Tuesday, September 25, 2007
PPT Don't Scoff Too Soon
Gee, Case-Shiller comes out with the biggest y-o-y drop on record and predictably the HBs crater right? Well then what's up with the "technical" retracement to fill the gap? What happened since market opening and 11 AM Eastern that is causing people to pay more for some of these POS than they were willing to pay yesterday? I'm not a chartist and I don't believe in the plunge protection team but that doesn't mean I have no sense of smell. Something stinks here and it is an "upper decker" in a Hovnanian "Deal of The Century" model home.