New home sales up 3.2%. Media is pumping it as great news and that recession is close to over.
Let them pump it. They have no idea what is about to hit them. Unemployment continues to rise, these houses are selling and depressed prices, just lowering the avg house price. We have a looooooooooong way to go before the housing crisis is over. We are just in the beginning of it. Unemployment will destroy the housing market further.
This, my friends, is becoming a HUGE short opportunity. Don't fight it right now. Let them pump it up higher and higher. By June or July, reality will set in that this was all a mirage for the bulls. It may be painful for the bears at times but the bulls will get hurt much worse.
I do hope the market goes up to the 950 level as many are proclaiming. The higher it goes, the farther it will fall. A run like that may very well shake out bears and suck in bulls, just what the doctor ordered.