Equity futures are slightly lower, no wait, HFTs must have suckered in all they can… now shooting higher this morning with the dollar higher, bonds lower, oil lower, gold & silver lower, and food commodities slightly higher.
Stocks have now run up to a key long-term resistance line beginning at the ’07 top. Today the DOW sits almost exactly on it, and the S&P 500 is just below it as you can see in the 5 year weekly SPX chart below, heavy blue down slopping line:
I won’t be surprised either way – the markets could turn down from that line, or the criminal element who own the markets and make money from nothing could choose to run futures over that line on the weekend. Truly a casino not worth playing in, as it only enriches those on the wrong side of a proper rule of law.
Of note, the Baltic Dry Index broke through support on its latest plunge, setting a new low from one year ago:
The very conflicted liars at NAR (National Association of Realtors), who like to make numbers up, report that Existing Home Sales for November, NOVEMBER, jumped 4.3% to 4.61 million from 4.42 million, of course the prior month revised lower and besting expectations. Sorry, not a believer for many reasons, completely bogus… huge increases in sales do not occur from the month of October to November, and thus you have number juggling from already admitted number jugglers. Bogus.
Want to hear a self-interest statement from someone so corrupted they cannot speak the truth? I know, all you have to do is turn on your television... but this one is a prize winner:
Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
Then there's this from the NAR President:
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”
LOL is really all one can say to that. The only true pent-up demand is from people underwater on their mortgages whose only dream is that they could actually sell their home to escape the nightmare that's been foisted upon them. I'd throw them both in prison if I could, and I would certainly prohibit the NAR from making unaudited economic reports on their own industry.
I, Nathan Martin, no longer consent to the lies.