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Wednesday, July 23, 2008

Bush Will Not Veto Housing Bill

Those on the spreadsheet reporting last night:
AEHR down 31%
AXYS up 8%
ICLR down 1%

AEHR's numbers were not bad, but there is clearly something wrong here as it has been in a sharp downtrend for quite some time now.

Also of note:

CE up 2.6%
CNC up 8%
CNH up 27%
CHRW down 15%
PFBC down 30%
T up 3.6%

The market has extended yesterday's rally as oil continues to drop. The SPX hit a high of 1291 before pulling back. The NDX, which has been weak lately, is up 1.5%, and the RUT, strong of late, is up only .5%.

The President, for some unknown reason, has decided not to veto the housing bill whicjh may pass Congress as early as this week. The laugh line of the article: "Bush had objected to the neighborhood grants, which would be for buying and fixing up foreclosed properties, saying that they were aimed at helping bankers and lenders, not homeowners who are in trouble." The whole damn bill is aimed at helping bankers. Be prepared for another rocket shot in the 10 year treasury yield, and another drop in the dollar, but know that as a taxpayer, you will be the proud owner of thousands of foreclosed properties.

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