The generals of BETA are showing that beta cuts both ways for once. AAPL, AMZN,BIDU,GOOG,GS,PCLN are bleeding the cut is manageable but you never know when you go from needing a bandaid to a tourniqet. The SPUZ have been holding at 1089 pretty well - why? I dont know.
The other day I read that at some UBS homebuilders conference Hovnanian (HOV) announced that they are buying land - prices are a steal - this is a company that is sitting on 1.5 billion in unsold inventory - they are taking their cash and buying land instead of retiring preferred stock (HOVNP) at 22% of par - brilliant! Pisses me off to no end. Land may be cheap but its cheap for a reason there are 18 million vacant homes in the US right now - just what we need more homes.
Anyway the market is down about 1.5% as I write this where we will end up nobody knows.
Later
JB
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