll, data on October hard goods orders and earnings from Green Mountain Coffee Roasters. Wednesday, TiVo, Aeropostale, Neiman Marcus, Ann and Fifth Street Finance issue earnings reports and a new Fed Beige Book appears plus data on October new home sales. Thursday, NAR’s report on October pending home sales, the second estimate of Q3 GDP and the latest initial claims complement earnings from Kroger, Tiffany, Barnes & Noble, Mitel and Cracker Barrel. Friday sees the release of the October personal spending report.
Sources: thestreet.com, bigcharts.com, treasury.gov, treasurydirect.gov – 11/23/125,8,9,10 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.
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