Reply #49: 10:40 EST numbers and (knee-jerk) blather [View All]

[UpInArms]

Dow 10,546.74 -23.15 (-0.22%)
Nasdaq 2,141.02 -0.39 (-0.02%)
S&P 500 1,219.82 -1.91 (-0.16%)
10-Yr Bond 4.194 -0.25 (-0.59%)

NYSE Volume 400,407,000
Nasdaq Volume 361,444,000

10:30AM: Knee-jerk reaction on the heels of housing data sends the indices to session lows, but the market almost as quickly bounces back amid further analysis of the data... July existing home sales fell 2.6% to 7.16 mln (consensus 7.25 mln) from a stronger record level of 7.35 mln in June... But even though the moderate July decline was anticipated, price trends remain very strong (e.g. median home prices are 14% higher from a year ago) as low mortgage rates and improved job growth continue to support demand... NYSE Adv/Dec 1295/1529, Nasdaq Adv/Dec 1057/1519