Reply #21: 10:41 Numbers and blather [View All]

[54anickel]

Dow 10,594.30 +27.93 (+0.26%)
Nasdaq 2,017.59 +12.15 (+0.61%)
S&P 500 1,142.52 +3.43 (+0.30%)
30-yr Bond 4.893% -0.006

10:30AM: The major averages are holding on to their positioning in positive territory, with the Nasdaq continuing to outperform the Dow and the S&P 500 on a relative basis... There was little reaction to the lower than expected Existing Home Sales report for January, which at 6.04 mln was lower than the consensus of 6.27 mln, shaping up for a wider than anticipated 5.2% decline relative to December versus the expected 3.4% decline... Note that sales of existing homes account for 85% of the residential real estate market...
Keep in mind, though, that while housing activity is backing off its extremely high levels seen in 2003, the homebuilding sector remains strong... Tellingly, while the housing market backed off to its session lows on the heels of the report, it has since recovered and is currently down only 0.6%... NYSE Adv/Dec 1653/1185, Nasdaq Adv/Dec 1727/971