Thursday, March 06, 2008
Going Down
The Indexes fell heavily again today. The Dow gave up 214.60 points to close at 12,040.39. The SPX fell 29.36 points to close at 1,304.34. We have no play on.
Subprime woes again dominated the news which was the spark for the drop.
In economic news, things weren’t bad, but the news doesn’t point to a recovery just yet. Same-store sales data for February were mostly better than expected, but this was due to low expectations.
Pending home sales were better than expected coming out flat during January, but still down 19.6 percent in the past year. Nonetheless, the year on year rate did fall from the decline of 24.2 percent December. The fact that pending home sales didn’t decline during the month is a positive for future existing home sales data. Nonetheless, we are far from being out of the woods in both the housing sector and the credit markets.
Tomorrow see the jobs number. Expect serious movement one way or the other again.
Until next time.
Subprime woes again dominated the news which was the spark for the drop.
In economic news, things weren’t bad, but the news doesn’t point to a recovery just yet. Same-store sales data for February were mostly better than expected, but this was due to low expectations.
Pending home sales were better than expected coming out flat during January, but still down 19.6 percent in the past year. Nonetheless, the year on year rate did fall from the decline of 24.2 percent December. The fact that pending home sales didn’t decline during the month is a positive for future existing home sales data. Nonetheless, we are far from being out of the woods in both the housing sector and the credit markets.
Tomorrow see the jobs number. Expect serious movement one way or the other again.
Until next time.
# posted by Paul @ 8:19 PM 
