Sunday, July 24, 2016

The Daily, Part 1 of 3, 7-23-16

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7/23/2016 Investment House Daily
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Targets hit: OPHT
Entry alerts: None issued
Trailing stops: WWW
Stop alerts: ATW

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- After a Thursday fade the indices bounce right back.
- A big move left the indices overbought but they have done a nice job of
consolidating the gains.
- Hope again springs that the economy is finally taking off, but it is
nothing but the same cycle for 2016 we saw in 2015 and before.
- Still plenty of leadership working.
- Indices are setting up for the new move but some earnings help is what is

What Thursday tried to take away, Friday brought back. Or most of it. All
indices closed higher, holding their recent gains spurred on mostly, in our
opinion, by the belief in continued central bank support.

Given that, the recovery was not bad considering Mr. Kuroda at the Bank of
Japan reiterated there was no need for helicopter money in Japan.

Perhaps it was earnings reports that were less than grand splashing cold
water on the 'don't panic, all is well' company lines regarding the economy.
AMD beat nicely. V beat. GE reportedly beat, but beat what? Power
products -27%, Equipment -30%, Aviation -37%. GE beat with the usual GAAP
versus non-GAAP accounting, but the trends for sales were down across the
board. SKX missed, HON missed top line, VFC missed top line and lowered
2016 guidance, SBUX missed top line as well and reported weak same store
sales. Not the best prognosis for a recovering economy.

As noted earlier this week, there are two competing forces: better data
suggesting economic growth versus the addiction to central bank largesse.
If the economic data is strong enough, the Fed figures it is not needed, at
least in an easy money sense. Thus each time the central banks posture that
perhaps they are not going to be as market compliant . . a bit of a hiccup
. . . as on Thursday.

Not the case Friday. Kuroda was still curmudgeonly, but that did not hurt
stocks. No new highs, but not bad action to end the week when central banks
were not as effusive.

SP500 9.86, 0.46%
NASDAQ 26.26, 0.52%
DJ30 53.62, 0.29%
SP400 0.67%
RUTX 0.75%
SOX 0.55%

VOLUME: NYSE -9%, NASDAQ -13%. After volume rallied on the Thursday
selling, it fade as stocks rebounded. Not a lot of serious buying.

A/D: NYSE 1.9:1, NASDAQ 1.9:1. Not all that powerful in terms of breadth.

For the week the indices were again up, fighting off a Thursday selling
attempt. That makes four straight upside weeks off the late June Brexit

We are not deluding ourselves that the move is due to great expectations in
terms of economics; even as the headlines are better there are worrisome
economic signals, many of which are showing up in the earnings reports being
released now. Again, despite this past week that saw a bit of backpedaling
by the central banks (Kuroda, ECB unchanged), central bank support is still
the dominant factor in stock moves ever since the banks came back into the
market at the height of the January/February selling (or would that be a the


Listening to CNBC Friday, the US economy is great, the world economies while
not great are not horrible, and there is just a lot of fear mongering taking
place that is making people feel so despondent about their prospects. That
is the argument you hear every time there is economic decay felt by the
citizens but not showing up in the government numbers. Sure the economic
data headlines are better, but as we have pointed out, the underlying data
is not, and seasonal adjustments 2x or 3x the norm render the data so
subjective as to be useless. Well, perhaps not useless to the powers that
be. Their goal is to make sure the headlines proclaim all is well, things
great, and they are only getting better. Trying to convince people who
don't think things are better that they are better.

I have approached this many ways in the past. A person who hears of the
improvement in the economy reported by the news and the financial stations
assumes it is happening, it just hasn't made it to their geographic area or
their sector of the economy yet. Just a matter of time, right? That is
where the expectations portions of the sentiment surveys show their most
resilience: we are an optimistic people, usually, and thus we hold out hope
for the future.

Another tactic is calling the data 'great' or 'blowout' when in historical
terms it is nothing of the sort. After the last Jobs Report I discussed yet
again how as a nation our expectations of economic output has been dumbed
down by years of decline and subsequent lateral malaise. Then when there is
a sharper bump up in data we start to believe the nonsense that these really
are great numbers and hence great times.

At the same time, however, there is still that nagging restlessness in the
back of your mind asking when the heck am I going to see the benefit of all
this 'greatness?' When am I going to get my full-time job back and a salary
similar to what I had?

