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Stock Ideas Investors Daily Edge Not Much Happy or Thanks This Week, But The Market Is Giving
Stock Ideas Investors Daily Edge Not Much Happy or Thanks This Week, But The Market Is Giving 
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| When people make the case for the poor state of the housing market, they usually point to one thing above all others... oversupply. | |
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| Not Much Happy or Thanks This Week, But The Market Is Giving |
| Monday, 24 November 2008 | ||||||||
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By Christian Hill Housing reports bookend the holiday-shortened week, and it looks like the week will begin and end with more dismal news out of the sector. Existing Home Sales for October are expected to plunge by 130,000 units. This figure includes the recent spike in sales of deeply discounted foreclosed properties. Imagine how much worse the report would be if it didn't get a slight bump due to the foreclosure sales. New Home Sales are also expected to drop, and given the record low Housing Starts and Housing Permits reports last week, this won't subside anytime soon. The third-quarter preliminary GDP figure comes out Tuesday morning, and will likely show a greater slowdown than the advance report a few weeks ago. This report is expected to show a 0.60 percent decline, twice the amount reported a few weeks ago. It makes me wonder, if the reported slowdown can double in a few weeks, how bad could it get before the final figure is released? In a bit of surprising news, the Consumer Confidence and Michigan Sentiment reports for November are both expected to show improvement. Gas prices have been easing for awhile now, so I don't think that is a factor. The economy isn't getting better, and credit is still hard to come by. I can only attribute this to the election. This country is so looking for a miraculous change on January 20, they have willed themselves to feel better. The final report of interest this week is the Durable Orders report for October. This figure is likely to show a drastic decline versus last month. People simply don't have money right now to purchase big ticket items. Televisions, autos, and appliances are all luxuries right now. As evidence of the slowdown, repair shops are actually starting to see an increase in business, as items that were once replaced when broken, such as DVD players, are getting fixed instead. 
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