Archive for September 5th, 2007
Excuse To Sell
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Today we had a market that was ready to go down. The 1490 resistance made it an easy call for the bears and Jim Cramer mentioned that he believes the market to be over bought. Further complicating things were the home sales index. Released on 9/5/07 For Jul 2007 |
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Though this number has been quoted as the worst on record, “Pending home sales fell 12.2 percent to an index level of 89.9 in July, down 16.1 percent on the year. The report said the results point to sales declines of existing homes in the months ahead. The report said some sales contracts are not closing because mortgage commitments have fallen through. But it said these problems are largely limited to those with jumbo loans, not to the majority of buyers who qualify for conventional financing. The text also said the housing market has been stabilizing since mid-August. Both existing home and new home sales proved better than expected in July, data released late last month that have revived hopes for stability in the housing market.” I’m predicting that we move lower for the next three days, Monday opens lower but ends much higher. Random Musings: Tech has been on fire, BIDU, GRMN, AMZN, and GOOG have been strong in a down 1% or more day. At the time of this writing I am long GRMN,AMZN |
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