The US July new and existing home sales numbers were much worse than expected last week; July new home sales fell to their lowest level ever, while the backlog of existing homes pushed out to a record 12.5 months of supply. But housing has been terrible for months, and it was the unexpectedly large decline in the July durables ex-transport series that really threw investors.
Bernanke’s comments provided few surprises but reassured Wall Street the central bank has more band aids at its disposal to place on the cancer that is our economy.
We had a very busy morning yesterday, GDP was announced(not as bad), Michigan Confidence (just meh) but then Intel guided lower and stopped trading. It was a confluence of fairly tepid to lousy news, but when the market didn’t cave from all the news, it started a pretty decent melt up. Volume was still light , but short covering ensued and some folks looking for stocks on the cheap came out of the woodwork.
We’ll see if Mr. Market can continue this reversal rally next week. Have a great weekend and enjoy the links.
Stocktwits goes “private”.
It’s getting silly now.
Profits look good.
Nosebleed seats for Lebron going for $450.
The dark side of home ownership
The frugal vacation.
Be careful, Paul Allen may sue you too.
The cartels are winning.
Castro says Bin Laden is a U.S spy.
Zuckerman: The most fiscally irresponsible government in U.S. history.
What is the Fed hiding?
Japan develops “touchable 3-D technology.
We’re having more fun than a barrel of Bernanke’s on my Premium Site. Stop on by.