This is one of the less helpful things you will read today:
U.S. Stocks Retreat on Concern Housing Tax Credit to Phase Out
Bloomberg, Oct 26 2009
That’s the worst Bloomie headline I’ve seen in a long while. Let’s review some things that, according to this headline writer, are note very relevant. Examples of what the equity retreat is apparently not based on include:
• An Equity market that has rallied 65% in seven months;
• $80 plus Oil;
• Overhead resistance at 1100
The Tax credit, whose expiration date was well-known to just about everyone since it was conceived, is the cause of the reversal, and not these other factors. (Thanks for the heads up!)
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UPDATE: 7:40pm
OK, now they are just screwing with me . . .
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