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Two Ways: Case-Shiller Housing Radar


Strengthen your portfolio in good times and bad.

Stock futures are slightly higher this morning as investors await US housing data. S&P Case-Shiller housing index numbers are due out at 9:00 AM EST and economists are expecting that home values in 20 US metropolitan cities fell at a slower pace. Consensus estimates call for the index to show that prices dropped 16.4% on an annual basis, a slight improvement over the 17.06% decline in June.

In May, the index rose 0.5% from the prior month, the first increase since the summer of 2006; but the numbers aren't adjusted for seasonal effects, so economists prefer to use the year-over-year changes, according to Bloomberg.

For context, see Professor Andrew Jeffery's Three Ways to Predict the End of the Housing Bounce.

From the Bull Pen: Bulls can consider Black & Decker (BDK) which caught an upgrade yesterday from Credit Suisse. One option is to buy on the pullback towards $40- support, if and when.

From the Bear Cave: If you think housing stocks are headed for a more significant pullback, watch the behavior of the homebuilders ETF (XHB) near $15.50. Consider using October puts, but the stock closing above $15.60 could signal resumption of the uptrend, so set your stop loss accordingly.

Quick Check Around the World

Asian trading closed with the Nikkei -0.79%, India 0.38%, Hang Seng -0.49%, Shanghai -2.59%, and Taiwan -0.42%.

Across the pond, we see the FTSE -0.12%, CAC -0.02%, DAX -0.05%

As of 8:00 AM EST, S&P Futures are trading +5.50 to 1030.00 and Nasdaq futures are +3.25 to 1637.25.

A Look at Commodities

Over in commodities, crude oil is trading -0.36 to 74.01 while gold is +4.30 at 948.00 this morning. Silver is -0.530 to 14.12 and copper -5.450 to 286.05.

The dollar index is -0.2450 to 78.0850.

On the Radar


9:00 S&P/CaseShiller Home Price Index: -16.40 cons, -17.06% prior.
10:00 Consumer Confidence: 48.0 cons. 46.6 prior.

Click here for the full trading radar

Good luck today!
No positions in stocks mentioned.

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