That's what our analysts have been telling media inquries and the ultra-curious who have been calling LandColt Trading HQ this morning. Yes, we did say that we expected a glorius surprise on the upside of the Existing Homes data released this morning.
Wall Street consensus was looking for an increase, but forecasted an annual rate of 5.0 million units. The actual print showed a jump of 7.2% to an annual rate of 5.24 million units--the highest since August 2007! Here's a flashback to that time:
> Final Thursday in July, the Dow dropped about 350 points and NBC decided to send The Today Show crew to the NYSE on that Friday as this was "unprecedented" and the "bull market was over" scenario!
> Final Friday in July, the Dow dropped another 200+ points.
> July 31st: News Corp (FOX News) bought Dow Jones, as we refer to it as The Wall Street Journal.
All things work in cycles, my friends, and here we are coming full circle!!
Even the markets are getting into the act as stocks are popping this morning. We've already crossed the psychological 9,500 mark, and won't things get interesting if we can close above that level?! Stay tuned to find out!!
The hits just keep on coming as optimism reigns!
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.