- Investors look past economic data, US and Europe debt issues toward earnings and, yes, QE3, bouncing stocks to close the week.
- GOOG earnings, M&A offset Friday economic data
- New York PMI contracts for the second consecutive month.
- Production and capacity disappoint again.
- Michigan Sentiment dives, following consumer confidence.
- Bernanke, Congress talk of avoiding becoming 'another Japan.' Sorry but we ARE Japan.
- Administration bedeviled by the lack of hiring by the companies it gave billions to. Did I say this was the 1970's all over again?
- Not convinced the market can bounce from mid-range support, but there is a pullback ahead of earnings, and if the leaders that are holding up rally, the indices will follow.
MARKET SUMMARY
Bad economic data, debt crisis, but stocks rise as investors look toward earnings and QE 3.
Strange as it may seem, with all the poor economic data and both Europe and the US struggling with a debt crisis, SP added a little sauce to the goose on Thursday night. It said it might go ahead and downgrade the US ahead of little Timmy Giethner's August 2nd deadline. It put the US on CreditWatch negative just for good measure. It is interesting to watch the credit-rating agencies try to blackmail or force the hand of Congress and the President to strike a deal that neither may want. Interesting that CNBC finally picked up on this today and asked SP if they were not trying to influence these people. Of course they said they just do the ratings and call them as they see them, etc. That sounds great, but the problem is that SP, Moody's, and all other credit rating agencies have zero credibility. Apparently they cannot see too well having missed the entire mortgage crisis.
Of course Ben Bernanke missed the entire mortgage crisis, saying it would not spread to other areas. Of course that would also mean Senator Schumer missed it and our dear old Congressman Barney Frank missed it as well. He denies that to this day. He swears he was warning people, but I do not see how he was doing that. People from the Bush administration were going before Congress to say we had a problem with Fannie Mae and Freddie Mac. Did Barney Frank agree and say we should deal with it? No. As I understand it, there were some personal issues with who got hired in certain jobs, so he did not want to touch Fannie Mae or Freddie Mac in any way. As soon as they said there was no problem with them, that pretty much killed any chance of reform. I am digressing, but you see how the problems start and how they carry over because we never learn from our past.
SP has no credibility, but the problem is it is the only ratings game in town. So we are stuck with it and have to deal with its nonsense -- or what I call blackmail -- as we try to resolve our problems. I still say it would be better not to raise the debt limit, to make do with the money we are bringing in and tighten our belts somewhat. That seems logical. That is what every financial planner says to anyone in over their head. Cut back on expenses, tighten your belt. You are not getting any more money coming in unless you find another job, and even if you did, you would need to take that money and pay off your debts. Wow. What a novel concept. Probably every financial planner in the United States and most of the land masses of the world would say the same thing, yet we are balking at that very advice. It is fascinating to watch this. It is like a monumental joke, but the problem is it is being played on us.
The economic data was pretty much terrible for the session. The New York PMI came in at a whopping -3.76 when it was anticipated to rise. Everyone thought it would move up positive after a -7.79 showing in June. It did not happen. It was worse once again. Back-to-back losses show a contraction could be coming. Chicago was actually improved as we saw a week ago. That was because the auto plants did not shut down as much as anticipated as a result of Japan.
ISM was up. Everyone assumed everything was fine, but it lags the regions. Everything outside of the Midwest is slowing down, and that is not a good sign as we forge ahead in the second summer of recovery. The CPI was a bit better overall than expected, falling 0.2% after a 0.2% gain in May. The core was hotter, however. It was the second in back-to-back 0.3% gains. It has not had gains this big in three years. As far as the decline in the overall, that was nice. It was the first decline in a year, but that hardly makes you feel better.
Fuel fell 4.4%. Apparel jumped 1.4%; that is the most since 1990. There is no doubt that prices are rising. Year-over-year the overall was up 3.6% while the core was up just 1.6%. Not terrible. Not over the 2% limit the Fed likes to look at, but it is still going up. Whether you like it or not, it is heading up as the economy slides down. Stagflation anyone? It is not like it was in the 70's, but we could get there in a hurry.
