Home Sales, Durables Orders point to economy getting from recession to depression, Dow will break below 10,000 in the next three months
Joe Weinman
Jul. 20, 2008

Dow Jones Industrial Average will break below the 10,000 mark within the next three to four months. Home Sales, Durables Orders this week will point to economy getting from recession to depression.

The National Association of Realtors'' report on sales of existing homes is due July 24. Purchases most likely declined to a 4.83 million annual pace from 4.99 million in May, according to the market expectations.

The report may be worst than the economists are expecting.

Reacting to the weak sales, builders in June began work on the fewest single-family homes since 1991, the Commerce Department reported last week. That signals that home construction will continue to weigh on the economy after subtracting from growth since the first quarter of 2006.

The report on durable goods, due from the Commerce Department on July 25, is also projected to show that orders excluding transportation equipment fell 0.3 percent in June, according to market expectation.

Carmakers in particular have been battered. Sales of cars and light trucks fell to an annual pace of 13.0 million units in June, the lowest since 1993, according to industry figures.

Home Sales, Durables Orders point to economy getting from recession to depression, Dow will break below 10,000 in the next three months
Joe Weinman
Dow Jones Industrial Average will break below the 10,000 mark within the next three to four months.
READ MORE>>

Paulson’s failure will end Wall Street’s dominance in American politics – misguided and misinformed policies take its toll
Fred Day
Treasury Secretary Henry Paulson has created disaster for the American economy.
READ MORE>>

Federal Reserve Bank of Minneapolis President Gary Stern confirms Fed’s fight against stagflation with higher rates – another catastrophe in the making
Karen Zuba
The stagflation is the new buzz word for the Federal Reserve decision makers. They are eager now to fight inflation...
READ MORE>>

Stocks and bonds can go down sharply in the next several weeks as stagflation plays its final leg up before transforming into deflation driven depression
Paula Sachs
The signs of economic depressions are clear. Sector specific and region specific depressions are happening right now.
READ MORE>>

UBS finally decides to hand over the names of US Tax defrauders – 20,000 US investors affected – what’s the effect on stocks, bonds, commodities, and real estate?
Bernie Snyder
The Swiss private banker UBS has finally deiced to hand over the name and accounts details of those who alleged were helped by the bank...
READ MORE>>

Can Federal Reserve halt the decline of the solvency of Merrill Lynch – that will determine the depth of depression in 2010?
Marla Guthrie
The financial solvency of Merrill Lynch is in big question.
READ MORE>>

MORE ARTICLES >>