Posted by morton13 on 13th of Sep 2013 at 08:41 am
Rising interest rates are already dampening mortgage activity… And
the big banks are getting gloomy…
This week, Wells Fargo, the nation's largest mortgage lender,
said third-quarter home loan originations could fall 29%. JPMorgan,
the No. 2 lender, said it expects to lose money on mortgages in the
second half of the year as volumes could drop as much as 40%.
Wells plans to cut 2,300 jobs. JPMorgan could cut 15,000 by
2014.
Bank of America, the fourth-largest lender last year, is
cutting 2,100 staff from its mortgage department and will
close 16 offices by October 31.
The
biggest reason for worry is the massive drop in refinancing
activity since the Federal Reserve warned it may taper its bond
purchases in May. Refinancings have dropped in 16 of the last
18 weeks… Activity has fallen 70%-plus since May. It's the lowest
level of refinancing activity since June 2009 and the lowest total
mortgage activity since October 2008, according to financial blog
Zero Hedge.
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SLW
Posted by morton13 on 13th of Sep 2013 at 03:41 pm
daily, watching to see if it breaks the trendline...
BOOM
Posted by morton13 on 13th of Sep 2013 at 12:31 pm
daily, has had a heck of a run.
BIIB
Posted by morton13 on 13th of Sep 2013 at 12:22 pm
daily, right at gap resistance, could bust loose if it can get past
TSL
Posted by morton13 on 13th of Sep 2013 at 12:13 pm
daily, making a nice bounce off the 9 day ema.
REGN
Posted by morton13 on 13th of Sep 2013 at 11:55 am
daily, breaking out to a new high today on good volume, relative strength is very good at 91 (out of 100)
YELP
Posted by morton13 on 13th of Sep 2013 at 10:40 am
daily, good place to take profits. will look to re-add later.
thanks for the charts Matt, very interesting.
Gold weekly, monthly
Posted by morton13 on 13th of Sep 2013 at 08:51 am
Banks fyi from one of my newsletters
Banks
Posted by morton13 on 13th of Sep 2013 at 08:41 am
Rising interest rates are already dampening mortgage activity… And the big banks are getting gloomy…
The
biggest reason for worry is the massive drop in refinancing
activity since the Federal Reserve warned it may taper its bond
purchases in May. Refinancings have dropped in 16 of the last
18 weeks… Activity has fallen 70%-plus since May. It's the lowest
level of refinancing activity since June 2009 and the lowest total
mortgage activity since October 2008, according to financial blog
Zero Hedge.
This week, Wells Fargo, the nation's largest mortgage lender, said third-quarter home loan originations could fall 29%. JPMorgan, the No. 2 lender, said it expects to lose money on mortgages in the second half of the year as volumes could drop as much as 40%.
Wells plans to cut 2,300 jobs. JPMorgan could cut 15,000 by 2014.
Bank of America, the fourth-largest lender last year, is cutting 2,100 staff from its mortgage department and will close 16 offices by October 31.
GTAT
Posted by morton13 on 12th of Sep 2013 at 05:33 pm
daily, had a great run, good place to take profits as it lost the 9 day ema, today.
AMCC
Posted by morton13 on 12th of Sep 2013 at 03:55 pm
daily, good place to take profits here.
CBRL
Posted by morton13 on 12th of Sep 2013 at 03:36 pm
daily, breaking out today.
FB
Posted by morton13 on 11th of Sep 2013 at 06:29 pm
daily, just keeps going and going...
LNG
Posted by morton13 on 11th of Sep 2013 at 06:17 pm
daily, flexing to a new high today.
KRE
Posted by morton13 on 11th of Sep 2013 at 05:55 pm
daily, regional banks look like a short possibility.
CHK
Posted by morton13 on 11th of Sep 2013 at 02:12 pm
daily, broke out again after consolidating.
APO
Posted by morton13 on 11th of Sep 2013 at 10:33 am
daily, making a new high today
AFOP
Posted by morton13 on 10th of Sep 2013 at 04:15 pm
daily, broke out again today.
AMCC
Posted by morton13 on 10th of Sep 2013 at 12:19 pm
daily, took off after getting oversold.
TRQ
Posted by morton13 on 10th of Sep 2013 at 10:26 am
daily, i forget who showed me this one but perking up here.
SHLD
Posted by morton13 on 10th of Sep 2013 at 10:01 am
daily, kicking myself for not showing you guys this one before i left for vacation!