Industrial production was as expected, rising 0.2%. Looking back to May, it was written down to -0.1% versus the 0.1% gain originally reported. Negative revisions are not good. Things are worse than anticipated. Capacity stayed at 76.7%, and that was less than expected. Michigan Sentiment was much lower than expected at 63.8. 71.4 was expected with 71.5 in June. Just as the Conference Board's Consumer Confidence was much lower than expected (indeed at recession levels), the Michigan Sentiment is lower than expected by far. For Michigan, they are very much at recession levels. But all of these negatives did not matter. There was some M&A activity. It always helps when someone decides the water is good enough to jump in. BHP, in the industrial metals, decided it was going to purchase PH. That stock bounced up modestly. BHP bounced down a bit, but overall it was good for the market and stocks managed to move higher.
Moving into earnings it was really mixed but, the market was focused on FLIR. It makes the night vision goggles and some of those cool heat sensors where you point it at the wall and it tells you the temperature. FLIR was down. It had bad guidance simply because the government is not spending as much money on war materials. That moved across the entire defense sector as those stocks sold off fairly heavily. Otherwise earnings were great. GOOG is one of our positions, and it announced a blowout session and exploded higher. We made a lot of money in our options. That is great. I wish all could be like that. Not all stocks are GOOG, but you want to be in them when they make those moves. It turned out nicely.
M&A and some earnings seemed to offset all of the really nasty negatives out there. Again, why is this happening? Why is the market so sanguine when it seems like Rome is burning? It believes that Ben Bernanke will come out with QE3 and flood more liquidity into the world economy. When it does that, a lot of that liquidity goes right into the stock market. You will see commodities rise and stocks rise. Therefore, the market is pricing that in along with some apparently decent earnings as well. The market has pulled back somewhat ahead of earnings results, and that give it a good ramp to rebound in its trading range, back up toward that prior high.
The market had to shake off some issues on the day. It was not all easy for stocks. They managed to rally out of the gates, sold off, and then traded up and down in a range and suffered through a mid-afternoon swoon that took the indices back to negative in some cases before a last-hour rally pushed the indices back up to positive territory across the board. NASDAQ, +one%, SP500, +0.6%; Dow, +0.3%; SP600, +0.6%; SOX, +0.6%.
Not a bad session at all, but hardly anything great. Yes, NASDAQ and the SOX managed to bounce off of their support. The NASDAQ moved off of its 50 day EMA that it tapped down at on Thursday. The SOX managed to bounce off of its June low after undercutting it initially. A nice doji with a long tail on it. That could propel the index up higher next week. I was talking about a potential double bottom, and maybe we will get that from the SOX. I guarantee you I will not complain if that happens.
OTHER MARKETS
Dollar: 1.4148 versus 1.4132 euro. The dollar was down slightly on the day. It was basically trading laterally in its range off of that nice bounce in May off of the downtrend. It is narrowing its range here, putting in something of a pennant. You can see the higher lows and the lower highs. It is trying to scratch out a pennant. Those are rather neutral. The question is will it break upside or downside from here? It is trying to bounce off of a downtrend, but it has not been able to power forward. It is something of a crapshoot as to which way it will break out of this pennant.
http://investmenthouse.com/ihmedia/dxy0.jpeg
Bonds: 2.91% 10 year versus 2.95%. The 10 year gapped lower and then reversed. A lot of movement in the bonds toward the end of the week because of the testimony of Ben Bernanke. It looked like he was going with Quantitative Easing on Wednesday and bonds rallied. It looked as if he was stealing it away on Thursday and the bonds sold. Then on Friday investors figured with the economic news as bad as it is, he will have to come back with some form of further stimulus after this deficit issue is handled. Therefore they are still pumping some money into bonds simply to get ahead of the curve if the Fed starts buying those bonds once more.
http://investmenthouse.com/ihmedia/tlt.jpeg
Gold: $1,529.90, +3.60. Gold scored a tremendous week, finishing slightly up on Friday. Broke to a new high on the week. Very strong. Why? Anticipating inflation. Why? It knows Bernanke will come with QE3 if this economy does not improve. Gold is heading toward $1,600 an ounce, and fortunately we have some IAU pushing us along the way.
http://investmenthouse.com/ihmedia/xgld.jpeg
Oil: $97.24, +0.55. Oil had a choppy week, managing a modest gain on Friday. Very choppy, bouncing back and forth based upon the whims of whether there would be economic recovery or economic catastrophe. It closed below its 200 day EMA and some resistance. Note that it broke below that level in mid June, continued down, and then bounced off of support where it should have bounced. It bounced off of the February low and now it has rallied to significant resistance at the 200 day EMA as well as this consolidation range. There is also a consolidation range from back in early 2011. Another important feature is that the 50 day EMA and the 200 day EMA are crossing. The 50 day EMA is falling through the 200 day EMA. That is not the golden cross; that is the bearish cross. That typically suggests there is further downside ahead. Based on this pattern, I would firmly believe that is the case. I do not see the world economies taking off. There was excitement this week that China was not going to have a hard landing. Jim Cramer said that was off the table. I do not think that is the case. I think the Chinese government will manage to find a way to tank its economy.
