Another day, another push higher. The indexes really haven't been telling the story the last several days. Even on slightly down days like Friday the breadth was very positive. Tomorrow will be very interesting with the home price index which I would not be surprised to see as positive on a non seasonality adjusted basis. It feels like the market is consolidating getting ready to push to 1000 on the S&P. The financials were up all day today which may be in anticipation of the housing number. It may be priced in this point. Day after day it would seem like the market is ready to roll over and day after day the market powers higher. So to guess it is priced in seems like a fools errand. Let the market show it is priced in. Until then better to just have your head in the sand.
The new home sales numbers came out today which was supposedly a great number. It increased from 33k sold in May to 36k in June. 3k. That many properties either got a notice of default or were foreclosed upon in CA today alone. This stuff is just stupid on how it gets twisted.
Anyway, it will be very interesting to see how homebuilding stocks and financials perform after the housing price number comes out. Be watching it.
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I say we go long and ensure a sharp drop over the next month.
Ha - that would be guaranteed to work. I am hoping we only have a month, maybe two left.
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