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STI to cross 3000 boosted by long-term investors
Jackpot2010
Master
22-Jun-2010 23:01     
 
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 Alert Admin 		DOW steady despite unexpected 2.2% fall in pending home sales. No panic.
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alooloo
Veteran
22-Jun-2010 22:52     
 
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 Smiley  This is an uppercut blow...

cut loss just now... end of today story..

 

WASHINGTON (MarketWatch) - Resales of U.S. homes and condos fell 2.2% to a seasonally adjusted annual rate of 5.66 million in May despite the boost from a federal tax credit for home buyers, according to data released Tuesday by the National Association of Realtors.

link



niuyear      ( Date: 22-Jun-2010 15:40) Posted:



Tonight US reporting new home sale .   Dont look to bad on this pre-report.

Sales of Existing Homes in U.S. Probably Climbed on Tax Credit



By Shobhana Chandra


June 22 (Bloomberg) -- Sales of U.S. previously owned homes rose in May to the highest level in six months as buyers rushed to beat a June tax-credit deadline, economists said before a report today.

Purchases of existing houses, which are tabulated when a contract closes, increased 6 percent to a 6.12 million annual rate, according to the median of 73 forecasts in a Bloomberg News survey. To receive a government incentive worth as much as $8,000, buyers must have signed contracts by the end of April and need to complete deals by the end of this month.

Credit-induced gyrations will make the underlying health of the market difficult to determine over the next couple of months. A slump in builder shares since early May signals investors are concerned the damage caused by the end of government stimulus, mounting foreclosures and unemployment will exceed the benefits of lower mortgage rates.

“There are still a lot of headwinds as we’re making this important transition,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “The real key in all this will be the labor market. You’re not going to see a sustainable housing recovery without job growth.”

The report from the National Association of Realtors is due at 10 a.m. in Washington. Economists’ estimates ranged from 5.2 million to 6.5 million after a 5.77 million rate in April.

Demand last exceeded May’s projected level in November, the month the tax break was first due to expire, when sales reached an almost three-year high 6.49 million pace. The smaller jump last month shows the incentive lost power after being extended.

Fed Outlook

Federal Reserve policy makers, who begin a two-day meeting today, are forecast to commit to keeping interest rates near zero to help wean the world’s largest economy off government stimulus. The hazard posed by the European debt crisis, joblessness and a lack of inflation add to the reasons why central bankers will focus on sustaining the U.S. rebound.

Industry reports signal residential real estate is slowing. Housing starts last month dropped by the most since March 2009, and building permits, a sign of future construction, fell to a one-year low, data from the Commerce Department showed. The National Association of Home Builders/Wells Fargo confidence index for June fell by the most since November 2008.

The number of mortgage applications filed to purchase houses dropped this month to the lowest level since 1997, according to data from the Mortgage Bankers Association.

Builder Shares

The Standard & Poor’s Supercomposite Homebuilder Index, which includes Toll Brothers Inc. and Lennar Corp., has dropped 27 percent since reaching a 19-month high on May 3. The broader S&P 500 Index is down 8.6 percent from April 23’s 19-month peak.

Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, said orders fell 17 percent in the quarter ended April 30 from a year earlier, and contract signings slowed in May, indicating the tax credit helped pull some sales forward.

“The expiration of the federal homebuyer tax credit, the lack of job growth and a potential increase in foreclosures all pose risks to a housing-industry recovery,” Ara K. Hovnanian, chief executive officer, said in a June 2 statement.

Senator Harry Reid, a Democrat from Nevada, this month proposed extending the tax credit’s closing deadline from June 30 to Sept. 30 amid concern that a rush of buyers created too big a backlog for builders to complete projects in time. Senate Democrats on June 17 failed to get the 60 votes needed to move forward with the legislation that includes the proposal.

Slump Looms

The window of opportunity for the tax credit has already passed for purchases of new houses, which are tabulated at contract signings and are considered a timelier barometer of the market. A Commerce Department report tomorrow will show new home sales plunged 21 percent to a 400,000 annual pace last month, according to the median forecast of economists surveyed.