Central banks are notoriously horrible at micromanaging economies, and they always go too far one way or the other. I think oil will turn over and fall from here. It may not do it immediately because it has been very tenacious. It has not wanted to give it up, but this is a significant correction and it should turn back over. You can argue the other way. You can say it did not quite make it to these lows. You can argue maybe an ABCD pattern, and maybe you would be right. I just do not think it will be able to pull it off because it gave back all of this gain. That was a game charger. We will see. Oil looks very bearish to me.
http://investmenthouse.com/ihmedia/xoil.jpeg
TECHNICAL SUMMARY
INTERNALS.
Volume. Volume was mixed on the day. NASDAQ lost almost 7%, down to 1.8B shares. The NYSE jumped 15% to over 1B shares. Not putting too much stock in that given expiration, but it is worth noting it was mixed and rather low on NASDAQ.
Breadth. The advance/decline line was mediocre at best. 1.4:1 on NASDAQ and 1.6:1 on the NYSE. Did not tell us much, except that there were not a lot of stocks leading the market to the upside.
CHARTS
SP500. SP500 is still struggling at its 50 day EMA. It moved right back over it on Friday after giving it up on Thursday. It tried to make this hold on Tuesday and Wednesday, bouncing each session. For whatever reason it lost its gains. It has been unable to sustain any moves after this pullback. That casts a lot of doubt on whether the index can make a higher low at this key level inside of its trading range and bounce up for a breakout. The bias still looks to be to the downside. We still have those SPY puts. If it trades back down, we will make money on those puts. It is kind of a hedge against the downside.
NASDAQ. NASDAQ is more interesting now. It tapped at its 50 day EMA and held on Thursday. It gapped higher and tested down to the 20 day EMA on Friday and recovered, holding the gains near the session highs. It is in position where it could make the break to the upside. A higher low inside of this big range, and we always watch for a higher low at a key level such as the 50 day EMA. That said, SP500 was not able to hold its 50 day EMA. We have to watch and see if NASDAQ can do the same thing, and we will look out to the SOX as well.
SP600. SP600 managed a modest bounce on the session as well, moving off of its 20 day EMA. It is holding easily above its 50 day EMA as well as the February peak. It has something on an ABCD pattern. There is a nice surge from mid June to early July. There is the A point at the apex, and it pulls down to the B. It bounces to the C, and now it forms the D point at the 20 day EMA. Very interesting. Nice bullish pattern, and still a lot of momentum. We will see if it can make the move.
SOX. We have been watching the SOX closely because I said it led the market down in June and eventually pitched in to help the market bounce back. It was very late to the game, waiting late to really start moving after the rest of the market put in some rather outstanding moves the entire last week of June. Now it has come all the way back down. It has held the June low. It undercut it on the Friday low and reversed, showing a doji with tail. That is typically good for a bounce to the upside. How far, we will see. A potential double bottom if SOX gets a fire under it. INTC is coming out with earnings, and maybe it can turn the tide for the chips that suffered heavily when NVLS and MCHP announced their earnings and had very poor guidance.
A lot of this is riding on what NASDAQ can do with its 50 day EMA and what SOX can do with its June low. They have come down and tested. They are in position to bounce, and they can pull SP500 back up with them. Just as SP600 is in good position and can bounce off its ABCD pattern and pull the mid-caps with it as well.
LEADERSHIP
Energy. HAL scored an upside day. It still looks very positive after breaking out of its range and forming a flag. It looks to move higher. We actually moved into some of it on Friday. SLB is moving up off of its 50 day EMA. It is inside of its range, not the breakout of HAL, but it is a potential moneymaker. If you are nimble you can make the trade on SLB. SPN had trouble on Thursday, but was back in the action to the upside on Friday. I like to see those kinds of recoveries. It shows some strength. GLF looks like it will make another break higher as well. CHK was one I wanted to get in. It looked great, I put it on the report, and then it gapped away from us. The most frustrating days have that kind of action and it is gone. Oh well. You can't get them all.
