Something's Up

[HFishbine]

The stock market started taking a dive about 15 minutes ago. Is there some news?

[janx]

1. Oh, haven't you heard? It's the booming, roaring economy.

Down is up! Life is death! Victory is defeat! It's all on cable news.

[Richardo]

5. LMAO janx

Great "read" there. :D

[veganwitch]

21. hahahaha!!!

thats too good!!

thanks i needed the laugh.

[Jacobin]

2. Didn't you hear? It means the bears are desperate

It means the bulls are winning.

[HFishbine]

3. Only explaination

I can see so far is "US New Home Sales Fall 3.5 Pct in October"

WASHINGTON (Reuters) - Sales of new U.S. homes posted a larger-than-expected slide in October, a Commerce Department report showed on Wednesday in another sign the torrid U.S. housing market is easing a bit.

Commerce said purchases of new single-family homes fell 3.5 percent to a seasonally adjusted 1.105 million annual rate, a slower pace than Wall Street analysts had projected. The October sales rate was the weakest since May's 1.081 million pace.

September sales, initially reported as a 0.2 percent decline, were revised to a 1.9 percent drop after an upward revision to August sales.

The report shows the housing market, which surged earlier in the year on the back of extremely low mortgage interest rates, is losing a bit of its bounce as rates have backed up a bit in recent months.

http://biz.yahoo.com/rb/031126/economy_homes_2.html

[WhoCountsTheVotes]

8. the long predicted end of the housing bubble?

Interest rates are going to go up, and the WSJ just had an editorial comparing Bush to LBJ and warning about 15 years of inflation.

[Tandalayo_Scheisskopf]

4. It's simple.

Report just out that new home sales slid 3.5% in October. Considering that this is one of the leading indicators of real economic health, the market taking a plunge is really not surprising at all.

And yes, Virginia, there will be more to come.

[HFishbine]

7. Thanks

I just found that before your post. I agree, there is more to come. The markets are at a technical inflection point. There's going to be a BIG turn here. The next few trading days will determine if it's up or down.

[Frodo]

10. That is a negative report, but most...

... of the news today is "good":

http://www.smartmoney.com/bn/index.cfm?story=20031126082128

Orders for durable goods, which seldom rise three months in a row under normal circumstances, rose for the fifth time in six chances in October as the economic revival took hold. Strong demand for aircraft and computers keyed the 3.3% gain, which topped expectations.



The Chicago purchasing managers' index, a key regional manufacturing barometer, blew the doors off economists' estimates with a November reading of 64.1, the best in nine years.



Personal income also advanced, rising 0.4% with the aid of improved job prospects.

Initial jobless claims fell 11,000 to 351,000 last week, the lowest crop of pink slips since January 2001,



Add that to the consumer confidence numbers and GDP growth and I doubt the home-sale numbers are enough to say we've got "bad news".

It must be something else?

[Skittles]

14. checked the deficit lately?

???

[realFedUp]

6. Market numbers inflate on Mondays, they sell on Wednesdays

I don't know...

[DulceDecorum]

9. US cannot co-sign?

http://www.voanews.com/article.cfm?objectID=FF705E93-892C-4440-95185CD585BC9A17

http://news.bbc.co.uk/1/hi/world/middle_east/3238632.stm

[KFC]

11. Low volume profit taking before the holiday

Very typical, especially in light of the huge gains so far this week.

[HFishbine]

12. ON THE NEWS NOW

Five people being treated for exposure to unkown substance on NY subways.

[L.A.dweller]

13. Fox news blaming

Al-Queda

[northernsoul]

15. I think they blamed Al Queda when I stubbed my toe last week too

seriously, I hope everything's okay there in NYC. But it never ceases to amaze me at how desperately eager the WH and their propaganda organs are to have more Americans die from terrorism because they think it's to their political advantage.

[L.A.dweller]

16. They had some type of analyst

on the air and he explained that this is something that Al-Queda would plan or whatever.
Then on another segment right before they went to break they announced the news again and quickly noted that this was not related to terrorism.

[spindoctor]

17. Yea, I put more stock in my 401K last night.

Typical. lol

[Renew Deal]

18. Breaking: People in suits jumping off buildings south of Canal street.

:wow:

[HFishbine]

19. Fo real?

Is this a joke? Not very funny if it is.

[KFC]

20. It is funny

Naz down 0.2%. Holy shit, where is my shotgun!

[JackRiddler]

22. Finally I can agree with KFC

It's funny and anyone south or north of Canal Street (and east of the Hudson) can agree!