Tuesday, April 24, 2007

Existing Home Sales

As usual, mainstream media has it el-wrongo. Remember, since the sale is recorded at the time of escrow by the NAR, these figures reflect deals made in January and February which means subprime is still largely not factored into Existing Homes Sales equation. But for fun... here's a write through: Existing-home sales plunge. In the words of BTO - "Baby, You Ain't Seen Nothing Yet." Tomorrow we get the latest on New Home Sales.

Also, Confidence at lowest since August.

Earlier the VIX was closing in on 14%, though didn't make it there. Still, a VIX above 13 while perhaps reflective of rolling portfolio protection into higher put strikes, or short call covering by bears, should still be watched with a wary eye. The two aforementioned examples are more concoctions imho of the purveyors of bullish Kool-Aid. Be careful out there, folks.

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