Good news coupled with a bad news.. But since the good should always triumph over bad, the market ralied well over 50 points in market action today.

The good signs came from the housing front - existing home sales. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4% to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 % higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million. Though much of the data is fabricated by weak seasonality in '08, housing credit and extra low interest rates.

On the bad news front - According to the third estimate of GDP growth in the second quarter, the real GDP growth is revised down to 2.2% from a prevoious estimate of 2.8% which inturn was revised from 3.5%. Analyst estimates were at 2.8%. THis simply implies that the US economy is not growing as much as it was/is expected to grow. Weak consumer spending, Unemployemtn is going to make the challenage even worse in Q4 and forward.. I guesss.