• The Conference Board said yesterday (Tuesday) that its Consumer Confidence Index now stands at 44.9, up from a revised 38.8 in October. Last month’s reading was the lowest since the research group started tracking the index in 1967.

• Home prices plunged in the third quarter, according to the S&P Case-Shiller Home Price index, which posted a 16.6% drop for the three-month period. That outpaces the second quarter’s record 15.1% decline.

• The number of problem U.S. banks and thrifts soared to 171 in the third quarter, up from 117 at the end of the June, according to the Federal Deposit Insurance Corp. (FDIC).  The industry-funded reserve to back deposits was $34.6 billion as of September 30, 23.5% smaller than in the previous quarter. Bank industry income fell 94% from the previous year to $1.7 billion in the third quarter.

• Oil prices again fell yesterday (Tuesday), sliding almost 7% to settle at $50.77 a barrel. “The focus in the oil markets is again on softening demand in the wake of a weak GDP,” Phil Flynn, an analyst at Alaron Trading, told Reuters.

• Grupo Financiero Inbursa SA, a bank controlled by Mexican billionaire Carlos Slim, scooped 26 million Mexico-traded shares of Citigroup Inc. (C) for about $134 million, Bloomberg reported. The buy amounts to less than 1% of Citigroup’s stock.

• Shares of homebuilder D.R. Horton Inc. (DHI) rocketed 38% yesterday (Tuesday) despite posting a fourth-quarter loss of $799.9 million, or $2.53 per share. Analysts cheered the company’s existing cash flow, “likely indicating aggressive pricing strategy for” 2009, a Credit Suisse Group AG (CS) report said.

Source: Global Investing Roundups Wednesday, November 26th, 2008

Crude rose as “the dollar is down again and the Nigerian rebels MEND made good on their threats to have more attacks in Nigeria,” said Phil Flynn of Alaron Trading.

The Movement for the Emancipation of the Niger Delta, or MEND, said its members blew up two more oil pipelines in southern Nigeria, leading Royal Dutch Shell to say it will cut oil production by 169,000 barrels per day in Nigeria. MEND said the pipelines attacked belonged to Shell and Chevron.

And OPEC President Chakib Khelil said there is no need for the cartel “to raise its production now… any increase in output will not affect oil prices because there is a balance between supply and demand.”

“The rise in the oil price has little to do with supply and demand, says Phil Flynn of Alaron Trading over at Casey Research,” and has everything to do with the value of the dollar … It really is all about the dollar right now and if the dollar shows any sign of strength, you’ll see a lot of money come out of oil very quickly.”

Traders attributed the day’s action to news that the main militant group in Nigeria’s oil-rich Delta region said it sabotaged a pipeline operated by a unit of Royal Dutch Shell on Friday.

“With this pipeline blowing up, traders have to think what else could happen over the weekend,” said Phil Flynn, of Alaron Trading. “The bears are already having kind of a weak hand now.”

Flynn added that, “The rise in the [oil] price has little to do with supply and demand, and has everything to do with the value of the dollar … It really is all about the dollar right now and if the dollar shows any sign of strength, you’ll see a lot of money come out of oil very quickly.”