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More 'Less Bad' Econ Data

The "less bad" economic parade continues this morning.

August pending home sales (which measures contracts, not closings, and is a more forward-looking indicator), up 4.3 percent sequentially, was notably stronger than consensus of up about 1 percent.

This is part of a string of improvements in pending sales, so instead of a market that is continuing to decline, we have one that is beginning to come off a bottom.

Stocks came off their lows on the news and rose modestly.

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