Existing homes account for about 90 percent of the market.

Builders are being hurt by competition from foreclosed properties that are depressing property values. Foreclosures jumped to a record for the second consecutive month in May as lenders stepped up property seizures, according to RealtyTrac Inc., an Irvine, California-based data seller.

Cheaper borrowing costs are helping mitigate the damage. The average rate on a fixed 30-year mortgage was 4.75 percent last week, just shy of the record-low 4.71 percent reached in early December, according to data from Freddie Mac, the mortgage-finance company being supported by the U.S. government. 


                        Bloomberg Survey

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Jackpot2010
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22-Jun-2010 22:49     
 
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 Alert Admin 		US existing home sales fall unexpectedly in May

WASHINGTON - Sales of previously owned US homes fell unexpectedly in May as delays in processing mortgage applications hampered the closing of contracts benefiting from a popular homebuyer tax credit, an industry group said on Tuesday.

The National Association of Realtors said sales fell 2.2 per cent month over month to an annual rate of 5.66 million units from an upwardly revised 5.79 million-unit pace in April.

Analysts polled by Reuters expected May sales to rise 5.5 per cent to a 6.12 million-unit pace from the previously reported 5.77 million units in April.

Sales were expected to rise as transactions for existing homes are measured at contract closing. Although the tax credit for home buyers expired in April, qualified home owners have until June 30 to close contracts.

Sales were up 19.2 per cent compared to May last year. -- REUTERS
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ozone2002
Supreme
22-Jun-2010 21:59     
 
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 Alert Admin 		still forming the right shoulder......

ozone2002      ( Date: 20-Jun-2010 19:03) Posted:



STI is forming the right shoulder of a Head n shoulder pattern...

watever the case

SELL on CHIONG

BUY on DIP

Smiley
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alooloo
Veteran
22-Jun-2010 17:03     
 
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 Alert Admin 		another day of side track.......... Smiley
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niuyear
Supreme
22-Jun-2010 15:40     
 
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Tonight US reporting new home sale .   Dont look to bad on this pre-report.

Sales of Existing Homes in U.S. Probably Climbed on Tax Credit



By Shobhana Chandra


June 22 (Bloomberg) -- Sales of U.S. previously owned homes rose in May to the highest level in six months as buyers rushed to beat a June tax-credit deadline, economists said before a report today.

Purchases of existing houses, which are tabulated when a contract closes, increased 6 percent to a 6.12 million annual rate, according to the median of 73 forecasts in a Bloomberg News survey. To receive a government incentive worth as much as $8,000, buyers must have signed contracts by the end of April and need to complete deals by the end of this month.

Credit-induced gyrations will make the underlying health of the market difficult to determine over the next couple of months. A slump in builder shares since early May signals investors are concerned the damage caused by the end of government stimulus, mounting foreclosures and unemployment will exceed the benefits of lower mortgage rates.

“There are still a lot of headwinds as we’re making this important transition,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “The real key in all this will be the labor market. You’re not going to see a sustainable housing recovery without job growth.”

The report from the National Association of Realtors is due at 10 a.m. in Washington. Economists’ estimates ranged from 5.2 million to 6.5 million after a 5.77 million rate in April.

Demand last exceeded May’s projected level in November, the month the tax break was first due to expire, when sales reached an almost three-year high 6.49 million pace. The smaller jump last month shows the incentive lost power after being extended.

Fed Outlook

Federal Reserve policy makers, who begin a two-day meeting today, are forecast to commit to keeping interest rates near zero to help wean the world’s largest economy off government stimulus. The hazard posed by the European debt crisis, joblessness and a lack of inflation add to the reasons why central bankers will focus on sustaining the U.S. rebound.

Industry reports signal residential real estate is slowing. Housing starts last month dropped by the most since March 2009, and building permits, a sign of future construction, fell to a one-year low, data from the Commerce Department showed. The National Association of Home Builders/Wells Fargo confidence index for June fell by the most since November 2008.

