Data showing surprising deterioration in the housing sector and in durable goods orders has pummeled stocks today, reversing most of yesterday's rally in a grinding fashion that is somewhat difficult to trade.Bloomberg said this:
Prospects for an economic recovery this year dimmed after reports today showed new-home sales collapsed, durable-goods orders slumped and a record number of Americans collected unemployment benefits.“There really isn’t any hiding place in this economy,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts.
