Whoever said volume=validity sure was stupid.
Well for those that do care about the volume, as I most certainly do, yesterday was even worse than the day before which was a complete laugher.
Yes, let's focus on those glowing fundamental underpinnings shall we? New home sales numbers are out today which according to the CNBC piece:
The Commerce Department said sales dropped 16.9 percent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, after an upwardly revised 301,000-unit pace in January. Sales plunged to all-time lows in three of the four regions last month.
Compared to February last year sales were down 28 percent.An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market.
Data on Monday showed a steep drop in sales of previously owned homes in February, with prices tumbling to a near nine-year low.The median sales price for a new home tumbled 13.9 percent last month to $202,100, the lowest since December 2003. Compared with February last year, the median price fell 8.9 percent.
At Februarys sales pace, the supply of new homes on the market rose to 8.9 months worth, the highest since August, from 7.4 months worth in January. There were 186,000 new homes available for sale last month, matching the prior months inventory.
Hang on a minute here.
More properties falling into foreclosure? How can that be?
The shills on CNBC told me repeatedly everything is getting better.
I even saw Howard Marshall, excuse me I meant to say the oracle Warren Buffett, travelling to India with Anna Nicole, excuse me, I meant to say CNBC anchor Becky Quick, and he told me the economy is improving:
the U.S. economy is “getting better month by month,” aided by government stimulus and the strength of capitalism."
For those that cannot take the above news and are desperately looking for their daily fix of propaganda might I suggest you read the op-ed piece Welcome to the Recovery from the tax cheating Treasury Secretary Timmy Geithner.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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