Markets stumbled out of the gate and remain under pressure as more and more economic data disappoints.

Pending home sales were -1.4% in August from July, but +6.1% from a year ago.  On both counts, a disappointment.   Contracts signed continue to increase year over year, but at a sequentially slower pace.  It’s somewhat ominous, although it could be offset with improving mortgage applications.  I think the biggest problem in addition to punk wages and big hurdles to getting bank loans is the fact prices rebounded too fast.

Ironically, better-than-expected consumer spending has been lost in the market session.  The Dow is nearing a very crucial support point at 16,000.  This promised to be a difficult week with downside momentum and the upcoming jobs report.  The Market must make a stand or it could re-test the recent lows.