The Financial Select Sector SPDR , an exchange-traded fund indexed to large-cap financial stocks, was flat at last check.
New-home sales rose nearly 10% in July, the fourth month of gains, the Commerce Department reported Wednesday. The news fed hopes the housing market is finally forming a bottom after three years of pain, but it failed to push what have been red-hot shares of Fannie.
Investors have been bidding up the mortgage-finance firms that have been placed in conservatorship by the government, and the sharp rally has confounded analysts who say the companies are so deep in debt that their common equity is worthless. Investors have scooped up the stocks, as well as other beaten-down financial firms such as Citigroup Inc. and Bank of America Corp., in search of quick trading profits.
About Stock Einstein
StockEinstein uses proprietary technologies coupled with years of experience to uncover stocks we feel have the greatest potential for breakout performance. We utilize not only software, but time tested criteria to uncover these potential winners. When these benchmarks are reached or exceeded, our subscribers are immediately notified.
This service is free and available only to subscribers. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
Disclaimer: Full disclaimer at http://StockEinsteain.com/disclaimer.php
IMPORTANT: Never invest in any stock featured in any press release, email or website unless you can afford the loss of your entire investment. Stocks and particularly penny stocks have the possibility for dramatic gains, and also losses. Neither StockEinsteain, nor any of its affiliates are registered investment advisors or broker dealers.
