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whats the news this morning???

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May 04, 2009 – Comments (7)

market up 2%, blown through the 875 resistance point, does anybody know why?

7 Comments – Post Your Own

#1) On May 04, 2009 at 10:31 AM, dividendhound (< 20) wrote:

Housing-related, and China related.  Seekingalpha has some of it. 

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#2) On May 04, 2009 at 10:33 AM, russiangambit (29.27) wrote:

Good question. Sprint lost less money than expected?

We seem to be in the La-La land where everybody beleives that the market MUST go up to 950-1000, so people seem to be chasing.

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#3) On May 04, 2009 at 10:57 AM, russiangambit (29.27) wrote:

Here is it:

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The National Association of Realtors Pending Home Sales Index, based on contracts signed in March, rose 3.2 percent to 84.6. February's pending home sales index was slightly revised down to 82.0 from 82.1.

Compared to the same period a year ago, pending home sales rose 1.1 percent.

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We are celebrating bottom in the housing. Who would've thought? Lets look at it again 2 years from now.

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#4) On May 04, 2009 at 11:06 AM, checklist34 (99.71) wrote:

thanks guys.  home sales up year over year is good news, no question.  the interest rates and newfound cheap prices are helping there no doubt. 

i'm not buying anything today and I AM buying puts on SPY...  but usually when I buy puts on SPY the market doesn't crash.

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#5) On May 04, 2009 at 11:14 AM, Ibeatmykids (84.56) wrote:

there is a number of things. 

Buffet said at the BH meeting that the government was doing the right thing.

GM is about to be bought out

the housing market is showing signs of stregthening

 

 

but I bet all the doomsdayers are still going to claim that the market is about to tank any day now.

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#6) On May 04, 2009 at 11:15 AM, leohaas (32.77) wrote:

Look at this as an opportunity to short, to buy puts, to write calls on stock you own, and to buy inverse (maybe even better: double or tripple leveraged inverse) ETFs if you really think the rally is not sustainable. But if you do, you'd better be right about the direction of the market!

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#7) On May 04, 2009 at 11:33 AM, lenri (72.48) wrote:

I am cashing out some positions, probably today but definitely by tomorrow. Most of the stocks I had considered seriously undervalued and have been charting since early February have doubled. With the exception of defense, agricultural and a couple other sectors p/e is becoming out-of-whack.

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