The number of mortgage applications filed to purchase houses dropped this month to the lowest level since 1997, according to data from the Mortgage Bankers Association.

Builder Shares

The Standard & Poor’s Supercomposite Homebuilder Index, which includes Toll Brothers Inc. and Lennar Corp., has dropped 27 percent since reaching a 19-month high on May 3. The broader S&P 500 Index is down 8.6 percent from April 23’s 19-month peak.

Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, said orders fell 17 percent in the quarter ended April 30 from a year earlier, and contract signings slowed in May, indicating the tax credit helped pull some sales forward.

“The expiration of the federal homebuyer tax credit, the lack of job growth and a potential increase in foreclosures all pose risks to a housing-industry recovery,” Ara K. Hovnanian, chief executive officer, said in a June 2 statement.

Senator Harry Reid, a Democrat from Nevada, this month proposed extending the tax credit’s closing deadline from June 30 to Sept. 30 amid concern that a rush of buyers created too big a backlog for builders to complete projects in time. Senate Democrats on June 17 failed to get the 60 votes needed to move forward with the legislation that includes the proposal.

Slump Looms

The window of opportunity for the tax credit has already passed for purchases of new houses, which are tabulated at contract signings and are considered a timelier barometer of the market. A Commerce Department report tomorrow will show new home sales plunged 21 percent to a 400,000 annual pace last month, according to the median forecast of economists surveyed.

Existing homes account for about 90 percent of the market.

Builders are being hurt by competition from foreclosed properties that are depressing property values. Foreclosures jumped to a record for the second consecutive month in May as lenders stepped up property seizures, according to RealtyTrac Inc., an Irvine, California-based data seller.

Cheaper borrowing costs are helping mitigate the damage. The average rate on a fixed 30-year mortgage was 4.75 percent last week, just shy of the record-low 4.71 percent reached in early December, according to data from Freddie Mac, the mortgage-finance company being supported by the U.S. government. 


                        Bloomberg Survey
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alexchia01
Elite
22-Jun-2010 15:35     
 
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Any lower will be... For every dollar you borrow, The Fed gives you another dollar.

Boy... I wish banks can be so good. Better than X'mas. Smiley



alooloo      ( Date: 22-Jun-2010 15:20) Posted:

ops... i thought they are at 0.25

alexchia01      ( Date: 22-Jun-2010 15:17) Posted:

What interest rate? They are already at 0 percent.



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alooloo
Veteran
22-Jun-2010 15:20     
 
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 Alert Admin 		ops... i thought they are at 0.25

alexchia01      ( Date: 22-Jun-2010 15:17) Posted:

What interest rate? They are already at 0 percent.



alooloo      ( Date: 22-Jun-2010 15:03) Posted:

Is it possible for fed to further cut interest rate?
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alexchia01
Elite
22-Jun-2010 15:17     
 
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What interest rate? They are already at 0 percent.



alooloo      ( Date: 22-Jun-2010 15:03) Posted:

Is it possible for fed to further cut interest rate?
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Hulumas
Supreme
22-Jun-2010 15:15     
 
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Yells: "INVEST but not TRADE please!"
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 Alert Admin 		Oh yes, I am so happy........ I am not alone!

Richman      ( Date: 22-Jun-2010 12:10) Posted:

I am also planning to sell all my bluechips and start trading on S Chips.

They are a great bargain now.



Hulumas      ( Date: 22-Jun-2010 11:14) Posted:

Yes, indeed. Thank you. It is time for me to switch buying China penny stocks from switch selling local blue chips!
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Hulumas
Supreme
22-Jun-2010 15:14     
 
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 Alert Admin 		GDP keep growing ala keep printing USD and distribute progressively to all American tax payers............ that will be helpful to the world recovery process. ( just simply my two cents idea)

alooloo      ( Date: 22-Jun-2010 15:03) Posted:

Is it possible for fed to further cut interest rate?
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alooloo
Veteran
22-Jun-2010 15:03     
 
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 Alert Admin 		Is it possible for fed to further cut interest rate?
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Richman
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22-Jun-2010 12:10     
 
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I am also planning to sell all my bluechips and start trading on S Chips.

