Market Wrap-Up for Aug.24 (FCX, MEE, BUCY, FDX, BA, STT, more)


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The National Association of Realtors said Tuesday that sales of existing homes in July dropped a record 27.2% from last year. This was much worse than the 12% drop that many economists had expected, and represents a 15-year low in existing home sales.

The announcement also comes with the usual amount of spin, as Lawrence Yun, NAR (National Association of Realtors) chief economist, was quoted as saying "Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year." This reminds of the Monty Python scene where two knights were fighting and one of them chops the other's arm off, and then asked him to put down his sword and surrender, but the wounded knight refused citing a "mere flesh wound." That was a hilarious skit, but the spin from Lawrence Yun is certainly not amusing in my book.

Investors need to look at real estate as a place to raise their family first and foremost, and then as a place where their money could be parked with hopes that your principal investment can be recovered upon a sale when you decide to move. To make things clear, I do not consider real estate a viable investment!

We made some changes to our "Recommended" Best Dividend Stocks List earlier today, so be sure to check out the link below if you did not read the e-mail alert we sent out earlier today to our subscribers. We are continuing to monitor the other names on our list and will make further moves if we see fit.

As for today's action, commodity plays pulled back after the recent excitement regarding more deals in the space. Companies like Freeport McMoran ( FCX ) , Massey Energy ( MEE ) , and Bucyrus International ( BUCY ) all pushed lower. Also finishing in the red were well-known names such as Boeing ( BA ) , FedEx ( FDX ) , and State Street ( STT ) just to name a few. Volume poked up on the selling with 4.43 Billion shares trading on the NYSE and 2.07 Billion shares traded on the NASDAQ.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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