28 Jan '13 Eco Calendar: Homes/Claims/FOMC/Cars Construction
Pending home sales are down as the improving market has taken the spooked out of potential sellers who are waiting for reflation. You'd think that would affect new home builders to move right in, but far be it from logic to take the field, they're off a couple percent. All the yammering about stopping buying bonds and mortgage notes is designed to make the market skittish and PM to travel southward, and the FOMC will issue its normal yawn, and the notes will show the usual suspects, about four weeks from now, all in lamentation about what that is going to do with free markets.
Ignore the crocodile tears and watch what they do, not say, but believe me, the dips should be bought, and the blips should be sold.
Everybody forgot SANDY storm in the wake of SANDY hook shootings, and decided the contraction in GDP in the 4th QTR was some cataclysmic event. It didn't even pass the so what test. Still, it helped PM adroitly, so why complain?