Wednesday - May 27, 2009

Screenshot from http://finance.yahoo.com/
The market spit out most of the gain from yesterday. S&P500 dropped 17.27 points. Investors are cashing out and they are cautious, in my opinion.
The National Association of Realtors reported April home sale data. Home sales were up 2.9% in April compared to last month. Inventories will take 10.2 months to deplete, which is very long. 45% of the sale in April was destressed sale or foreclosures. You can read more about home sale data from the New York Times here. Jim Cramer once predicted that housing market will bottom out in June09. I don't see how that is going to happen.
HK market is closed for holiday. It jumped 893.71 pts yesterday. Is the bull really running? Analysts say that hot money is flowing into Asia. World economy is too interconnected. No any money will flow in one direction.


Anonymous said...

good blog. keep it up!

Cheapco said...

HK market has risen more than 50% in a month.. something sounds fishy

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