Cyclical Patterns Persist

This year is another case in point of the ongoing economic issues. Even
with the doctored results inflating what is the actual economic reality, the
economy is still showing down cycles.

2016 is showing the same pattern as 2015: 2015 was stronger after a slow
start, moving up in spring to summer, but it was a false rise as seen so
many times in this economy. The economy weakened again and to such a point
that fears of recession resurged late year and early 2016. Now the cycle is
repeating with an apparent improvement into the summer as the headlines

That is what happens in these systemic slowdowns. The economy cycles between
bad times and not so bad times, all the while output remains at a very
reduced level. Again, it is a case of the 'dumbing down' of our view of what
is a strong economy.

This happened in the 1970's and history has repeated thanks to the
regression back to the same failed ideas and policies that led to that
systemic slowdown. Big tax increases, huge regulatory burdens making it
next to impossible to start a business, keep it going, get a mortgage, etc.
To break the cycle you must wholly change the policies that only work to
reinforce the cycle.

That is what happened in the early 1980's with the sharp reductions in
marginal tax rates, accelerated depreciation, tax credits, drastically
reduced regulation. The policies were changed from those fostering systemic
malaise to ones once again awarding investment and risk taking. As Einstein
said, or something close to this, doing the same thing over and over and
expecting different results is the definition of insanity.

It would appear that we suffer, as a nation, bouts of recurring insanity
when we think we can regulate, tax, appropriate, redistribute, etc. our way
to prosperity.

Minimum Wage Hikes are just the next economic and standard of living

The minimum wage is another example of trying to overly manage the economy
by dictating what the economics should be. Micro economic management is a
time-proven disastrous course, but again, one in which our collective
insanity is currently engaged.

There is a lot of debate about the effects of a rising minimum wage.
Seattle did it in 2015 and the debate is whether it has harmed anything. I
heard Seattle dragged in on Fox Business over a discussion of this among
other economic issues. The overall Seattle economy is still good enough.
Some restaurants have gone out of business but the owners say it was not
because of the wage.

The claim was, however, that "everyone will be able to afford $15/HOUR
because it will be the new standard." Kind of the 'if you set it, they will
pay it' theory of economics.

To some extent that makes sense: in terms of the larger franchises the food
prices went up, passed along to the customers. They can come up with ways
to increase efficiencies across the board such as automating a lot of the
processes (testing that in China right now with 95% robot/automated chain
restaurants, soon to be brought to the rest of the world) that the smaller
operations, such as the Red Top Diner in Friendswood, Texas cannot.

Thus, in terms of businesses, the larger ones work to offset the increased
costs with higher prices and improved efficiencies that work to reduce the
source of the increased costs. While it will not admit it, SBUX, according
to its workers, is limiting hours worked by its workers, actually having
fewer workers in the stores on a shift. Complaints of lack of hours overall
while at the same time when they are working having to work extra hard due
to the staff being below the usual SBUX numbers. Smaller businesses will
have to employ less workers to do the same jobs, period. Further, neither
will likely hire that additional worker that might be desired. Indeed, it
appears SBUX is not only not hiring those additional workers but, surprise,
is expected MORE from its existing workers as part of getting that increased
minimum wage. There are no free lunches.

So, the 'standard' that everyone will be able to afford has consequences.
Prices will build in the extra cost. Companies that can do so will move to
systems that bring the labor cost back in line, either through automation,
requiring more worker productivity. Those that cannot, the smaller shops,
will have to reduce employees and also demand more productivity from those
keeping jobs.

ALL will reduce, all things equal, additional hiring or job creation. The
latter is one of the real costs of an artificial wage hike: it reduces the
creation of new jobs, not necessarily the elimination of existing jobs. If
you don't have a job and need one, that outcome is not one you want.

There are other impacts in other areas. Studies show that most of the
people receiving the minimum wage are not at the lowest end of the
socioeconomic scale. Thus food and other inflation still hits the lowest
end the hardest because all they see is higher prices without any increase
in wages or disposable income. Perhaps it would be better to not focus on
the wage as much as focus on achieving conditions where people can find a
good job AND have an incentive to do so. If you pay 94M working aged
people, (most of which CAN work as the jobs reports show) out of 318M total
population NOT to work through assistance programs, etc., as we have seen,
they won't work. Is it not better to have them in the workforce producing
versus making it where they can choose not to work and then complain when
prices go up because the minimum wage is artificially increased?

The minimum wage of course is not the only issue, it is just one that many
cite as a priority in order to get people out of poverty. It won't do it.
A job at McDonald's is not what Americans should strive for. We need to get
back to producing real jobs by not paying companies not to invest in growing
business. That means the Fed has to be curtailed to stop the madness of
giving free loans to the large companies. Just as with those choosing not
to work because they are paid not to work, the only way to get the
corporations to invest in their businesses again is to stop paying them to
buy back stock and chase paper investments they can profit from using the
free money. In short, get the Fed out of the economy managing business and
then change the fiscal policies to promote investment and innovation right
here in the US.

We have tried to cheat the system. We tried to say we can just print money,
create more debt, and magically float our economy without any real
investment. That only works short time. We are starting to see the results
of this where we have taken a nation that had the largest percentage of
wealth held by the middle class into one where the now the largest
percentage of wealth is held by the 1%. At the same time the middle class
has fallen out of the majority of our population for the first time since it
became the majority post-industrial revolution.


Thursday it looked as if the stock indices would start a test, one beyond
just a lateral consolidation, perhaps even, my goodness, to the 10 day EMA.
Didn't happen as of Friday as the stock indices bounced, albeit on lighter


NASDAQ: An important index on the week, break higher out of its lateral
range with a Wednesday gap. Thursday was dicey, as it was for all of the
indices, but Friday NASDAQ recovered and moved to a higher recovery high.
5150-5160 is next resistance (closed at 5100). If the big names continue to
participate in the move toward their earnings Tuesday to Thursday, NASDAQ
can make that next resistance level. That is not great praise; that just
takes it to the penultimate resistance before the July 2015 high.

SOX: Reached lower but then regrouped for a solid move. Closed below the
Wednesday high, but good to see SOX hold over the 10 day EMA and find some
bids. It is considerably overbought with its 100+ point run off the June
low, now just 9 points off the June 2015 high (751).

SP400: SOX is not the only indices flirting with the old high. SP400
cracked over its June 2015 all-time high (1551.28; 1552.34 close) but it
will need to put some distance on that to make it stick. Overall this is
good positioning: SP400 is in an 8 session lateral move consolidating the
rally to the prior high. The 10 day EMA has caught up with it, it has not
sold, it is rested. Great position to make the breakout move.

RUTX: Same situation as SP400 only RUTX is trying to break into the summer
2015 range that holds the all-time high. Eight session lateral move, the 10
day EMA has caught up, Friday breaking to a higher closing high on this
move. It too is in position, just needs some love from earnings.

SP500: The first to a new high and still holding it. Thursday things
looked less than perfect with SP500 selling off Wednesday's move to a higher
high all in once move. Friday stabilized the pattern, and SP500 sports
something similar to SP400 as it is in a lateral consolidation.

DJ30: The Dow had its issues Thursday as well, taking back the Wednesday
and Tuesday upside. It held, however, over the 10 day EMA and is trying to
stretch into a lateral consolidation as well.


Big Names: Another mixed bag though elevated and showing some decent
patterns overall. FB continued its test lower, tapped the 10 day EMA,
reversed to a gain. Good action. AMZN continued laterally along the 10 day
EMA; decent. AAPL tested to the 10 day EMA on low volume. GOOG sold lower
then reversed for a gain and a higher rally high; good. SBUX broke higher
from the two week lateral range. MSFT continued higher off its earnings

Oil: Very mixed. CWEI remains solid, moving up on rising trade off the 200
day SMA. APC has bounced off the 50 day EMA (earnings Tuesday before the
open). CVX in a nice 20 day EMA test. HAL showing a bit 50 day EMA doji.
ESV is bombing lower. MRO testing the 50 day EMA. ATW sold to the 50 day MA
on rising trade. Some key tests are occurring.

Metals: Hanging in. SID moved to yet a higher rally high. AKS held the 10
day EMA and attempting a bounce. FCX holding the 10 day EMA (earnings
Tuesday before open). Precious metals mixed; HMY holding steady after
selling, NEM moving back up.

Software: ROVI continues its impressive run. CALD announced results and
was wild, but nice bounce off the 50 day EMA. BLKB bouncing off the 20 day
EMA. FFIV, VMW moving upside. Solid group and we have some good plays

Biotechs/Drugs: Volatile as always. BLUE bounced off the 50 day EMA on the
week. KERX moving well up the 10 day. BIIB moved well on earnings. EXAS
announces results Tuesday before open, jumping off a 20 day EMA test.

Chips: INTC held the 20 day EMA with a doji, bounced Friday. AMKR at the 10
day EMA, earnings Tuesday after. AVGO reached lower, recovered to show a
doji. XLNX bounced nicely off the 10 day EMA Friday. TSRA fell to the 20
day EMA Friday. KOPN keeps trying to bounce but back slides to the 200 day

Retail: Still looks ready, still has not moved. RH in position. JWN, KSS,
M, DDS still in the nice handle formations, ready to break higher. EBAY
still running higher after its earnings.


Stats: +26.26 points (+0.52%) to close at 5100.16
Volume: 1.613B (-12.61%)

Up Volume: 1.15B (+433.13M)
Down Volume: 463.46M (-666.54M)

A/D and Hi/Lo: Advancers led 1.88 to 1
Previous Session: Decliners led 1.65 to 1

New Highs: 133 (+33)
New Lows: 26 (-10)

Stats: +9.86 points (+0.46%) to close at 2175.03
NYSE Volume: 750.8M (-8.66%)

A/D and Hi/Lo: Advancers led 1.92 to 1
Previous Session: Decliners led 1.37 to 1

New Highs: 196 (+52)
New Lows: 10 (+2)

Stats: +53.62 points (+0.29%) to close at 18570.85


VIX: 12.02; -0.72
VXN: 14.59; -0.39
VXO: 10.55; +0.51

Put/Call Ratio (CBOE): 0.82; -0.13

10 of 10 below 1.0, 14 of last 28 over 1.0.
23 of the last 40 below 1.0. 34 of 60 over 1.0.
These are starting to flip with the 'below 1.0' overtaking 50% of the recent

Bulls and Bears: Bulls continue their run higher off the June low while
bears actually suffer a sharp slide.

Bulls: 54.4 versus 52.5. Another highest level since early 2015. Again,
around 60 is where an upside move has topped over the past 18 years.

Bears: 23.3 versus 24.7. The bears are losing some ground though still
over the 15 level where a lot of the fades have bottomed.

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.

Bulls: 54.4 versus 52.5%
52.5% versus 47.1% versus 41.6% versus 47.5% versus 45.9% versus 47.3%
versus 45.4% versus 35.4% versus 40.2 versus 39.2 versus 40.2% versus 44.3%
versus 47.4% versus 41.2% versus 45.4% versus 43.3% versus 47.4% versus
44.4% versus 39.4% versus 36.4% versus 34.7% versus 26.5%

Bears: 23.3% versus 24.7%
24.7% versus 24.5% versus 23.8% versus 23.2% versus 23.5% versus 23.8%
versus 23.7% versus 24.0% versus 21.7% versus 21.6% versus 21.7 versus 20.6%
versus 21.7% versus 27.8% versus 27.8% versus 28.9% versus 27.8% versus
30.3% versus 35.4% versus 34.3% versus 35.7% versus 39.8% versus 39.2%
versus 38.1% versus 35.4% versus 36.1%


Bonds (10 year): 1.56% versus 1.558%. Trying to recover off the weaker
posture the past week. Rallied to close at the 20 day EMA but struggling to
hold the upside after falling into the late June upside gap zone.

Historical: 1.558% versus 1.58% versus 1.56% versus 1.59% versus 1.58%
versus 1.53% versus 1.47% versus 1.51% versus 1.434% versus 1.36% versus
1.39% versus 1.373% versus 1.367% versus 1.44% versus 1.475% versus 1.51%
versus 1.468% versus 1.46% versus 1.57% versus 1.74% versus 1.68% versus
1.70% versus 1.67% versus 1.61% versus 1.57% versus 1.58% versus 1.62%
versus 1.61% versus 1.64% versus 1.68% versus 1.70% versus 1.72% versus
1.73% versus 1.70% versus 1.80% versus 1.84%

EUR/USD: 1.0977 versus 1.1021. Euro tried to rally two weeks back but has
now flipped and is fading below the 10 day EMA. At the June lows, a key test
in progress.

