U.S. Stocks Retreat as Housing Starts Data Overshadows Earnings

*I expect to see the S&P hit 1100 if only for the simple fact that we are so close and with such pathetic buying volume anything is possible by these gangsters. Apple had great earings and profits because why? They saw the writing on the wall and LOWERED prices of not only their IPhones, but across the board on their desktops and laptops too. Imagine that? Lowering prices to get people to come into your store and buy your products that were alwys overpriced to beging with when americans were flush with piggy bank cash and jobs on wall street with HUGE bonus'. Lucky days are here again though: Caterpillar can't sell a bloody tractor and no one is hiring, not even the federal government! And guess what else? With all the "stimulus" and the housing programs and the cash for clunkers and the god knows what else of profligate spending by our nations ever so ingenius capital, WE STILL CAN'T GET BUILDERS TO BUILD NEW HOMES. So what does that mean? That a Great Recession will enter a double dip soon unless these turkeys get their heads out of their arse and let us ALL go bankrupt and start over. Oh and don't forget, you will need to BULLDOZE the existing glut of homes in the marketplace in order to build them back up again. Kind of like the ever so insolvent banking system that has forced the Obama administration to make loans to homeowners and small business'. Where is Thomas Jefferson when you need him for a good fight eh?
Housing Starts are in the Crapper
Oct. 20 (Bloomberg) -- U.S. stocks retreated, pulling benchmark indexes down from a one-year high, as a disappointing report on housing starts overshadowed better-than-estimated earnings at companies from Apple Inc. to Pfizer Inc.
Pulte Homes Inc. and D.R. Horton Inc. led declines in 11 of 12 companies in a gauge of builders after the Commerce Department report signaled the housing market may slow once government tax incentives expire. Apple and Pfizer climbed at least 1.8 percent, while Caterpillar Inc. and Texas Instruments Inc. also gained on results that topped analysts’ projections..
The Standard & Poor’s 500 Index slipped 0.3 percent to 1,094.71 at 9:41 a.m. in New York. The Dow Jones Industrial Average decreased 22.9 points, or 0.2 percent, to 10,069.29. Asian shares advanced, while European benchmarks erased gains.
Earnings surpassed analysts’ projections at 59 of the 71 companies in the S&P 500 that reported results since Oct. 7, including JPMorgan Chase & Co. and Google Inc., according to Bloomberg data. Profit topped estimates at all but one of the 12 technology companies that released results.
More than 130 S&P 500 companies are scheduled to report this week, Bloomberg data show.
The S&P 500 has rallied 62 percent from a 12-year low in March, closing at a one-year high yesterday, on signs the economy is emerging from the worst slump in seven decades.