Mortgage Loans

Economic data released early on in the trading session led the way for markets to move higher. Trading activity was unusual at times through out the trading day which was possibly attributed to many traders and day traders not participating in the markets today but, rather outdoors soaking up the hot summer sun. Crude oil moved higher today after DOE released crude inventories. Energy stocks moved higher as well, on the trading session. The Securities and Exchange Commission voted late Tuesday  to extend a new rule banning so-called naked short sales of 19 financial-services companies, until August 12. The move which was highly anticipated by Wall Street, will not be expanded to include regional banks. SEC Chairman Christopher Cox has hinted his agency could introduce rules to extend the ban to all U.S. traded stocks. Naked short selling remains illegal when it is part of a deliberate effort to drive down the price of a stock. The SEC first banned naked shorting of the financials on July 15. President George W. Bush signed a bill into law today that will help boost the slumping housing market as well as the troubled mortgage finance companies, Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM). "We look forward to putting in place new authorities to improve confidence and stability in markets and to provide better oversight for Fannie Mae and Freddie Mac," White House spokesman Tony Fratto said. "The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes."

DOE (Department of Energy) released crude oil inventories today: U.S. Crude Oil Stockpiles fell by 0.1 Million Barrels at 295.2 Million Barrels; U.S. Gasoline Stockpiles fell by 3.5 Million Barrels at 213.6 Million Barrels; U.S. Distillate Stockpiles increased by 2.4 Million Barrels at 130.5 Million Barrels; U.S. Gasoline Stockpiles fell by 3.5 Million Barrels in the week; compared to expectations of an increase by 200,000; U.S. Distillate Stockpiles increased by 2.4 Million Barrels in the week; compared to expectations of an increase by 1.8 Million Barrels; U.S. Refineries ran at 87.2% capacity compared to expectations of an increase by 0.1 percent at 87.2%; U.S. Refineries Ran at 87.2% capacity compared to 87.1% a week ago; U.S. Gasoline Stockpiles fell by 3.5 Million Barrels in the week compared to expectations of an increase by 200,000. ADP (Automatic Data Processing / Macroeconomic Advisers) released ADP Employment report: sees July U.S. Private Sector Jobs rising by 9,000 and ADP July U.S. Private Sector Jobs Expected to fall by 65,000. MBA (Mortgage Bankers Association) Purchase Applications data released today: Mortgage Applications fell a seasonally adjusted 14.1% last week, as applicants shrugged off lower interest rates on fixed-rate loans per the MBA today. Compared to same week in 2007, applications dropped an unadjusted 30.3%. Applications for mortgages to purchase homes were off a seasonally adjusted 7.8% for the week ended July 25 compared to prior week. Mortgage refinancings dropped 22.9% on a week-to-week basis. Four-week moving average for mortgages as tracked by the MBA was down 2.8%. Mortgage refinancings made up 35.2% of all applications filed last week which was down 39.4% from the previous week. Adjustable-rate mortgages accounted for 7.3% of last week's Mortgage applications and were lower by 8.5% from the previous week. Rates on fixed-rate Mortgage dropped last week. The average rate on 30-year fixed-rate mortgages stood at 6.46%, down from the previous week's 6.59% and was 5.98% on 15-year fixed-rate mortgages, down from 6.10%. One-year ARMs, carried an average rate of 7.25%, up from 7.16%.

Hot Stock picks on the move today for day trading: CF Holdings Incorporated (NYSE: CF) with a daily trading range of over eleven points. Day traders enjoyed the trading activity of CF Industries both on the long and short selling ends. A very nice ride into higher territory began at the opening bell until shortly after the eleven am trading hour. At that point, short sellers moved in for short rides to the down side. At the closing bell, CF Industries tacked on almost 14 points. Overseas Shipholding Group Incorporated (NYSE: OSG) was another active day trading stock today. Day traders began their trading session today taking this stock for a nice ride into lower territory. A bounce began shortly after the one o'clock hour struck. Second Quarter revenues came in at $386.1 Million compared to $274.2 a year ago. Morten Arntzen, President and CEO of OSG commented, “"The crude oil tanker market saw unprecedented levels of strength in the first half of 2008, primarily due to OPEC production increases. This resulted in a significant pick-up in long haul movements at the same time as single hull discrimination increased, creating a strong freight rate environment. On the product tanker side, rates were lifted by a surge in diesel movements worldwide." Arntzen continued, “Market conditions continue to create a very strong outlook for our crude tankers and the prospects for our other two main businesses are equally compelling. Our investments in the U.S. Flag segment and its 14-vessel new build program will nearly double the unit's revenues in three years. In the next 12 months our International Flag Product Carrier business will transform as 13 bareboat chartered-in, non-double hull ships are replaced with modern double hull ships having much greater earnings capacity and the LR1 fleet expands. Our world-class technical and commercial platform, fleet portfolio and ample opportunities to further scale our business gives me and the OSG management team a lot to be excited about." Overseas Shipholding had a trading range on the trading session of over eight points. At the closing bell, Overseas Shipholding posted a loss of just over 5 points.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the session on the world market as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit gain of 186.13 points on the day to end the trading session at 11,583.69
NYSE (New York Stock Exchange) triple digit gain of 146.11 points to end the trading session at 8,565.31
NASDAQ gain of 10.10 points to end the trading session at 2,329.72
S&P 500 gain of 21.06 points to end the trading session at 1,284.26
FTSE All-World excluding - U.S. gain of 3.70 points to end the trading session at 227.10
FTSE RAFI 1000 gain of 72.22 points to end the trading session at 5,028.32
BEL 20 (BEL20) gain of 39.08 points to end the trading session at 3,030.25
CAC 40 (CAC40) gain of 80.06 points to end the trading session at 4,400.55
FTSE100 (UKX100) triple digit gain of 101.6 points to end the trading session at 5,420.80
NIKKEI 225 (NIK/O) triple digit gain of 208.34 points on the day to end the trading session at 13,367.79