Defense. There were winners and then there were losers. Defense was a problem child with FLIR's earnings. LLL continued to the downside. LMT sold off kind of sharply on FLIR's news. The government is not spending as much on the defense contractors as it has been.
Retail. Retail still looks in position to move higher in some instances. It is a broad category, and I cannot paint it with one broad brush. AMZN is in excellent shape to move higher. RL had a nice rally, breakout, and now holding above that prior peak. That is where you would want it to hold. PNRA is not really a buy right now. It had a nice run, and we will see how it tests. I do not like the rolls at the top, but we will see how it plays out.
There are earnings next week for MCD. It is continuing to make its break higher. It rallied, tested, and it is trying to get its feet underneath it. Not typically a good buy right before earnings, although it has moved up nicely. It did so last earnings season when it announced, but it does not always do that. Especially went it has such a strong move under its belt as it does this time. TSCO had excellent action. A breakout, a nice ABCD pattern, coming back to test. Really a pennant, but it has the elements of ABCD. Really in an ABCD you would get a deeper pullback to make the play off of it, but this gives you the idea. This is good for a test and rebound to continue the breakout.
Medical/Healthcare. EXAS had a nice breakout and test. Beautiful and showing a doji right on top of the prior peak. I love seeing that. HNSN has been doing well for us. It made a flag pullback or pennant and started to break higher on great volume on Friday. Sometimes these little stocks are amazing. They set up to make you money, and they just start doing just that.
Industrial. CAT is still holding over the 10 day EMA, in the middle of its range and trying to bounce higher. Not a great setup. Not a lot of room, but you could make a little money on it if you want to just trade it. UTX is coming back with a breakout and a nice test. It could actually be in position to buy. It just does not move tremendously, but you could play some options for a small gain. Good set up, good idea, but not necessarily the best numbers.
Technology. Technology was the sector of the day with GOOG. Of course GOOG exploded higher, but it exploded right up to a prior resistance level. We took some very nice gain off the table on that, so no complaints. We will see what it does after that gap. It is a blowout quarter. AAPL continued higher, moving into its earnings and running like the wind. In the play table I will talk about how we can use this to sell calls against our positions. This has been a tremendous four-week run into its results. It could blow them out and continue to jack higher off of those, but it has everything built into it. Likely it comes back. We have done this before. We have sold calls against our stock positions at a much lower price and cost basis, and then we buy them back when the stock sells back after its earnings because it has had a tremendous run into its results.
There are others looking positive. CRM is looking good. INTC is setting up nicely ahead of its earnings, although there is not that much room to trade it. But you can see it is set up well and might bode well for getting the SOX to bounce back up and pitch in more with an upside move. VMW is setting up nicely for a new run with a breakout and a test back to its 20 day EMA. FFIV is not the prettiest picture, but it is one we can trade (and have traded). We have made money off of this and it is holding up at a support level. Looks like it might want to try to break higher. We will have to see how it plays out as always.
A lot of leadership is still looking good. If they can hold these tests and break higher, that will be positive for the market. They have used the market selling to their advantage, taking some gain and taking the froth out of their rally runs. That has left them at good support and in excellent position to bounce. If they do, they will lead the rest of the market higher. That is what leaders do, and there are a lot of them in good position to take a shot at doing just that.
THE ECONOMY
Bernanke, Congress talk of avoiding becoming 'another Japan.' Sorry but we ARE Japan.
Administration bedeviled by the lack of hiring by the companies it gave billions to. Did I say this was the 1970's all over again?
TO VIEW THE ECONOMY VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/eco/eco.html
THE MARKET
SENTIMENT INDICATORS
VIX. The VIX moved sharply to the upside last week as the market sold back off the top of its trading range. It has been moving lockstep with the market. In early July SP500 bumped the top of its range and then sold off. Volatility recovered as it sold off. They are trading pretty much in lockstep. Now volatility was trading way off its high on Thursday and Friday, and it is doing so near the prior peaks and this gap up point from March. We could be seeing volatility top out. If it does that, that means a selloff would lead to a bounce in equities. We will have to see how that plays out. Something to watch. They have been trading in step, so it may give us an indication that it is ready to rebound.
VIX: 19.53; -1.27
VXN: 20.95; -0.92
VXO: 18.89; -1.46
Put/call ratio. The put/call ratio was up over 1.0 on the close for the second straight session. It is showing a requisite amount of fear to bounce equities back to the upside.
