So, while Ms. Market can do anything she darn well pleases (at just about any time she darn well pleases), I for one will be watching the economic data over the next few weeks VERY carefully.
For the life of me I cannot agree that the string of macro economic data came in better than expected.
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While I do not believe, based upon the economic data currently available, that the economy is at risk of slipping into a double-dip recession, I do believe that this economic recovery may be a longer, more drawn-out recovery than many, including the Federal Reserve, initially anticipated.
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That said, I currently think prices may not be supported by the economic data in the next few weeks.
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This is one of the many reasons I do not place much weight on economic reports, especially on any one data point.
If the economy continues to weaken, I think it is likely the Fed will act preemptively and start QE2 so the next few months of economic data are very important.
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And I think that they have now taken into account since the last time they looked at this all the economic data that has been provided and what's happened in the economy since.
And that doesn't really have much of an effect, I imagine, on today's polling data, but it does have an effect on our long-term economic viability.
While housing must slow down, I continue to believe that favorable demographic trends, shortages of desirable land, historically low interest rates, relatively healthy economic data, economies of scale and market share opportunities argue for much higher housing-share prices.
That is the conclusion of new research I have just completed based on an analysis of state taxes, spending and debt policies and their economic consequences based on data provided by the Tax Foundation, Sales Tax Institute, U.S. Census Bureau, and the U.S. government.
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