June's lift in home sales looks like it was short lived. This morning's "Pending Home Sales" for the month of July came in at -3.2% vs. -1.5% expected. Unless homeowners mark their sale prices to market, they are going to be stuck with "marked to model" liabilities, much like Dick Fuld at Lehman is.
There are plenty of hedge fund managers pinging me that "housing has bottomed"... I definitely missed this "Trade" higher in the US Homebuilding stocks, but I am certainly not going to mistake my missing it for a "Trend".
Be careful chasing momentum stocks out there. They are starting to come down faster than they went up (see GOOG, POT, etc...).
KM
There are plenty of hedge fund managers pinging me that "housing has bottomed"... I definitely missed this "Trade" higher in the US Homebuilding stocks, but I am certainly not going to mistake my missing it for a "Trend".
Be careful chasing momentum stocks out there. They are starting to come down faster than they went up (see GOOG, POT, etc...).
KM