Saturday, October 14. 2006
J.P. Morgan Calls a Bottom
But as the second chart shows, the year-over-year growth in inventories peaked in May, with a 38 percent rise.
To [J. P. Morgan analyst Michael Rehaut], that is significant. “While pricing, orders and starts may still show negative trends in the near term,” he wrote this week, “we believe inventories — the leading driver of the market’s pullback, on our view, as well as our prior cautious stance — have begun to stabilize and in turn should drive a market recovery.”
Floyd Norris, Seeing Something to Cheer in a Big but Stabilizing Inventory of Homes, 14. Oct. 2006
FD: still short that same homebuilder for nowComments
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If this is true , what will the Perma-bears do ???
To them this is a Bear market , , , or ,
a Bull market , ex-the stocks that go up
To them this is a Bear market , , , or ,
a Bull market , ex-the stocks that go up
I think the JP Morgan analyst is only talking about homebuilders, on which subject he and I disagree. Cf http://www.bignose.org/blog/index.php?/archives/93-Not-just-rates.html
On the market itself, while expecting an eventual downturn, I am long short-dated calls. Cf http://www.bignose.org/blog/index.php?/archives/94-Retail-sales.html
True bear and bull markets, in which everything moves together, are rare.
On the market itself, while expecting an eventual downturn, I am long short-dated calls. Cf http://www.bignose.org/blog/index.php?/archives/94-Retail-sales.html
True bear and bull markets, in which everything moves together, are rare.
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