I expect the URE to head down to the previous low of 4.69 before heading back up to around the 5.50 level. I will be taking a new short position there and then looking for the lows in July to be retested at 3. Just my thoughts, but the momentum is shifting and being long here may not be the right angle now.
WASHINGTON (MarketWatch) -- Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid's office said Wednesday.
An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years in the eight years leading up to the date of settlement, a Reid spokeswoman said.
The credit for repeat buyers would be $6,500.
According to a Reuters report, Senators have also agreed to extend the tax credit through the end of April.
The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000 respectively.
Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits.