Stock Market Analysis – 07-26-2010
I’m a bit surprised at the strength in the market today given the mixed news of strong earnings but weak fundamentals. We’re in a definite uptrend, but with declining volume I wouldn’t get too aggressive on the bullish side yet.
I’m always proud of myself when I can spot the spin in statistics before it’s pointed out to me, but today’s housing numbers were a little too obvious. I can play this game too. For instance, did you know that from the 1999-2000 to 2000-2001 season the Clippers had 106% more wins while the Lakers went down 16%? Of course the clippers went from 15 wins to 31 wins (still not making the playoffs) while the Lakers went from 67 to 56 wins while winning the championship both years?
The most obvious signal in today’s new home sales numbers was the fact that they were touting the June numbers against the May numbers, which if you recall were record lows, especially after being revised downwards. Looking at the chart from Calculated Risk below, it’s a little more clear. Basically May equals the Clippers in 2000 and June is them in 2001. Not much to write home about.
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