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 2,070; declined stock prices 1,110; unchanged stock prices 94; stock prices hitting new highs 42 and stock prices hitting new lows 55. 
NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Transocean Incorporated (NYSE: RIG) stock price gained 8.71 points on the trading session, high on the trading session $141.86, low on the trading session $132.10 for a closing stock price at $141.83; CF Holdings Incorporated (NYSE: CF) stock price gained 13.93 points on the trading session, high on the trading session $167.00, low on the trading session $153.18 for a closing stock price at $166.61; Bunge Limited (NYSE: BG) stock price gained 4.50 points on the trading session, high on the trading session $102.49, low on the trading session $98.10 for a closing stock price at $101.90; Wyeth Corporation (NYSE: WYE) stock price shed 5.37 points on the trading session, high on the trading session $40.80, low on the trading session $38.30 for a closing stock price at $39.74; SPX Corporation (NYSE: SPW) stock price gained 12.87 points on the trading session, high on the trading session $135.66, low on the trading session $126.00 for a closing stock price at $133.52; Overseas Shipholding Group Incorporated (NYSE: OSG) stock price shed 5.18 points on the trading session, high on the trading session $82.70, low on the trading session $74.53 for a closing stock price at $77.49; LandAmerica Financial Group Incorporated (NYSE: LFG) stock price shed 5.66 points on the trading session, high on the trading session $12.00, low on the trading session $9.01 for a closing stock price at $11.06; MetLife Incorporated (NYSE: MET) stock price shed 1.03 points on the trading session, high on the trading session $52.00, low on the trading session $49.65 for a closing stock price at $51.78; Avon Products Incorporated (NYSE: AVP) stock price gained 6.54 points on the trading session, high on the trading session $44.87, low on the trading session $39.52 for a closing stock price at $44.11; Fording Canadian Coal Trust Unit (NYSE: FDG) stock price shed 1.91 points on the trading session, high on the trading session $88.49, low on the trading session $84.95 for a closing stock price at $87.09; Hess Corporation (NYSE: HES) stock price gained 12.72 points on the trading session, high on the trading session $106.97, low on the trading session $92.03 for a closing stock price at $106.97; Overseas Shipholding Group Incorporated (NYSE: OSG) stock price shed 5.18 points on the trading session, high on the trading session $82.70, low on the trading session $74.53 for a closing stock price at $77.49; CME Group Incorporated (NYSE: CME) stock price shed 1.64 points on the trading session, high on the trading session $384.27, low on the trading session $361.82 for a closing stock price at $372.53; Petroleo Brasileiro SA (NYSE: PBR) stock price gained 2.98 points on the trading session, high on the trading session $57.51 low on the trading session $54.00 for a closing stock price at $56.98; ULTRASHORT Financial Corporation (NYSE: SKF) stock price shed 4.51 points on the trading session, high on the trading session $126.91, low on the trading session $115.00 for a closing stock price at $119.15; Potash Corporation Saskatchewan (NYSE: POT) stock price gained 10.39 points on the trading session, high on the trading session $213.38, low on the trading session $203.78 for a closing stock price at $213.38; XTO Energy Incorporated (NYSE: XTO) stock price gained 2.84 points on the trading session, high on the trading session $49.08, low on the trading session $45.50 for a closing stock price at $48.89; United States Steel Corporation (NYSE: X) stock price gained 1.09 points on the trading session, high on the trading session $170.85, low on the trading session $159.47 for a closing stock price at $166.85; CONSOL Energy Incorporated (NYSE: CNX) stock price gained 7.00 points on the trading session, high on the trading session $88.85, low on the trading session $79.79 for a closing stock price at $88.50; Mosaic Company (NYSE: MOS) stock price gained 10.13 points on the trading session, high on the trading session $132.62, low on the trading session $123.02 for a closing stock price at $132.49; Monsanto Company (NYSE: MON) stock price gained 7.95 points on the trading session, high on the trading session $123.88, low on the trading session $116.22 for a closing stock price at $123.65; MasterCard Incorporated (NYSE: MA) stock price gained 8.63 points on the trading session, high on the trading session $272.00, low on the trading session $261.15 for a closing stock price at $270.73; Walter Industries Incorporated (NYSE: WLT) stock price gained 6.69 points on the trading session, high on the trading session $106.78, low on the trading session $96.15 for a closing stock price at $105.95.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 1,577; declined stock prices 1,275; unchanged stock prices 161; stock prices hitting new highs 47; stock prices hitting new lows 78.
NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Garmin Limited (NasdaqGS: GRMN) stock price shed 10.21 points on the trading session, high on the trading session $40.99, low on the trading session $34.51 for a closing stock price at $34.85; Ultimate Software Group Incorporated (NasdaqGS: ULTI) stock price shed 7.56 points on the trading session, high on the trading session $27.50, low on the trading session $23.12 for a closing stock price at $25.43; Electronic Arts Incorporated (NasdaqGS: ERTS) stock price shed 4.10 points on the trading session, high on the trading session $44.41, low on the trading session $42.47 for a closing stock price at $43.29; Baidu.com Incorporated (NasdaqGS: BIDU) stock price gained 2.12 points on the trading session, high on the trading session $353.37, low on the trading session $343.12 for a closing stock price at $350.24; First Solar Incorporated (NasdaqGS: FSLR) stock price gained 25.78 points on the trading session, high on the trading session $286.00, low on the trading session $271.00 for a closing stock price at $303.97; Sohu.com Incorporated (NasdaqGS: SOHU) stock price shed 0.02 points on the trading session, high on the trading session $78.45, low on the trading session $74.95 for a closing stock price at $76.84.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 734; declined stock prices 445; unchanged stock prices 107; stock prices hitting new highs 10; stock prices hitting new lows 31.

