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July 27, 2009 – 9:09 am

Earnings season continues to provide data for Wall Street to chew on and digest. The numbers have been a pleasant surprise so far but the season is winding down and investors will be looking to other kinds of evidence of an economic recovery.

This morning’s June New Homes Sales report was released this morning. It was expected that there were about 352,000 homes sold but the number came in at 384,000 up 11%. More importantly inventory fell to 8.4 months. This number is more important. The number of months it takes to sell off all inventory provides a better picture of the health of the housing industry. ThereĀ are still a lot of foreclosures in the pipeline. That will continue to hinder the housing recovery, but with inventory falling there is some hope that the corner has been turned.

This housing stat is good news but make no mistake the economy is still weak. We are getting more and more small signs that just maybe we are on the mend. The worry is can we sustain these small signs. That is impossible to say at this stage.

Good Trading
Steve Peasley

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