Stocks Ignore Negative News from the Housing Market
Filed Under Market Commentary |
More bad news coming from the housing market as home prices slid 7.5%. Stocks completely ignored this news and resumed its uptrend. Ignore the window dressing commentary, it does not make you any money besides how does anyone know what the majority of the market players are doing? Are they there with them, watching the execution? Its CNBC/Bloomberg or whoever trying to rationalize market movements when in fact, they have no idea. At any rate, stocks finished higher on lower volume and that is all we need to know.
Its time to take profits off the table completely on JRJC, you can leave a bit left to run but I’ve taken it off the table.
Market Speculator
Last 5 posts in Market Commentary
- Resistance is Proving to be Too Great for Major Indexes - August 19th, 2008
- Stocks Reversed from Highs in Lackluster Trade - August 16th, 2008
- Low Volume Rally as NASDAQ Retakes a Key Moving Average - August 15th, 2008
- We Are Severely Overbought and the Global Slowdown is Beginning to Show its Face - August 13th, 2008
- Proceeding With Caution, This Market is Shaky at Best - August 12th, 2008
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