Economics Update

Well, we have absolutely boffo numbers on the new home sales front, with sales climbing 27% from February to March, though as Barry Ritholtz notes, "In February 2010, new Home Sales reached a record low. Bouncing off of those depressed levels is not a big deal."

I call a dead cat bounce, with a 3 cushion shot because of the February snowpocalypse, though it is still good news, as is the durable goods order number, which were down overall, but up when aircraft sales are factored out.

As to currency and energy, the reduced fears over Greece following their request for external aid pushed the dollar down, and the housing numbers drove oil higher.