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Chart of the Week: 12/26/2008
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Oil prices headed down toward $30 per barrel over the past few days on news that oil demand remains weak in the midst of a global recession. Unless a falling dollar intercedes, expect oil prices to seek stability between $30 and $50 per barrel. We view this as a positive for the economy as lower oil prices will likely help lift consumer spirits over the winter. Stay tuned for new updates.
The InvesTech Housing Bubble Bellwether
Index is lingering near recent as housing sales continue to slow. On the
positive side, thirty year mortgage rates are now approaching 5.0% - a
positive sign for the beleaguered industry. However, as long as home
inventories are elevated, there will be no light at the end of the tunnel.
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Analysis by James Stack, InvesTech Research.
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