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Chris Ciovacco: Financial stocks (NYSEArca:XLF) had been treading water relative to the S&P 500 (NYSEArca:SPY) for the past six weeks. That changed late yesterday after J.P. Morgan (NYSE:JPM) announced a dividend increase and stock buyback program. Read more…
Chris Ciovacco: The bulls have been firmly in control since the Europen Central Bank (ECB) induced rally off the December 19 low in stocks. However, last week’s capitulation selling in the VIX and current divergences between the S&P 500 and Transports have opened a crack in the bearish door. We believe a Read more…
This weekend, I met up with a real estate expert, M, from South Florida. M specializes in REO. REO stands for “Real Estate Owned.” Banks lend money to homeowners. Sometimes homeowners don’t Read more…
“The Commerce Department’s data on new home sales did not just rise in June to make a third straight month. The new home sales rose sharply. The headline number came in at an 11% gain to a seasonally adjusted annualized figure of 384,000. Read more…
The Commerce Department data for April’s new home sales looks good on the surface, but there are perhaps more problems than there are winnings here. On an annualized basis, there were Read more…
The new home sales data is showing a very mixed bag, with a bit of a positive twist to it. We are seeing a run up in the SPDR S&P Homebuilders (NYSE: XHB) and the iShares Dow Jones US Home Construction (NYSE: ITB) as a result. March-2009 new home sales came in at a rate of -0.6% down to 356,000 on an annualized basis. We had consensus estimates pegged at 337,00 from Dow Jones and 330,000 from Bloomberg. February was given a sharp revision to its already high +4.7% to a higher +8.2%.
Full Story: http://247wallst.com/2009/04/24/homebuilder-etfs-run-on-housing-data-xhb-itb/
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