- At 3:06pm, as the S&P hit 808, on its way to 700, an announcement from Washington that it was considering a program of home loan subsidies turned it all around. We wound at 835, up 0.17%. A small gain, but it was a green gain. Designed to keep homeowners in the house this idea should have been floated months ago. No details yet and am sure the cost w/b horrendous. Home prices in record plunge
- It would certainly be wonderful if a program could keep people in their homes but am wondering if we aren’t just spitting into the wind.
- The problem with today’s turnaround is that the charts will effectively say it was an itraday reversal. That could excite some so we could have a positive opening tomorrow.
- Google Info: I sneaked out of the house after lunch on this beautiful 72 degree day. I was going to get a shingles inoculation. If you have had measles then you can get shingles. My wife and my sister have had this painful, painful problem and I try to avoid pain. My local walk-in medical joint did not have the serum and directed me to public health department. Wow, that is an experience. Not the most attractive place. Anyway, they said it would cost $175! And you must be over sixty. As I filled out the form I used Google Info (800-466-4411) to find another place in town with a possible lower price. After connecting they said it would be $252. So a wonderful nurse with forty years of public health experience gave me a painless injection and I paid. Google Info is free and it works.
- PALM, up almost 12%, made a new 52-week high on twice average daily volume. It is also trading higher in after market. I have kept my shares and will look to add.
- Mean Johnson (MDJ) came public yesterday with a 10% gain and added another 2.75% today. As mentioned yesterday, spin-offs tend to do well.
The market needs to understand this latest housing proposal. Knee-jerk reactions tend to last as long as knee-jerks. Without follow through it has little meaning. But we don’t want to be dismissive; if this can keep people in their homes, at a reasonable cost (unlikely) then we should listen.
Have a wonderful evening!
