Home,BUY 1 FREE1

Dawn Berry of Michael Crews Developments jumps for photographer in front of a 1.8 million-dollar home at a development in San Pasqual Valley, California June 3, 2008. [Agencies]

OFFER VALID TILL END JUNE.

A San Diego developer desperate to clear inventory is offering potential home buyers a buy-one-get-one-free scheme.
Michael Crews Development will give away a row home valued at US$400,000 with the purchase of a $1.6 million luxury estate home in the upscale city of Escondido in northern San Diego County.

The two-acre Royal View luxury homes with four bedrooms, four baths, up to six car garages, swimming pools would be paired with 2,000 square-foot upscale row houses.
Tracking the Dow on Wednesday,04/06/08 9:30am--Bearish Gap-down,20.0 points.

Early spotlight,Lehman is looking overseas for capital, and rumors that the firm was buying back its own shares yesterday were true, citing souces.

10:30am--Gap cover.

3 ascending soldiers with pullback at MAV thereafter reached a second peak.There were many white bars so decided to oepen a buy-long position.May private payrolls unexpectedly rose.

The Department of Energy just announced that crude inventories for the week ended May 30 fell 4.8 million barrels,0am--Hangman,hammer.

11:30am--Hangman,hammer.

A third peak,so decided to close position for the morning session.(H12500+L12380)/2=12440(MAV).Meanwhile crude oil prices are down 1.1% to $122.88 per barrel in response to the government's weekly inventory report.

12:30pm--spike down to MAV12440.

A long black bar.The bears are back.

1:30pm--Bearish harami.

It's still at the session MAV.The candlestick seems to be melting.Moody's has placed Ambac's Aaa insurance financial strength rating on review for a possible downgrade.

2:30pm--Furious bears.

Wiping off mornigs gain.Weakness is broad-based within financials

3:30pm--Congestion below MAV.

Still sign of bearish hammer.The stock market falls to session lows on the release of Fed Chairman Bernanke's prepared text for his Harvard speech.
Bernanke said inflation is "significantly higher" than the Fed wants, and that price stability is "a top priority" of the Fed. He noted that there is no sign of the 1970s-type price wage spiral. Bernanke added, "If people expect an increase in inflation to be temporary and do not build it into their longer-term plans for setting wages and prices, then the inflation created by a shock to oil prices will tend to fade relatively quickly."
Note that Bernanke already talked about inflation pressures yesterday, and this speech is for Harvard's "Class Day."

4:00pm--Hangman.

May ISM services -- a survey of nonmanufacturing purchasing managers -- was nearly unchanged at 51.7 compared to 52.0 in April.Private nonfarm employment rose by 40,000 in May,First quarter nonfarm productivity was revised to a gain of 2.6% from 2.2% (consensus +2.5%).The session's three economic reports were not especially strong, but they were all better than expected. Importantly, the data are reflective of an economy that is not in a recession.
The stock market traded in a volatile manner Wednesday.The market dipped noticeably in midafternoon trading after the news wires ran headlines from a speech on inflation that was given by Fed Chairman Bernanke at Harvard. The chairman noted the Fed's concerns about inflation and inflation expectations. In brief, it was largely an academic discussion.

A 2 way volatility is on again thru the following session.