Zillow (Z +6.3%) and Trulia (TRLA +12.4%) continue to surge as shorts flee for cover following the companies' Q4 reports (I, II). Zillow had 41.1% of its float shorted as of Jan. 31, and Trulia 18.2%. The real estate sites/app developers are now respectively up 24% and 45% since Tuesday's close. (more) [View news story]
So the first new bubble in housing is the valuation websites! As an active realtor in AZ I can assure you that Zillow's valuations have absolutely no connection to what's really happening in the market place. Their "Zesimates" are often wildly inaccurate on both sides of professional appraisals, yet Zillow is often cited as the fount of all real-estate wisdom in the media. Ride this pony however you like, just know that their work is pure fiction.
Speculating Bernanke has taken the lead in exit polls, ZH notes gold has gone vertical in the past few minutes (chart). GLD +2%. SLV +3.1%. Oil is on the move as well, USO +2.6%. [View news story]
American Capital Agency (AGNC -3.3%) experiences a flash crash, plummeting 11% in the opening seconds of trade on volume of 5.7M shares (normally trades about 100K in the first 2 minutes). One wonders if any stops got triggered. [View news story]
Stop triggered at $32. Then it promptly went back up. Double ouch.
Zillow (Z +6.3%) and Trulia (TRLA +12.4%) continue to surge as shorts flee for cover following the companies' Q4 reports (I, II). Zillow had 41.1% of its float shorted as of Jan. 31, and Trulia 18.2%. The real estate sites/app developers are now respectively up 24% and 45% since Tuesday's close. (more) [View news story]
Market recap: Stock losses again accelerated down the stretch, this time pressured by a debate over the future of Fed stimulus, ongoing fiscal cliff concerns and rising Middle East tensions. The S&P 500 slipped well below its 200-day MA, and the tech-heavy Nasdaq extended its slide into correction territory. Crude oil climbed 1.1% after Israel's airstrike in Gaza. NYSE losers led gainers nearly four to one. [View news story]
Speculating Bernanke has taken the lead in exit polls, ZH notes gold has gone vertical in the past few minutes (chart). GLD +2%. SLV +3.1%. Oil is on the move as well, USO +2.6%. [View news story]
American Capital Agency (AGNC -3.3%) experiences a flash crash, plummeting 11% in the opening seconds of trade on volume of 5.7M shares (normally trades about 100K in the first 2 minutes). One wonders if any stops got triggered. [View news story]