Put/Call Ratio (CBOE): 1.07; 0
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market, then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market does not have the cash to drive it higher.
Bulls: 44.1% versus 40.9%. Bulls climbing again despite the market decline. Still down from 45.2% five weeks back, but almost back up. Well below the 5 year high at 62.0. Fading back from the level considered bearish, i.e. where so many are in the market and believe it is going up that the ammunition to send it higher runs low. The crossover level at 29% bulls from July 2010 is long gone. 35% is the threshold level suggesting bullishness. To be seriously bearish it needs to get up to the 60% to 65% level.
Bears: 22.6% versus 24.7%. Falling again from 26.9%, now matching where it was five weeks back. Passed the 23.1% hit to start April and putting the moves on 28.3% from September 2010, just as the market pulled out of that base. The 35% level is considered bullish for the market overall. For more reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.
NASDAQ
Stats: +27.13 points (+0.98%) to close at 2789.8
Volume: 1.806B (-6.62%)
Up Volume: 1.32B (+918.55M)
Down Volume: 457.85M (-1.122B)
A/D and Hi/Lo: Advancers led 1.44 to 1
Previous Session: Decliners led 3.27 to 1
New Highs: 43 (-15)
New Lows: 35 (0)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: +7.27 points (+0.56%) to close at 1316.14
NYSE Volume: 1.009B (+15.18%)
Up Volume: 2.22B (+1.495B)
Down Volume: 1.64B (-1.5B)
A/D and Hi/Lo: Advancers led 1.58 to 1
Previous Session: Decliners led 3.46 to 1
New Highs: 181 (-26)
New Lows: 144 (-1)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: +42.61 points (+0.34%) to close at 12479.73
Volume DJ30: 215M shares Friday versus 123M shares Thursday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
MONDAY
There is plenty of data next week. We have housing starts, existing home sales, jobless claims, and then the Philly Fed on Thursday. It is expected to notch a flat reading after a -8 reading the prior month. Of course that was what the New York PMI was supposed to do, but it fell short. Hope does spring eternal, so they have bumped up the numbers.
The big story will be earnings, and maybe the debt crisis battle going on in DC. Earnings will be the driver, however. There is a plethora of results in the coming week. The good thing for the market is that it has suffered a pullback over the past seven or eight sessions, and that has put the indices at support. SP500 is at its 50 day EMA, and NASDAQ is holding above its 50 day EMA. As noted earlier, SP600 has its ABCD at its 20 day EMA. There is always SOX at its June low, trying to put in a low at that level and bounce to the upside with a double bottom. It can happen if the earnings are there. We have plenty of leaders in position to move higher, having used this pullback to their advantage to set the next move.
I am skeptical of whether the market can make a higher low and rally to the upside. What my gut or my skepticism warns of may mean nothing, however, because you have to go with what the market is showing you. Yes, we see downside positions that are possible, but a lot of those could be inverted head and shoulders ready to move to the upside. There are a lot of leaders, and we have to go with what we see. The market is range-bound right now, so there are upside and downside plays. We have been taking a bit of both, but leaning more toward the upside because they have been showing better patterns and better setups than the downside.
We have had the pullback and we have earnings. GOOG was blowout. If we get more good earnings, the market is in position to rally and take on that prior high. Again, I am skeptical that it can break out because the economic data is so bad. But again, the market is not really looking at the economic data given what they heard from Ben Bernanke last week. He said the Fed was not ready to move right then, but on Wednesday he let the cat out of the bag that they were seriously considering it. It is queued up and ready to go, but the budget crisis needs to be resolved first. Then the Fed will make its move. That is what the market is banking on, and that is what the market is building in, as well as expecting some pretty good earnings. If we see the upside, we will continue to take it. We may not feel comfortable doing it, but we will take it. We will keep good stops as well.
Have a great weekend!
Support and Resistance
NASDAQ: Closed at 2789.30
Resistance:
2796 is the February gap down point
2816 is the early April peak.
2825 is the 2007 closing peak.
2841 is the February 2011 peak
2862 is the 2007 peak
2888 is the May 2011 peak
2956 from November 2000
3026 from October 2000 low
3042 is the May 2000 low
Support:
2762 is the February low
2759 is the May low
The 50 day EMA at 2757
2723 to 2705 is the range of support at the bottom of the January to May trading range
2706 to 2705 is the April 2011 low and the February 2011 and consolidation low (bottom of the trading range)
2686 is the January 2011 closing low
The 200 day SMA at 2684
2676 is the January 2010 low
2645-2650ish from December 2010 consolidation
2603 is the March 2011 intraday low (post-Japan low)
2580 is the November 2010 closing high
2569 is the November gap up point through the April 2010 peak
S&P 500: Closed at 1316.14
Resistance:
1318.51 is the May low
1325-27 is the March 2008 closing low and the May 2006 peak.