Historical: 1.1021 versus 1.1022 versus 1.1021 versus 1.10654 versus 1.1035
versus 1.1117 versus 1.1099 versus 11061 versus 1.10588 versus 1.10502
versus 1.10634 versus 1.10891 versus 1.1056 versus 1.11396 versus 1.1106
versus 1.11256 versus 1.10736 versus 1.10226 versus 1.1101 versus 1.14070
versus 1.13324 versus 1.1251 versus 1.13131 versus 1.13749 versus 1.12778
versus 1.12554 versus 1.12731 versus 1.2104 versus 1.1297 versus 1.12526
versus 1.13149 versus 1.1412 versus 1.13570

USD/JPY: 106.05 versus 106.11. Surged Wednesday, gave it back Thursday,
wasn't going anywhere Friday.

Historical: 106.11 versus 107.16 versus 106.139 versus 105.95 versus 104.85
versus 105.31 versus 104.74 versus 102.686 versus 100.59 versus 100.768
versus 101.15 versus 100.89 versus 102.497 versus 103.128 versus 102.912
versus 102.60 versus 101.93 versus 102.32 versus 106.73 versus 104.87 versus
104.788 versus 103.98 versus 104.58 versus 104.12 versus 104.68 versus
105.62 versus 106.085 versus 106.019 versus 106.933 versus 106.966 versus
106.66 versus 107.347 versus 107.72 versus 106.55 versus 106.66 versus
108.86 versus 109.99 versus 111.285

Oil: 44.19, -0.56. Broke to a lower low in this 6 week pullback. Oil is
still working on building a new base and has not set the low yet.

Gold: 1323.40, -7.60. Trying to hold this two week pullback at the 20 day


Earnings are coming in fast. We have several plays with results set for
next week. We want to see a continued move upside so we can bank some gain.
Some we may hold part of through earnings, but as this past week showed, it
is feast or famine. Often just beating is not enough, particularly if
stocks have moved higher into the announcement. They need something else
such as revenue guidance increase, stock buyback, both.

There are also stocks that have announce results and we like playing those,
kind of counterpunching the move on earnings. At least at that juncture the
news is out and you are dealing with the technical picture versus the
subjective reactions to earnings results.

The bigger picture are indices that surged upside off of the June Brexit
low. Some are more overbought, e.g. SOX, but all are doing credible jobs of
consolidating the move without selling off. Thursday was tricky, and it
could come back again this week, but Friday handled it well, extending the
lateral moves.

Indeed, the lateral moves are the best upside indication at this juncture.
Big gains, some testing, but mostly lateral moves. That shows those that
bought the stocks are not ready to sell yet. They work laterally and a bit
lower, work off the froth of the last move, then when the time is right,
make the next break upside.

We will see if that plays out and earnings will have a say in that. Not a
whole lot suggests the market stalls out here other than the fact it rallied
so well. Thursday did show some higher volume selling, but one such session
in isolation doesn't indicate any nefarious selloff ahead. There may be a
bit more testing as we saw last week, but after a week and more of this
lateral consolidation, stocks are in position to move and indeed need to
renew that upside using the earnings as the catalyst.

Have a great weekend!


NASDAQ: Closed at 5100.16

5100 from the April peak and early May peak
5162 is the early November peak, 5176 is the December intraday peak

5042 is the March 2015 high
The 10 day EMA is 5032
5008.57 is the early March 2015 post-bear market high
5007 is the 12/31 upper gap point from that big gap lower
4999 is the October upper gap point
4980 is the June 2016 peak
4969 is the April 2016 recovery high
4960 is the September 2015 intraday high, an important reversal point for
4920 is the lower gap point from mid-October 2015, the January 2016 lower
gap point
4916 is the mid-November 2015 low
The 50 day EMA at 4904
4899 - 4902 from the September 2015 peak, July 2015 low
4894 is the September 2015 closing high
The 200 day SMA at 4837
4836 is the March 2016 peak
4815 is the December 2014 peak
4811 is the November 2014 peak (intraday)
4774 is the January 2-15 high
4751 is the January 2015 lower high
4684 is the May 2016 test low
4637 is the February intraday high
4620 is the February 1 closing high
4615 from September 2014 highs, October 2014 upper gap point, late August
2015 low.
4574 is the June 2015 low
4517-4506 from the September 2015 and August 2015 closing lows
4485 are the twin July 2014 peaks
4471 is the January 2016 closing low
4425 is the late February intraday low
4363 is the February upper gap point
4352 is the March 2014 peak
4313 is the January 2016 intraday low
4292 is the August 2015 low
4212 is the February intraday low

