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Strategies & Market Trends : Joe Stocks Trader Talk
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To: Joe Stocks who started this subject3/26/2002 6:28:28 PM
From: Joe Stocks   of 787
 
Homebuilders- Picked this up from bond talk. Seems that those planing to buy a home must have been down. Read the last sentence. Sure wish I new what those numbers were. With durable goods down and last weeks retail sales being as low as they were reported one week before Easter, I'm surprised we rallied as well as we did. Obviously the market went for the consumer confidence number. We get new home sales tomorrow. Last month there was a big divergence in the two.

SECTOR TALK: Strength in shares of economically sensitive companies indicates that investors put far more weight on the strong consumer confidence index than on the durable goods report. Strength in shares of transportation companies is clear evidence of this optimism. The Dow Jones transportation index, for example, is up almost 2%. Strength in shares of home building stocks (up almost 4%) is also important as it shows that investors were nonplused by the drop in home buying plans found in the confidence report.
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