Today's Key Market News - Dead Cat Bounce

The market is bouncing this morning, aided by a couple nice profit reports from Boeing (NYSE: BA) and Amazon.com (Nasdaq: AMZN), rescuing the Dow and the tech sector perhaps in the short term. But how much bounce does this market have to it? Today's Mortgage Bankers Association report of its Purchase Index showed activity at a 5-month low, while existing home sales for June fell from May. However, there was one bright spot, inventories decreased and prices firmed. Net net, that alone is not enough to strike the alarm bells. However, the fact that KKR has to raise rates to close a deal, Bill Gross is screaming "The bears are coming! The bears are coming!" and a well-bronzed Countrywide (NYSE: CFC) CEO warns that the prime lending sector may also be in trouble, well that's enough to make this bounce a dead cat type.

Check out our latest two pieces for The Motley Fool, "Pool Corps.' Soggy Q2" and "Grilling Darden Restaurants." Remember, in a week's time, we'll publish the unedited versions of both these articles right here on your favorite independent equity research site. All the market-moving news from our sidebar section "Headline News" appears below:

Bloomberg: June Existing Home Sales Fall, But Prices Rose and Inventories Declined
Motley Fool: Greek's Take - Grilling Darden Restaurants
Motley Fool: Greek's Take - Pool Corps.' Soggy Q2
CNN Money: Mortgage Applications Hit 5-Month Low
CNBC: Pimco's Gross Threatens Equity Earthquake
CNBC: Oil Slips on Refinery Expectations
Bloomberg: KKR Providing Evidence of Credit Crunch
Yahoo! Earnings Calendar
AP/Yahoo!: Boeing Earns $1.1 Billion
AP/Yahoo!: Colgate-Palmolive Profit Up 47%
AP/Yahoo!: Glaxo Net Up 1.4%
AP/Yahoo!: IHOP Posts 37% Earnings Rise
AP/Yahoo!: Amazon.com Profit More Than Triples
Bloomberg: Tribute Profit Tumbles
CNN: Terror Dry Runs
myway: Airports Warned of Terror Plot
BBC: Israel Hears Arab League Peace Plan
Economist: Belarus' Concern
Iran Daily: Tales from the Dark Side

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