We will need to wait until October to see how selling $3B in iPhone 6 on just the first day of availability sways the numbers; today though, August’s Durable Goods Orders (purchases of wares that are expected to last at least a year) took a record plunge of 18.2%. Getting “sold on the sizzle” of decreased sales, traders have pulled their positions causing the DOW to plummet over 200 points so far this morning. I anticipate that in a few hours investors will remember that July’s Durable Goods Orders were UP a record 22.5% as a result of ginormously expensive aircraft contracts, making today’s decline in reality an increase of 4% from June. So don’t go cashing in your 401(k) just yet.
Up against a ceiling of resistance, Mortgage Bonds are flat, so all of the funds from the sale of equities are going into cash accounts. Translation: it’s a good day to lock in the interest rate on your loan if you haven’t already done so.