S&P 500: Closed at 2175.03


The 10 day EMA at 2156
2135 is the May 2015 all-time high
2130 is the June 2015 peak
2126 was the April 2015 prior all-time high
2120 is the June 2016 peak
2119 is the February 2015 intraday high
2116 is the November 2015 high
2111 is the April 2016 recovery high
2104 is the December 2015 high
The 50 day EMA at 2104
2094 is the December 2014 high
2079 is the intraday all-time high from November 2014
2062 is the January 2015 lower high
2046 is the July 2015 closing low
2040 is the March 2015 closing low
The 200 day SMA at 2037
2026 is the May 2016 low
2023 is the November 2015 low
2020 is the September 2015 intraday high
2011 is the September prior all-time high
1995 is the September 2015 recovery peak
1991 is the July 2014 high
1972 is the December 2014 low
1947 is the February 2016 intraday high, the late February peak
1940 is the January 2016 recovery bounce peak closing high
1913 is the early September 2015 closing low testing the bounce from the
August selling
1905 is the August 2014 low
1902 from early May was the intraday all-time high.
1897 is the prior all-time high hit in April 2014
1891 is last week's intraday low prior to the miraculous reversal.
1872 is the September 2015 test low of the August low
1867 is the August 2015 low

Dow: Closed at 18,570.85


The 10 day EMA at 18,431
18,351 is the all-time high from May 2015
18,288 from March 2015
18,168 is the April 2016 recovery high
18,100 to 18,181: interim peaks in the December 2014 to July 2015 range
18,016 is the June 2016 peak
The 50 day EMA at 17,980
17,978 is the November 2015 peak
17,600 is the rough bottom of the April to June range.
The 200 day SMA at 17,399
17,351 is the September 2014 all-time high.
17,265 is a December 2015 closing low
17,245 is the November 2015 closing low
17,152 is the mid-July 2014 post bear market high
17,068 is the early July 2014 peak
17067 is the December 2014 low
17,063 is the June 2016 low
16,970 is the June 2014 former all-time high
16,946 is the June 2014 peak
16,933 is the September 2015 recovery intraday peak
16,740 is the mid-September peak and potential apex for a right shoulder to
a head and shoulders pattern
16,736 is a prior all-time high from May 2014
16,670 is the December 2014 peak and the recent August 2015 relief bounce
16,665 is the late August 2015 closing high
16,632 is the April 2014 peak
16,621 is the late February 2016 peak
16,589 is the December 2013 former all-time high
16,526 is the early January resistance
16,511 is the January 2016 intraday high
16,506 is the March 2014 peak
16,466 is the January 2016 recovery closing peak.
16,368 is the August 2014 low


July 26 - Tuesday
Case-Shiller 20-city, May (9:00): 5.4% expected, 5.4% prior
Consumer Confidence, July (10:00): 96.0 expected, 98.0 prior
New Home Sales, June (10:00): 560K expected, 551K prior

July 27 - Wednesday
MBA Mortgage Index, 07/23 (7:00): -1.3% prior
Durable Orders, June (8:30): -1.0% expected, -2.2% prior
Durable Orders, ex-t, June (8:30): 0.2% expected, -0.3% prior
Pending Home Sales, June (10:00): 1.1% expected, -3.7% prior
Crude Inventories, 07/23 (10:30): -2.342M prior
FOMC Rate Decision, July (14:00): 0.375% expected, 0.375% prior

July 28 - Thursday
Initial Claims, 07/23 (8:30): 260K expected, 253K prior
Continuing Claims, 07/16 (8:30): 2128K prior
International Trade , June (8:30): -$61.2B expected, -$60.6B prior
Natural Gas Inventor, 07/23 (10:30): 34 bcf prior

July 29 - Friday
GDP-Adv., Q2 (8:30): 2.6% expected, 1.1% prior
Chain Deflator-Adv., Q2 (8:30): 1.9% expected, 0.4% prior
Employment Cost Inde, Q2 (8:30): 0.6% expected, 0.6% prior
Chicago PMI, July (9:45): 54.0 expected, 56.8 prior
Michigan Sentiment - Final, July (10:00): 90.4 expected, 93.5 prior

End part 1 of 3
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