that seems to happen whenever we have a down day..lol 10 days up in a row.. 1 day pullback on light volume, the bears all come out screaming "top" and "we're doomed" and "sell everything Mortimer"
Top! We're Doomed!, DOOMED I tell you! Seriously though, yeah I'm a bear. But we've had light volume for a month (more or less) now. And we're due for one of those big ol ~20 point day ranges on ES on high volume. But that could be to the upside. And by now we've a whole new batch of ES traders that never ran into trading curbs. That could make for an interesting day (and some frantic posts here on ET).
Hey... you know something? Think about that for a second. All the poor blokes who get caught on upward ARMS, either holding on or biting the bullet 2% higher and refinancing into a 30 year at about 8%. So, to afford their mcmansion, they have increasing amounts of personal income going to service debt if they hold onto the property to maintain their credit rating. That decreases disposable income and consumer spending. Hmmm.... isn't that Deflationary?
US 30-, 15-year mortgages "U.S. 30-year mortgage rates averaged 5.89 percent in the week ended Aug. 11...." -------- Those poor blokes at 6 really are getting the shaft.
for housing? yes. (who says they're going to hold on? their credit rating? you're joking) fed enacted in 1913? or was it 1916? since then (over 90 years) we've had 1 year of deflation (even with the contortions CPI goes through). that's ONE YEAR at 0.1% deflation. and now suddenly we're in for deflation? think again i need more gold