Chris Lau - Seeking Alpha

Monday, May 04, 2009

Good News?

  • NAR’s Pending Home Sale Index rose 1.1% from March 2008. The less significant Pending Home Sales (monthly gains) were also positive, rising 3.2% from February to March 2009
  • Most of the gains came in the regions with the highest foreclosures: The South and West gained, while the NorthEast and Midwest fell
Analysis:
Show me 3 months of stronger or improving home sales. Show me a rising monthly improvement in this sector and I will be convinced. Still, DOW @ ~8400 and S&P > (over) 875 are significant levels. Needless to say, SRS has traded significantly downward this past month.

Unemployment figures will also be released this Friday. It is best to place great emphasis on these figures.
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