Home Sales Give Market A Lift

12:50pm (EST)

The Dow is trying to put together a three day winning streak (including last Friday) as we start the second half of trading. The index currently is trading at 10,456, up 42, and has hit a high of 10,470 today.

We got some good news from the housing sector as November’s sales rose 7.4%. Sales had been expected to rise to 6.25 million and we got 6.54 million.

In other economic news, the Commerce Department said the economy grew at a 2.2% pace in the third quarter, as the recovery got off to a weaker start than previously thought. The figures were released before the market opened and were a drag on the futures as Wall Street was expecting a 2.8% growth rate.

As far as specific stocks, Amazon.com (AMZN, $134.15, up $1.36) made a run to $136 which may not seem like much but it was enough it get our subscribers a 50% return. We have another trade in which we feel we have a Tiger-by-the-tail in our General Mills (GIS, $70.60, up $1.00) trade. The stock is at a new 52-week high and we feel a run to $73 is possible. Current subscribers, check the Members Area for the updates.

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Home Sales Give Market A Lift

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