Stocks climbed for a second day in a row. Once again, markets are reacting positively to bad economic news as evidenced by today´s rally in the midst of a sharp decline in New Home Sales, adding confusion to QE reduction´ timing. CNBC states that markets still have no greater clarity on when the Federal Reserve may begin to curtail its $85 billion in monthly bond purchases following Friday’s economic data. Sales of new single-family homes fell 13.4 percent to a 394,000 annual rate in July, their lowest level in nine months. Oil rallied sharply as well due to a major unit shutdown at an eastern Canadian refinery.
Today´s Profit USD 180 (Portfolio Size: USD 25,000)
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- Stocks up, though home sales dip; Microsoft surges (nbcnews.com)