Market wrap - 1:15

Not as bad as it could have been, but are we out of the woods now? Let's see what happens Monday when everyone is back, and the exposure to Dubai has been digested. Dow 10,310 -154 -1.48% Nasdaq 2,138 -38 -1.73% S&P 500 1,091 -19 -1.72% Gold 1,176 -13 -1.10% Oil 75.76 -2.19 -2.81%

Pre-market - 8:15

Futures down big, but off the lows overnight on the news out of Dubai and their debt problem. DJIA INDEX 10,222.00 -220.00 S&P 500 1,079.10 -29.80 NASDAQ 100 1,745.50 -48.75 Today's economic calendar: None - Market closes at 1:00 Today's earnings reports: Before open: FRO Frontline Ltd. Services Shipping SFL Ship Finance International Limited Services Shipping After close = none

Jobless claims - 8:30

Full report here UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT SEASONALLY ADJUSTED DATA In the week ending Nov. 21, the advance figure for seasonally adjusted initial claims was 466,000, a decrease of 35,000 from the previous week's revised figure of 501,000. The 4-week moving average was 496,500, a decrease of 16,500 from the previous week's revised average of 513,000. The advance seasonally adjusted insured unemployment rate was 4.1 percent for the week ending Nov. 14, a decrease of 0.2 percentage point from the prior week's unrevised rate of 4.3 percent. The advance number for seasonally adjusted insured unemployment during the week ending Nov. 14 was 5,423,000, a decrease of 190,000 from the preceding week's revised level of 5,613,000. The 4-week moving average was 5,613,750, a decrease of 98,500 from the preceding week's revised average of 5,712,250. The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 5.866 million. UNADJUSTED DATA The advance number of actual initial claims under state programs, unadjusted, totaled 543,926 in the week ending Nov. 21, an increase of 68,080 from the previous week. There were 609,138 initial claims in the comparable week in 2008. The advance unadjusted insured unemployment rate was 3.8 percent during the week ending Nov. 14, an increase of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 5,070,712, an increase of 187,642 from the preceding week. A year earlier, the rate was 2.8 percent and the volume was 3,782,040. Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Nov. 7. Initial claims for UI benefits by former Federal civilian employees totaled 2,346 in the week ending Nov. 14, an increase of 45 from the prior week. There were 2,026 initial claims by newly discharged veterans, a decrease of 408 from the preceding week. There were 22,941 former Federal civilian employees claiming UI benefits for the week ending Nov. 7, a decrease of 1,962 from the previous week. Newly discharged veterans claiming benefits totaled 34,598, a decrease of 301 from the prior week. States reported 3,639,036 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Nov. 7, an increase of 16,370 from the prior week. There were 766,565 claimants in the comparable week in 2008. EUC weekly claims include both first and second tier activity. The highest insured unemployment rates in the week ending Nov. 7 were in Puerto Rico (6.2 percent), Oregon (5.5), Alaska (5.1), Nevada (5.1), Pennsylvania (4.9), Wisconsin (4.9), Arkansas (4.7), California (4.7), Michigan (4.6), North Carolina (4.6), and Washington (4.6). The largest increases in initial claims for the week ending Nov. 14 were in Florida (+1,313), Indiana (+607), Hawaii (+278), and North Dakota (+81), while the largest decreases were in California (-7,987), Texas (-4,710), Pennsylvania (-4,321), Wisconsin (-2,716), and Ohio (-2,486). More at link with formatted tables

Pre-market - late - 9:25

Futures higher after a good job number. DJIA INDEX 10,437.00 32.00 S&P 500 1,106.90 3.80 NASDAQ 100 1,793.50 Today's economic calendar: MBA Purchase Applications 7:00 AM ET Durable Goods Orders 8:30 AM ET Personal Income and Outlays 8:30 AM ET Jobless Claims 8:30 AM ET Consumer Sentiment 9:55 AM ET New Home Sales 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET EIA Natural Gas Report 12:00 PM ET 7-Yr Note Auction 1:00 PM ET Today's earnings reports: Before open: CONN Conns Inc. Services Electronics Stores DE Deere & Co. Industrial Goods Farm & Construction Machinery JRJC China Finance Online Co. Ltd. Technology Internet Information Providers TIF Tiffany & Co. Services Jewelry Stores After close: APWR A-Power Energy Generation Systems, Ltd. Utilities Electric Utilities

GDP - 8:30

Full report here Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.8 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.5 percent (see "Revisions" on page 3). The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, federal government spending, and residential fixed investment that were partly offset by a negative contribution from nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The upturn in real GDP in the third quarter primarily reflected upturns in PCE, in private inventory investment, in exports, and in residential fixed investment and a smaller decrease in nonresidential fixed investment that were partly offset by an upturn in imports, a downturn in state and local government spending, and a deceleration in federal government spending.

