Looks like the stocks are in for another good run higher today. Ignoring traditional fundamentals seems to be the prescribed logic these days and despite the housing report tying the worst sentiment numbers since March 09 it looks like the POMO day will take precedent. See this. Moreover, we contend that with the recent ruling against JPM, wherein the court found that JPM fraudulently foreclosed on homes while not in possession of the actual mortgages (see this), may actually benefit some new reports as it has led GMAC to halt foreclosures in 23 States.
We expect future housing reports to be even more based in alternative realities where up is down and blatantly corrupt practices now lead to ridiculous profits for the banks that have put us in this mess. Though one could argue that it helps those in need stay in their homes a little longer, the larger implication still stands that those with enough money and power to lobby will pretty much keep getting whatever they want. Pay no attention to the man behind the curtain, just buy stocks… All is well.
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