Chicago Board of Trade Futures Market activity for the day, at time of this posting for September 2008 Contracts:
E-mini S&P 500 (ES) end of day price 1,284.75, change 23.00
E-mini NASDAQ-100 (NQ) end of day price 1,856.00, change 14.00
E-mini S&P SmallCap 600 (SMP) end of day price 373.10, change 0.00
$5 DJIA (YM) end of day price 11,582, change 209

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.6419 to U.S. Dollars 1.5578
Japanese Yen 108.08 to U.S. Dollars 0.0093
British Pound 0.5047 to U.S. Dollars 1.9815
Canadian Dollar 1.023 to U.S. Dollars 0.9775
Swiss Franc 1.048 to U.S. Dollars 0.9542

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) gained $4.58 on the day for a closing price of the range of $26.77 a gallon ($US per barrel)
Heating Oil (NYMEX: NYM) gained $0.05 on the day for a closing price of $3.55 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) gained $0.12 on the day for a closing price of $9.25 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) gained $0.13 on the day for a closing price of $3.14 a gallon ($US per gallon) 

Metals Markets:
Gold Market Price (COMEX: CMX) shed $14.10 on the day for a closing price of $912.30 ($US per Troy ounce)
Silver (COMEX: CMX) gained $0.09 on the day for a closing price of $17.47 ($US per Troy ounce)
Platinum (NYMEX: NYM) shed $7.30 on the day for a closing price of $1,738.10 ($US per Troy ounce)
Copper (COMEX: CMX) gained $0.03 on the day for a closing price of $3.65 ($US per pound) 

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) gained 0.30 on the day for a closing price of 72.55
Pork Bellies (Chicago Mercantile Exchange: CME) shed 2.05 on the day for a closing price of 70.00
Live Cattle (Chicago Mercantile Exchange: CME) gained 0.55 on the day for a closing price of 106.15
Feeder Cattle (Chicago Mercantile Exchange: CME) gained 1.00 on the day for a closing price of 113.65 

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) gained 7.75 on the day for a closing price of 621.25
Soybeans (Chicago Board of Trade: CBT) gained 14.00 on the day for a closing price of 1,405.00

Bond Market:
2 year bond closed with no change at 100 7/32 with a Yield of 2.64, Yield Change +0.01
5 year bond gained 2/32 on the day for a closing price of 100 1/32 with a Yield of 3.36, Yield Change +0.05
10 year bond gained 1/32 on the day for a closing price of 98 20/32 with a Yield of 4.04, Yield Change 0.00
30 year bond shed 8/32 on the day for a closing price of 95 21/32 with a Yield of 4.64, Yield Change +0.01

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