Winky:
I think the Fannie Mae guy knows what he's talking about (sales down in Q2,3,4). It's not recession/no recession which will determine the prices of these stocks in 10 weeks, but earnings/revised earnings, imho. Once they start to revise, then everyone passes a little gas, says "excuse me," and mutters something about "ah, so I guess it isn't different this time."
Joe Sixpack may get called back to work at Ford and Maryanne might go from half time to full time at American Airlines in the next quarter or two, but the $320K-620K housing market (depending on where you live) has taken a big hit. As with ENE, it will take a while before the hoi polloi get the punchline, but some others are laughing right now (as usual, all the way to the bank).
For those of you who don't like to wait too long to get the joke, here are three representative punchlines:
biz.yahoo.com
biz.yahoo.com
biz.yahoo.com
Hardy har har har.
Kb
(I am, however, keeping a very light touch on these guys for right now. I covered my TOL shorts near the low on Friday (ka-ching) and am watching veddy veddy carefully. Still short very small positions in BZH and RYL, fwiw.) |
