OIL

New lows for the Year

Housing new Lows

By TESS STYNES U.S. home prices ended the first quarter at the lowest levels since the housing crisis began in mid-2006, according to Standard & Poor's Case-Shiller home-price indexes. During the first quarter, home prices reached new lows, falling 2% sequentially and 1.9% year-to-year. Prices are down roughly 35% from their peak in the second quarter of 2006. The Case-Shiller index of 10 major metropolitan areas was down 2.8% in March from a year earlier. The 20-city index was off 2.6%. Month to month, the declines were 0.1% for the 10-city index, while the 20-city prices were basically unchanged. As of March, average home prices were at levels reached in late 2002 for the 20-city measure and early 2003 levels for the 10-city composite. Demand for homes has been showing some signs of stabilization, as low-mortgage rates, some loosening of credit conditions and improved job growth have pulled some buyers back to the market. However, "while there has been improvement in some regions, housing prices have not turned" said David Blitzer, chairman of S&P's index committee. Despite some better numbers in the latest period, "since we are entering a seasonal buying period, it becomes very important to look at both monthly and annual rates of change in home prices in order to understand the broader trend." During March home prices in five metropolitan markets fell to new lows: Atlanta, Chicago, Las Vegas, New York and Portland. However, this marked an improvement from the nine cities that reported new lows a month earlier. Of the 20 major U.S. metropolitan markets, 12 reported prices were higher than during February, while seven saw prices fall and one market--Las Vegas--was flat. Phoenix reported the strongest annual growth rate, up 6.1%, while home prices in Atlanta saw the biggest year-to-year drop, down nearly 18%. What a Surprise!!!! Just Joking.

Opps

Opps no hold on the 1304/5 area so we gave way immediately. The 1298.50 is the next level I have but as of now we are trading about 1 point below. It will be important level for the close indeed. Crude briefly dipped below $90 !

1304/5

This is the area where we have to hold or we are heading lower

FACEBOOK

Facebook down 12 % hmm- I have never seen such a big offering where the big guys are not interested. In the meantime JPMorgan losses are now 3 times higher people just dont understand this whole game! In the end it will be more like 5 times the original reported figure.

Interesting close

Market close at 1304.8- I made note of the 1303/4 area if we did sell off this morning. The hard thing about today action was that the closed us right at the level so it makes it hard to play for a bounce, I don't think anyone would be poking longs there at the close. I am going to do some charts and see what kind of pattern we are forming here in this sell off. Currently looking oversold but I wont know where to watch till i set up some charts. BINGO on the 1304!!

Weakness

We are still weak and APPLE looks horrible to say the least. Watch 1303/4 area on the S&P IF WE DIP THAT FAR!!! Scaling out puts on S&P HERE +85%!