Homebuilders Start to Get Constructive
The market's character took another turn for the worse Monday as stocks sold off sharply. Volume on the New York Stock Exchange and Nasdaq fell from Friday's levels, but the session still had the feel of distribution, or professional selling. Volume on the exchanges on Friday was unusually high because of the rebalancing of the Russell indices. The Nasdaq Composite traded 2.3 billion shares, and just over 1 billion shares traded in the last half hour.
In a weak tape, markets tend to shrug off good news, and that's what happened on Monday when May new-home sales came in much better than expected. ...399 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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