Pre-market - Tuesday, November 24, 2009

Futures up a tad before GDP report. DJIA INDEX 10,437.00 15.00 S&P 500 1,106.70 2.90 NASDAQ 100 1,792.75 1.50 Today's economic reports: ICSC-Goldman Store Sales 7:45 AM ET GDP 8:30 AM ET Corporate Profits 8:30 AM ET Redbook 8:55 AM ET S&P Case-Shiller HP I9:00 AM ET Consumer Confidence 10:00 AM ET State Street Investor Confidence Index 10:00 AM ET 4-Week Bill Auction 11:30 AM ET 5-Yr Note Auction 1:00 PM ET FOMC Minutes 2:00 PM ET Today's earnings reports: Before open: AEO American Eagle Outfitters, Inc. Services Apparel Stores AHCI Allied Healthcare International Inc. Healthcare Home Health Care AMWD American Woodmark Corp. Industrial Goods Lumber, Wood Production AVNR Avanir Pharmaceuticals Healthcare Drug Manufacturers - Other BGP Borders Group, Inc. Services Specialty Retail, Other BKS Barnes & Noble, Inc. Services Specialty Retail, Other BWS Brown Shoe Co. Inc. Consumer Goods Textile - Apparel Footwear & Accessories CBRL Cracker Barrel Old Country Store, Inc. Services Restaurants DAKT Daktronics Inc. Industrial Goods Industrial Electrical Equipment DHT DHT Maritime, Inc. Services Shipping DLIA dELiA*s, Inc. Services Catalog & Mail Order Houses DLTR Dollar Tree Inc. Services Discount, Variety Stores DSW DSW Inc. Services Apparel Stores EV Eaton Vance Corp. Financial Asset Management FRED Fred's Inc. Services Discount, Variety Stores GCO Genesco Inc. Services Apparel Stores GIGM GigaMedia Ltd. Technology Internet Software & Services HI Hillenbrand, Inc. Services Personal Services HNZ HJ Heinz Co. Consumer Goods Food - Major Diversified HRL Hormel Foods Corp. Consumer Goods Meat Products MDT Medtronic, Inc. Healthcare Medical Appliances & Equipment NTZ Natuzzi SpA Consumer Goods Home Furnishings & Fixtures SIG Signet Jewelers Limited Services Jewelry Stores VIP Vimpel-Communications Technology Wireless Communications WH WSP Holdings Ltd. Basic Materials Oil & Gas Equipment & Services WMG Warner Music Group Corp. Services Movie Production, Theaters ZLC Zale Corporation Services Jewelry Stores After close: ASYS Amtech Systems Inc. Technology Semiconductor Equipment & Materials BCSI Blue Coat Systems Inc. Technology Business Software & Services CWTR Coldwater Creek Inc. Services Specialty Retail, Other JCG J. Crew Group, Inc. Services Apparel Stores JRJC China Finance Online Co. Ltd. Technology Internet Information Providers NZ Netezza Corporation Technology Diversified Computer Systems SNS Steak n Shake Co. Services Restaurants TIVO TiVo Inc. Services CATV Systems

Market wrap - 4:10

Large gap up, only to slowly go a bit lower as the dollar rose throughout the day. Dow 10,451 133 1.29% Nasdaq 2,176 30 1.40% S&P 500 1,106 15 1.36% Gold 1,165 +18 +1.57% Oil 77.69 0.09 0.12%

