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The Bulls See Bad Housing Data and Smile

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Today's financial recap and tomorrow's financial outlook.

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The S&P 500 (INDEXSP:.INX) crawled out of a hole on Friday following weaker-than-expected housing data.
This morning, July new home sales came in at 394K, which was well below the consensus estimate of 487K. Additionally, last month's number was revised down to 455K from 497K.
Following the report, the S&P quickly dropped to 1654, but squeezed higher throughout the day to close at 1663.44, up 0.4%. We also saw gold and US Treasury bonds rally sharply on the news, while the US dollar fell.

The Nasdaq (INDEXNASDAQ:.IXIC) outperformed by a decent margin courtesy of Microsoft (NASDAQ:MSFT), shares of which surged after the company announced that CEO Steve Ballmer would retire within 12 months.

Additionally, emerging market stocks and bonds both rallied, partially reversing their recent negative action.

On the negative side, retailers were down big as earnings from the likes of Aeropostale (NYSE:ARO), Foot Locker (NYSE:FL), and Hibbett Sports (NASDAQ:HIBB) disappointed.
Monday's Financial Outlook
There is only one major earnings report scheduled for Monday; Chinese Internet company Qihoo 360 Technology (NYSE:QIHU) will be reporting.
On the economic front, we will get the widely watched durable goods number at 8:30 a.m. EDT. The consensus stands at -4.0%.

Twitter: @Minyanville

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No positions in stocks mentioned.

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