They are a great bargain now.



Hulumas      ( Date: 22-Jun-2010 11:14) Posted:

Yes, indeed. Thank you. It is time for me to switch buying China penny stocks from switch selling local blue chips!

niuyear      ( Date: 21-Jun-2010 16:14) Posted:

hi Hulumus, long time never post?  Go banks there and keep on laughing izzit?   hahahha!

your buying on  dip paid off.
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AnthonyTan
Elite
22-Jun-2010 12:09     
 
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"Buy on dip"  - which counter??????

Cannot any how buy, right??????



victorf      ( Date: 22-Jun-2010 11:56) Posted:

it is near to one month since we made the call to "buy on dip" around 25/26th May...i will make another update call for the next month STI trend within these few days....hope it will help....as proven again and again, we will let Market be the Judge as Market is always RIGHT!!! and with no HINDSIGHT....good luck :)
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victorf
Master
22-Jun-2010 11:56     
 
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 Alert Admin 		it is near to one month since we made the call to "buy on dip" around 25/26th May...i will make another update call for the next month STI trend within these few days....hope it will help....as proven again and again, we will let Market be the Judge as Market is always RIGHT!!! and with no HINDSIGHT....good luck :)
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Hulumas
Supreme
22-Jun-2010 11:14     
 
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Yells: "INVEST but not TRADE please!"
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 Alert Admin 		Yes, indeed. Thank you. It is time for me to switch buying China penny stocks from switch selling local blue chips!

niuyear      ( Date: 21-Jun-2010 16:14) Posted:

hi Hulumus, long time never post?  Go banks there and keep on laughing izzit?   hahahha!

your buying on  dip paid off.



Hulumas      ( Date: 21-Jun-2010 15:53) Posted:

SSE >6,000 and STI >3,800, soon!
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soloman
Master
22-Jun-2010 10:59     
 
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SURE, WHY NOT ?

I STILL SEE THE SAME , STI RANGE BOUND, BUY , BUT WAITING FOR SOMETHING TO HAPPEN.............

ITS BUY AND HOLD BUT DANGER LURKS..............

ARTIFICIALLY SUPPORTED STI ................

EVEN PROPERTY MKT VOLUME HAS GONE DONE 50% FOR NEW CONDOS................



Richman      ( Date: 22-Jun-2010 10:16) Posted:

Hi Soloman,

Care to post some news for sharing?



soloman      ( Date: 06-Jun-2010 21:24) Posted:

NOT SO SURE

THE SSE BOURSE HAS COLLAPSE ..........

I THINK BETTER TO LEARN FROM CHINA SHRED INVESTORS - RUN FIRST FROM STOCKS .................
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alexchia01
Elite
22-Jun-2010 10:43     
 
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You sure?

I see more Bullishness than Bearishness.



boyikao3      ( Date: 22-Jun-2010 10:38) Posted:

This whole forum is too cautious and bearish. This means BUY ! Smiley
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boyikao3
Master
22-Jun-2010 10:38     
 
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 Alert Admin 		This whole forum is too cautious and bearish. This means BUY ! Smiley
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Richman
Veteran
22-Jun-2010 10:16     
 
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Hi Soloman,

Care to post some news for sharing?



soloman      ( Date: 06-Jun-2010 21:24) Posted:

NOT SO SURE

THE SSE BOURSE HAS COLLAPSE ..........

I THINK BETTER TO LEARN FROM CHINA SHRED INVESTORS - RUN FIRST FROM STOCKS .................



wishbone      ( Date: 06-Jun-2010 21:19) Posted:



I think recently many have already playing very cautiously since the Greece or rather the PIIGS issue and the impact of DOW dropping more than 300 pts on Friday may not affect very much in the ASIA market. Many may have already factored in or reduced their holding since then.Once EU can assure that this (Hungary issue) can be contained, it will likely continue its uptrend.

Smiley
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