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Good Start

November 23, 2009 – 12:19 pm

A shortened week started off this morning with a spike in stock prices. Frankly, it started before the opening based on comments by the Federal Reserve which drove the value of the dollar down thus stock prices up. Gold and other commodities also spiked up.

The October Existing Home Sales report came out a little after the opening. Sales jumped 10.1% and inventory fell to a 7 month supply. The better than expected number added impetus to the rally. The bad news was that home prices are still falling. Overall the news was good because as you look at the numbers you see sales increasing in the mid level homes not just the low end and even though a third of the home sales were for distressed properties at least they are being picked up by new buyers.

Later in the week New Home Sales will be released and that might not look as good. There will be a report revising the third quarter GDP which is likely to be down. There will be other reports as well. It is going to be a busy week for government statistics.

All and all it’s a good start to the holiday week.

Happy Thanksgiving!

Steve Peasley

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