This morning the S&P/Case Shiller Home Price Index was released, printing at 140.86 vs 142.46 previously. After the New Home sales and Existing Home sales numbers were reported last week, this report is hardly a surprise. Here is the the meat of the report;
Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now. “These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing"
After a flat opening, the Dow is now down 20 and the SPX is down 0.38 All of the major indexes are also off this morning. Mr Market is taking the breather that we expected yesterday and several trades are nearing the stop loss prices. If the stop loss orders are triggered, we will be able to re-enter the market at the next Buy confirmation.
Oil is trading lower, down a couple of ticks at 103.83, Gold is off, trading 1417.4 and Silver is off, trading 36.87. Copper is also off a few ticks, and the commodity complex is mixed. The weakness in the Euro continues today, trading at 1.408 while the Dollar continues its bounce, trading higher at 76.24. The Yen is also weaker at 82.32. The bond are lower, with the 10 year Note trading 3.44% and the long bond at 4.5%.
The is not much reporting due today.. mostly Fed directors speaking around the country.... it seems the theme is focused on how to end QE2 and what it will mean for the economy. As if they have any idea of what to do except more of the same. News out of the MENA region continues, with a new development in Syria, where Assad reports accepting the resignation of the government. Not sure what that means. It seems as if the news rooms are holding their breath, awaiting the next Black Swan event to create new and exciting headlines.
The radioactivity around the damaged Nuclear power plant seems to be real, the story has devolved into a guessing game about which spokesperson is to be believed.. as there are so many conflicting reports. It feels like the final answer will be to pour a lot of concrete on top of the whole mess and move on to the rebuilding phase. Because each day brings more evidence that the officials in charge have no clue about what to do. If there is in fact anything they can do.
Momentum still with the Bulls. In the time it has taken me to write this update, the Dow has gone from down 20 to plus 35. Cant't find any news that could have moved the markets like that......must be the refrain we have heard so much this past year. (and I can't believe I am going to write this) BTFD!
Best To Your Trading!
Bill
No comments:
Post a Comment