US Stock Futures Drop As Home Starts Slide; DJIA Down 53 (DJIA down 100 at post time)

Wall St Journal ^ | 1/20/2010 | Kristina Peterson

[SonOfDarkSkies]

U.S. stock futures slid on Wednesday after reports showed new home construction fell far more than expected in December.

...

Housing starts slid by 4.0% from the previous month to a seasonally adjusted 557,000 annual rate in December, the Commerce Department said Wednesday. Economists surveyed by Dow Jones Newswires had expected starts would dip by 0.2% to an annual rate of 573,000. However, building permits in December jumped 10.9% to a 653,000 annual rate. Economists had expected permits to rise by 0.2% to a rate of 590,000.

...

Wednesday's action comes after a stunning upset in Massachusetts, where Republican state senator Scott Brown defeated state Attorney General Martha Coakley to replace the late U.S. Senator Edward Kennedy. Stripping Democrats of their filibuster-proof majority in the Senate, the election casts into doubt the fate of Congressional health care legislation, as well as other contentious topics including financial regulation and climate change proposals.

Health care stocks, after soaring Tuesday in anticipation of the shifting Congressional dynamics, held onto smaller gains on Wednesday. Shares of Aetna were up 2.6%, while WellPoint climbed 1.5%.

[AlexW]

I have wondered when the market would catch up to reality.

[silverleaf]

Three words that seem to be epitomizing obama’s economic predictions and analysis .... in a negative direction

“More than expected”

[blam]

Here's How To Spin The Fact That Scott Brown Won But Stocks Are Selling Off

Stocks are off due to disappointing bank earnings.

[ZX12R]

I have wondered when the market would catch up to reality.

Maybe the money manipulators that have been providing the fake buoyancy are bailing. And maybe we'll see where the true market level is.

[NativeNewYorker]

...and more “tightening” chatter out of China...

[blam]

Stocks Fall On China Concerns, Bank Forecasts

Stock fall on concerns tighter lending in China will hurt economy; Banks offer mixed forecasts

The DJIA is down 114 as I post. See here.

[gathersnomoss]

Carnack The Magnificent

...”more than expected”...

What did the hooker say when lying to the John?

So, what is the difference between a Hooker and the MSM?

Nothing, they both swallow anything.

[gathersnomoss]

The ongoing lie is any increase in “housing starts”.

Look up defaults and joblessness.

There is no jobless recovery...it is a lie.

There are no housing starts....that too is a lie.

Same stuff, different day.

[SonOfDarkSkies]

I think the market is now going to wait and see how Obama reacts (not in words but deeds) to the Brown victory in MA.

As you all know, it was at this point that Clinton raised the white flag and moved to the center.

I don't think Obama has the common sense required for such a move.

[gathersnomoss]

“I don’t think Obama has the common sense required for such a move.”

Obama is a Progressive. Barry will NEVER move towards the center!

[Texas resident]

The media will continue to lie and cover for their boy. They love communist dictators and now they have one of their own.

[MeneMeneTekelUpharsin]

The market will not continue downward. Remember who posted this.

[SonOfDarkSkies]

Even more than a progressive. Obama was raised with daily indoctrination into Marxist idealogy.

I don't think he could get his mind around free market economics if his life depended on it (which it now does in a strange way).

[silverleaf]

And the market waits to see if Congress will reassert itself as a leadership body and emerge from a year of rubber stamping disastrous economically ruinous WH ideological gobbledygook masquerading as “legislation”

[wbill]

uh-oh.

I was expecting to see a pretty good bump up in the market with Brown's win overnight. It throws a pretty big wrench into the current anti-business initiatives like Cap and Tax, Healthcare, and the next gazillion dollar stimulus.

The fact that the street is ignoring it says that there are bigger fish to fry. We might be looking at a jog downward. Not that it's a horrible thing, we're a little overdue for a correction.

[SonOfDarkSkies]

My brother is a partner in a real estate consulting firm in a southeastern hub city. They do some appraisal work and he has told me that the bulk of their appraisals lately are "pre-foreclosures".

That said, some of his developer clients are getting the paperwork (building permits) lined up for "starts" but are waiting for signs that the administration will start focusing on jobs before they even consider spending any money.

[silverleaf]

the fake buoyancy worries me, that’s why I am staying out of the market. I think things could crash in less than a day, as soon as the manipulators meet or change their goals- whatever those have been

a transparent honest government would have investigated who withdrew $550 Billion from the US money markets in 3 hours on Sep 15,2008 - and why

[robby]

Or..........Soros is very unhappy.

[silverleaf]

the way the futures were dropping last night, I thought Brown was gonna lose, one way or another

Someone knows something