The story of 2009 so far goes something like this:
Three months of violent, uninterrupted sell offs, followed by three months of violent, uninterrupted rallies. A lot of sound and fury – for nothing:
The S&P 500has been flat on the year and the bulls and bears are evenly divided. The fate of this market rests on the final six months of the year. So this week Fast Money will settle the score.
Tonight’s burning issue – Will housing bottom?
Data this week is expected to show a spring increase in home sales, but a new study from Harvard University has said despite the Fed cheerleading this market, housing is not yet on the road to recovery. Would-be home buyers are being kept out of the market by creeping unemployment and would-be lenders – the shell-shocked banks – are making lending standards stricter.
As home prices have been sinking to levels not seen since 2003, traders are left asking: Is there any way housing can bottom in the second half?
I think the housing market remains challenged, speculates Joe Terranova. I don't think people trade up in this enviornment.
I don't love the homebuilders either, adds Tim Seymour. As far as I can see, people are not yet in a position to buy.