Couldn't make this up

[hardnox604008]

Excuse sheet says that stock market is higher on the back of better than expected New Home Sales- 330K vs. 310 expected- still the second worst in recent history.

However, last month's low at 300K was revised down to 270K.

I'm certainly open to the interpretation that this simply is an example of the fact that markets often move for reasons other than what the excuse sheet says.

But in this case I don't think so- I think it is a case where bank prop desks, hedgies etc. were just waiting for the absence of a red light before putting risk trades back on.

BTW, I think that the sloppy performance in grains in the face of this isn't a good sign although there is some history of playing catchup late in the session if the commdoity indices are firm. All a big money game, and scary.

Best, h

[jrsiajdranch]

Yepper Noxie these guys are pulling our chain!  Celebrating an increase over the lowest sales EVER is like being down by 20 runs in the first inning and saying we at least still get to bat! 

THese guys are not our friends. JR

[Artifice]

commentator's makew stuff    UP.

meaningless

corp profits are good

[jrsiajdranch]

arti don't you think that corp profits are a backward looking indicator?  Shouldn't they be looking ahead and seeing some awful uglyu retuyrns in the near future?

Is it still burning up out east? JR

[zman343]

Yeah they revised May down 33k, April down 24k, and March down 5k.  So they take out 62k and then say we sold 63k more in June than in May.  I would bet that they revise June's figure down next month.

Lots of data coming out this week and next week.  So far New Home Sales: better than expected but still terrible.  Consumer Confidence today: worse than expected and more bad news.  Weekly jobless claims on Thursday, which some are expected to climb towards 500k.  GDP on Friday.  Next week ISM data, Monthly Employment, and Consumer Credit.

Spin machines are already set on high

[hardnox604008]

This is a dangerous game.

I'm not stupid enough to make a prediction that we're going to have a crash, but markets that melt up like this on low volume and breadth are vulnerable to giving a week's gain up in an hour.

That is why I emain defensive about grain production- and by the way- erally didn't like the action in grains, oil gold- a bit of a divergence flashing in the "all one market" market?

best, h