New home sales of 308,000 for February, below consensus estimate of 315,000, is the lowest on record. Record keeping on new home sales began in 1963.
Since hitting a high of 400,000 sales in October, we have declined four straight months, even AFTER a revision for January, revised up to 315,000 from 309,000.
Stock indices actually rose modestly after this announcement, much to the bafflement of many traders. This low-volume, low-volatility meltup — on good or bad news — has many old-timers shaking their heads, but they were doing the same thing in the third quarter of last year, when many shorts were blown apart by a relentless rally.
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