Interesting…

Existing home sales fell in July to 3.83 million annual rate, a horrible number which is even below the most pessimistic estimate of 3.83. But at the same time the data was made public (10:08), the slump of most of the stocks I’m watching stopped, and it seems that some are now ascending. It seems that investors now feel that the market has already overreacted, and that the federal government will now be forced to do something to pacify the markets.

BAC, a stock that has been doing horribly in the past few weeks, stopped its descent at $12.62, and now is trading at $12.66.

MAS stopped its descent at $10 and now is trading at $10.06.

AAPL stopped its descent at $239 and now is trading at $241.

Everyone was predicting that the market will be down by another 300 points when the data was released, but it’s now going up.

Let’s see how this day will end. It might not be that bad, after all…