Wednesday, June 23, 2010



You have to be a Family Guy fan to appreciate this picture but it made me laugh. FWIW I'll say US 2 - Algeria 1

* Mortgage applications tumble - The purchase index has collapsed following the expiration of the tax credit suggesting home sales will fall sharply too. This is the lowest level for 4-week average of the purchase index since February 1997.

* US architectural billings dip again and are still contracting. It's worth noting that the Northeast commercial sector was above 50 indicating expansion.

* The Baltic Dry Index hasn't been in the headlines much since 2008 (it is a measure of the cost of shipping and a general indicator of the health of global trade). The index soared back to over 4500 in 2009 as China ramped up steel production and stocked up on oil, but it's fallen about 20% this week and is approaching levels last seen in the fall of 2009. If it breaks down a bit further it could get people worried about global trade.

Cheers!

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