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Ho Ho Home Sales Not So Hot - Money Matters for 12/23/05
The Commerce Department reported today that new home sales for November fell 11.3%, the largest drop in nearly 12 years, throwing a wet blanket on any hopes for a Santa Claus rally on Wall Street.
While the major indices barely budged in ultra-light trade, the new home sales report caused a major flattening in the Treasury yield curve, as 10-year notes caught a bid and yields fell to within a single basis point of the 2-year. It was the closest the 2 and 10-year yields have been in almost 5 years and portends more struggles ahead for the US economy.
Otherwise, traders were more interested in getting out of town instead of getting on with business, and the trade was mostly flat heading into the holiday weekend.
With markets closed on Monday, I'd just like to wish everyone a happy holiday, regardless of which flavor of celebration you prefer.
All the best,
Fearless Rick.
Dow Jones: -6.17; 10,883.27 close
NYSE Advancers: 2050
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NYSE New Highs: 125
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Gold: +0.20; 505.20 close
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