This is one of the less helpful things you will read today:

U.S. Stocks Retreat on Concern Housing Tax Credit to Phase Out ^[1]
Bloomberg, Oct 26 2009

That’s the worst Bloomie headline I’ve seen in a long while. Let’s review some things that, according to this headline writer, are note very relevant.  Examples of what the equity retreat is apparently not based on include:

• An Equity market that has rallied 65% in seven months;

• $80 plus Oil;

• Overhead resistance at 1100

The Tax credit, whose expiration date was well-known to just about everyone since it was conceived, is the cause of the reversal, and not these other factors. (Thanks for the heads up!)

~~~

UPDATE: 7:40pm

OK, now they are just screwing with me . . .

^[2]