US Equity and Economic Review For the Week of April 20-24: Is This Another False Break-Out?, Edition

     After a series of first quarter economic disappointments, last week’s financial news provided much needed ammunition for optimism.  The latest new and existing home sales numbers indicated the housing market is healing while the slight uptick in durable goods orders stopped that data series’ recent set of declines.  The markets rallied as a result, printing at or close to new highs.  The market’s technical picture, however, is still unconvincing; the SPYs chart looks like a short term top while the Transports and Dow’s failure to confirm

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