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Next cliff in t - 15
Ohh it'll move today markets should continue down for the rest of the day....DOW 8358???
And there it is....here come the lemmings
DOW looking for a cliff here.....
Don't worry FAZ will be GREEN EOD
Home sales: A lot of buts
Wednesday, May 27, 2009
If the stock market on Wednesday wanted to look at the latest reading on U.S. home sales before committing to any particular direction, the results are mixed. Existing home sales rose 2.9 per cent in April, month-over-month, after a dip in March. That beat expectations slightly. However, most of the sales were distressed properties, unsold inventories rose and prices fell.
Here's the reaction to the data from several observers:
Millan Mulraine, economics strategist, TD Securities: “Despite the favourable affordability conditions, the weak economic backdrop facing U.S. households suggests that the correction in the U.S. housing market is likely to continue for some time, even though the pace of deterioration in the sector may ease in the coming months.”
Ian Shepherdson, chief U.S. economist, High Frequency Economics: “Since their post-Lehman plunge, existing home sales have been stuck in a range from about 4.5 million to 4.7 million. Demand appears to have stabilized, but the National Association of Realtors reckons about 45 per cent of all transactions last month were of foreclosed homes. With inventory of privately -owned homes still huge and foreclosures rising, prices continue to fall.”
Jennifer Lee, economist, BMO Nesbitt Burns: “Sales were supported by both single-family homes as well as condos (up 2.5 per cent and 6.4 per cent, respectively). Considering the fact that Mother Nature made her presence known during the month (some of the southern states dealt with severe weather conditions in mid-April), which created some havoc with housing starts, the headline gain is pretty encouraging.”
Barry Ritholtz, The Big Picture: “The increase in inventory is somewhat worrisome, and supports our thesis that any stabilization in sales or prices will bring out more shadow inventory.”
Market needs a punch in the mouth right now, they are strugglin' to hold'er up
Starting tommorow you can chart the name the crash to March lows.....
DOW 8256 close IMO
Here comes the RED for the Fin's
When the DOW dumps another 80pts this afternoon they will go red too
You just don't know...do some reading and find out what it moves on....
For those lamenting their unwillingness to buy when blood was running in the streets, fear not. In our view, the bear has more growl left, and there will be more buy opportunities when people are dumping in despair.
Who's right LOL
1) BofA Mr. Lewis added it would be “disastrous” if the government legislated compensation practices.
Mr. Lewis said he believes the industry is on the cusp of what will turn out to be a slow, but sustainable economic recovery, with “the worst most likely behind us.”
He said he expects a slower rate of recession in the second quarter, with modest return to growth in the second half of 2009, and a gradual pickup in 2010.
As the economy improves, Bank of America should generate more revenue which it can help to cover a capital shortfall the government said it was facing after putting 19 banks through “stress tests” recently.
2)FED
investors took a dislike to the latest minutes from the U.S. Federal Reserve, released in the afternoon. In the minutes, the Fed forecast a steeper economic contraction for 2009 (now 2 per cent) than it had predicted at the start of the year. It also said that growth would pick up at a more modest pace in 2010, dashing hopes among some investors for a so-called V-shaped recovery.
Despite a 2 per cent slight rise by Bank of America shares, financial stocks in general fell 2.4 per cent, with JPMorgan Chase [amp]amp; Co. down 3.5 per cent. In other moves, Hewlett-Packard Co. fell 5.2 per cent after releasing a disappointing outlook after markets closed on Tuesday, American Express Co. fell 3.3 per cent and Home Depot Inc. fell 3.3 per cent.
JOBS Thurs....more red to come...all this GOOD news is finally going to catch up to this crazy market!!!
looks like the Big Red Market slide is open for biz....whooo hooo
Here comes the red markets and banks again....whooo they can't keep em up anymore
AH just took out HOD....
Moving good AH too
Yup...looking good...Big Red day tommorow for the Market IMO
FINS selling off EOD
Drop it like a rock, drop it like a rock! (the markets that is)
Come on market your crash is way overdue the big money is out now, most of the new shares sold be sold....whats the hold up
Fin's should all be red EOD
15 mins till the floor falls out in the markets....
Wasn't me....follow trail
Too funny I wrote Cohiba but then changed it to cigar....
Get ready to get your tequilla on.......you should get a cigar out too
IMO we close @ $6.28 DOW - 150
Just added 2.5K shares
SMASH DOW broke the intra floor......
Here comes the final kick in the face for the fin's EOD
Looking for -150 and the fins from -5% to -10% today
Almost all the top 20 are red now, gonna be an ugly day for the banks and a sweet day for the FAZ
GET your FAZ for the "Exiting of the Bulls" next week
GET Ready for the Big Sell today....Running for the doors
BANKS -5% to -10 today IMO
And Red.....
Not for long.....