Existing home sales - 10:00

Full report here Washington, November 23, 2009 Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million. Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.” Now that the tax credit has been extended and expanded, potential buyers have until April 30 to have a contract in place. “There is still a large pent-up demand that can be tapped before the tax credit expires. Our recent consumer survey further shows that 13 percent of successful first-time buyers had a previous contract that was cancelled or fell through – there likely are many more buyers who were attempting to purchase but simply ran out of time,” Yun said. Historically low interest rates also are boosting the market. “Mortgage interest rates last month were the third lowest on record dating back to 1971,” Yun noted. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.95 percent in October from 5.06 percent in September; the rate was 6.20 percent in October 2008. Last week, Freddie Mac reporter the 30-year rate dropped to 4.83 percent. NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said strong demand by first-time buyers is creating some unusual conditions. “In parts of the country, especially in Southwestern states but also in Florida and suburban Washington, D.C., we’ve been getting many reports of multiple bids in the lower price ranges with foreclosed properties getting absorbed quickly,” she said. “In fact, low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive. In this kind of environment it’s important to work with a Realtor® who can walk you through the process and help you negotiate a satisfactory deal,” Golder said. Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply2 at the current sales pace, down from an 8.0-month supply in September. Unsold inventory totals are 14.9 percent below a year ago. “The supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers,” Yun said. The last time the relative housing inventory was this low was in February 2007 when it also was at a 7.0-month supply. The national median existing-home price3 for all housing types was $173,100 in October, down 7.1 percent from October 2008. Distressed properties, which accounted for 30 percent of sales in October, continue to downwardly distort the median price because they usually sell at a discount relative to traditional homes in the same area. “In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could remain at normal healthy levels because consumers would no longer be worried about a price overcorrection,” Yun said. He added that low home prices also are contributing to extremely favorable affordability conditions. “With the abnormal drop in home prices over the past few years, the price-to-income ratio has fallen below the historic trend line,” Yun said. “This is adding to the buying power of the typical family, with affordability conditions this year at the highest on record dating back to 1970, but prices are beginning to flatten and are poised to rise next year.” Single-family home sales rose 9.7 percent to a seasonally adjusted annual rate of 5.33 million in October from a pace of 4.86 million in September, and are 21.4 percent above the 4.39 million-unit pace in October 2008. The median existing single-family home price was $173,100 in October, down 6.8 percent from a year ago. Existing condominium and co-op sales surged 13.2 percent to a seasonally adjusted annual rate of 770,000 units in October from 680,000 in September, and are 40.8 percent above the 547,000-unit level a year ago. The median existing condo price4 was $172,900 in October, which is 10.4 percent below October 2008. Regionally, existing-home sales in the Northeast rose 11.6 percent to an annual level of 1.06 million in October, and are 27.7 percent higher than October 2008. The median price in the Northeast was $235,400, down 2.6 percent from a year ago. Existing-home sales in the Midwest surged 14.4 percent in October to a pace of 1.43 million and are 28.8 percent above a year ago. The median price in the Midwest was $146,600, a gain of 1.1 percent from October 2008. In the South, existing-home sales rose 12.7 percent to an annual level of 2.30 million in October and are 25.7 percent higher than October 2008. The median price in the South was $151,100, down 6.3 percent from a year ago. Existing-home sales in the West increased 1.6 percent to an annual rate of 1.31 million in October and are 12.0 percent above a year ago. The median price in the West was $220,200, which is 14.7 percent below October 2008. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Ron Paul on auditing the Fed - CNBC interview - 9:46

Pre-market - Monday, November 23, 2009

Futures up big on a declining dollar. DJIA INDEX 10,395.00 92.00 S&P 500 1,100.70 10.60 NASDAQ 100 1,779.25 15.75 Today's economic calendar: Existing Home Sales 10:00 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET 2-Yr Note Auction 1:00 PM ET Today's earnings reports. Before open: BJS BJ Services Company Basic Materials Oil & Gas Equipment & Services CDCS CDC Software Corporation Technology Application Software CPB Campbell Soup Co. Consumer Goods Processed & Packaged Goods JOBS 51job Inc. Services Staffing & Outsourcing Services LDK LDK Solar Co.Ltd. Technology Diversified Electronics NED Noah Education Holdings, Ltd. Services Publishing - Books TECD Tech Data Corp. Services Computers Wholesale TSN Tyson Foods Inc. Consumer Goods Meat Products VAL Valspar Corp. Industrial Goods General Building Materials After close: ADI Analog Devices Inc. Technology Semiconductor - Broad Line ATW Atwood Oceanics Inc. Basic Materials Oil & Gas Drilling & Exploration BRCD Brocade Communications Systems, Inc. Technology Data Storage Devices CNTF China Techfaith Wireless Communication Technology Ltd. Technology Diversified Communication Services CTRN Citi Trends Services Apparel Stores DY Dycom Industries Inc. Industrial Goods Heavy Construction FMCN Focus Media Holding Ltd. Services Advertising Agencies GLAD Gladstone Capital Corporation Financial Diversified Investments HAYN Haynes International Inc. Basic Materials Steel & Iron HPQ Hewlett-Packard Company Technology Diversified Computer Systems NBG National Bank of Greece SA Financial Foreign Money Center Banks NCTY The9 Limited Services Gaming Activities NUAN Nuance Communications, Inc. Technology Application Software SBLK Star Bulk Carriers Corp. Services Shipping VIMC Vimicro International Corp. Technology Semiconductor - Specialized