1332 is the early March peak
1340 is the early April 2011 peak
1344 is the February 2011 peak is being challenged again
1364 is the March 2007 low
1370 is the August 2007 low
1371 is the recent May 2011 peak
Support:
1313 from the August 2008 interim peak
The 50 day EMA at 1312
1295 to 1294 is the April 2011 low and the February 2011 consolidation low (bottom of the trading range)
The 200 day SMA at 1277
1275 is the January 2010 low, early January 2011 peak
1255 is the late December 2010 consolidation range
1249 is the March 2011 low (post-Japan)
1235 is the mid-December 2010 consolidation low
1227 is the November 2010 peak
1220 is the April 2010 peak
Dow: Closed at 12,479.33
Resistance:
12,605 is the mid-May 2011 high
12,876 is the May high
13,058 from the May 2008 peak on that bounce in the selling
Support:
12,391 is the February 2011 peak
The 50 day EMA at 12,339
12,283 is the March 2011 peak
12,110 from the March 2007 closing low
12,094 is the April 2011 low
The 200 day SMA at 11,901
11,893 from March 2008 closing low
11,867 from the August 2009 high and peak on that bounce in the selling.
11,734 from 11-98 peak
11,555 is the March low
11,452 is the November 2010 peak
Economic Calendar
July 12 - Tuesday
Trade Balance, May (08:30): -$50.2B actual versus -$44.0B expected, -$43.6B prior (revised from -$43.7)
July 13 - Wednesday
MBA Mortgage Index, 07/09 (07:00): -5.1% actual, -5.2% prior
Export Prices ex-ag., June (08:30): 0.0% actual, .5% prior
Import Prices ex-oil, June (08:30): -0.1% actual, 0.4% prior
Crude Inventories, 07/09 (10:30): -3.12M actual, -889K prior
July 14 - Thursday
Initial Jobless claims (8:30): 405K actual versus 410K expected, 427K prior (revised from 418K)
Retail Sales, June (8:30): 0.1% actual versus -0.2% expected, -0.1% prior (revised from -0.2%)
Retail Sales ex-Autos (8:30): 0.0% versus 0.0% expected versus 0.2% prior (revised from 0.3%)
PPI, June (8:30): -0.4% actual versus -0.2% expected, 0.2% prior
PPI Core (8:30): 0.3% actual versus 0.2% expected, 0.2% prior
Business Inventories, May (10:00): 1.0% actual versus 0.9% expected, 0.8% prior
July 15 - Friday
CPI, June (8:30): -0.2% actual versus -0.1% expected, 0.2% prior
Core CPI (8:30): 0.3% actual versus 0.2% expected, 0.3% prior
Empire Manufacturing, July (8:30): -3.76 actual versus 1.0 expected, -7.8 prior
Industrial Production, June (9:15): 0.2% actual versus 0.2% expected, -0.1% prior (revised from 0.1%)
Capacity Utilization, June (9:15): 76.7% actual versus 76.8% expected, 76.7% prior
Michigan Sentiment, July (9:55): 63.8 actual versus 71.4 expected, 71.5 prior
July 18 - Monday
Net Long-Term TIC Fl, May (09:00): $30.6B prior
NAHB Housing Market Index, July (10:00): 14 expected, 13 prior
July 19 - Tuesday
Housing Starts, June (08:30): 570K expected, 560K prior
Building Permits, June (08:30): 609K expected, 609K prior (revised from 612K)
July 20 - Wednesday
MBA Mortgage Purchase, 07/16 (07:00): -5.1% prior
Existing Home Sales, June (10:30): 4.93M expected, 4.81M prior
Crude Oil Inventories (10:3): -3.124M prior
July 21 - Thursday
Initial Jobless Claims (8:30): 411K expected, 405K prior
Philly Fed (10:00): 0.0 expected, -7.70 prior
Leading Economic Indicators, June (10:00): 0.3% expected, 0.8% prior
By: Jon Johnson, Editor
Copyright 2011 | All Rights Reserved
Jon Johnson is the Editor of The Daily at InvestmentHouse.com
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