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The E-Mini S&P 500 closed on the highs of the day in the midst of disappointing New Home Sales numbers and the concerns emanating from a slowed Chinese economy and potential recession fears in Europe. This bullish trend has endured mixed data and contagion fears of potential defaults in the Euro Zone. The resilience has been astounding. US New Home Sales decreased by 1.6% to a seasonally adjusted 313,000 unit annual rate. This report was forecast at 325,000 unit annual rate. The housing market is still depressed with a multitude of foreclosed homes weighing on the market. There were still 150,000 units of new homes in inventory on the market as of last month. The recent upbeat US data has the investment world dismissing the potential QE3, but reports such as this may put stimulus right back on the table.
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