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Santa Claus?

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remember how we slowly faded away from the March highs. Anyone who was burned by the March madness rally sat there waiting and waiting and waiting sure that a "pop" was going to happen to try to catch the perfect entry. Never happened. That's what bear markets do after a major top is put in, drift away so slowly - its not noticed by the bulls so they stay in hoping and the bears are timid (pop-phobic) so they don't act and miss the big slide, It never unfolds the way you think it will. Preconceptions will cause you to miss the boat. Toot, toot!

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As usual Doc agrees with Piles' deep insight. :wink2:

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there is absolutely no support underneath this pig. The prior motivation to float this load is now over as the year is out. Everyone is bullish and has piled on for maximum capital depreciation.

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Nov. existing home sales down 3.5% By Rex Nutting

U.S. home resales fell 3.5 percent in November to an annual rate of 5.56 million, the National Association of Realtors said Monday. The NAR said that despite falling mortgage rates in November, the market was unable to sustain a robust October sales pace. November sales were 5.9 percent above sales in November 2001. The NAR predicts a record sales pace at 5.5 million or greater for 2002. The group expects higher mortgage rates to cool activity next year, although housing should continue to drive U.S. growth.

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