Credit problems sink markets

More ugly credit news is sinking the markets again, although not as badly as might be expected. Dow is down 101, decliners over advancers better than 3-1 & NAZ off 7. Thornburg Mortgage (TMA) & investment management firm Carlyle Capital missed margin calls, indicating the end is very near for them. $B of loans will have to be written off by others. Home foreclosures were at a record last quarter according to Mortgage Bankers Assoc. The proportion of mortgage foreclosures nationwide reached a record high 0.83% in Q4 surpassing the previous high of 0.78% in the prior quarter. As expected, financials led today's decline. Oil prices reached 106 following yesterday's surprise announcement of lower inventories. However, retailers reported mixed results for Feb which can be interpreted good news.