Market Minute Sept 24, 2012

Last week stocks trended lower a week after the Fed announced sustained quantitative easing. Investors redirected their attention to the economy and geopolitical events. The current recovery appears to be nearing stall speed in certain sectors; as the Empire State survey representing manufacturing deteriorated. FedEx (the transportation bell weather) cut its earnings forecast citing global export contraction. Longer dated bond yields sold off noticeably and gasoline prices near $3.80 per gallon . A lone bright spot appears to be housing, with mortgage rates at 3.6% and the supply on the market at 6.1 months (lowest level in 6 years) and continued support via federal reserve purchases of mortgage backed securities. The minute’s up – have a creative day.