The Clue was here: Mortgage Applications: The weekly MBA mortgage applications index fell -2.7% last week, with purchasing applications dipping -0.9% and refinances slumping by -4.5%.
Thanks Lance. Your post has given me confident to go long at 111^28 right after New Homes and out at 112^11 for a 15 ticks profit. jim
You should have gone Long Yesterday ! LOL Here is the other CLUE ( This is a BIG one starring at YOU ! ): The chief executive of the nation's largest homebuilders by volume said Wednesday that 2007 would "suck" for his company, providing the clearest signal yet that a recovery in the battered sector is farther off than many thought. "I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the calendar year," Tomnitz said.
Long 4 lot at 111 30. Looking for 112 03 or 112 04 for a very quick 4 to 6 tick trade prior to Fed chairman speech at 0830. Important numbers based on common sense: 112 11 111 19 I second the congratulations to Lance. You definitely are the Man! Next time you have another one of those insights, post away. We'll ride your coattails.