This market looks more like its getting religion the morning after .Suddenly investors have noticed that we seem to be in a severe slow down in Real Estate ,shocker yes and that banks that once spread the word of Real Estate Sage Carlton Sheets and Wade Cooke encouraging a ”no money down” home ownership have since recanted. What this investor remains skeptical of is how significant the sub prime debacle will be? Will it spread through the credit system, causing a credit crunch or will it be contained to the very hedge funds that profited so mightily from it? Remember in market sell downs the good gets swept down with the bad so for investors there is boundless opportunity in the many stocks that have been taken down by market action that really have nothing to do with the consequence of housing.
Original down side target was 13200 we could see some where around 12800 which is the 200 day moving average.