- More problems 'over there' again undercut US stocks as German ECB chief economist quits amid speculation Greece defaults soon.
- Half a stimulus that did nothing is still nothing as far as financial markets are concerned.
- Things are not all roses for the big companies: TXN outlook disappoints while BAC to lay off tens of thousands.
- Terror threat increase adds to pre-weekend damper.
- The campaign plan has started: Geithner states effectiveness of Obama 'stimulus' bill "depends upon Congress."
- Indices still in their recent uptrend despite falling 5 of 6 sessions.
- Potential leaders still holding onto and building their patterns.
When $447B is not enough, or more accurately, directed at the wrong things.
It was another tough session for stocks. Indeed, it was a tough week for stocks as they closed down for the fifth session out of six. That puts them down for two weeks in a row, and that is two out of three weeks that the market has closed to the downside ahead of the weekend. Not good action. Even so, the indices are still holding the uptrends off of the early-August low. SP500 is still holding its uptrend. NASDAQ is still holding its uptrend as well it actually has a double bottom and is holding off of that. The small caps are holding their uptrend as well. Remember, the early-August low is important in itself because it tested the Summer 2010 base highs and has held thus far.
The indices look rather ugly. They have had the big tumble down, and they made an ABCD pattern. They tried to bounce back up but they are selling. They could very easily sell down to the prior low. Then we just have to see whether they continue down. I opined earlier that if they sold off that low, they would probably break down into the Summer 2010 base and trade down to a very important level in SP500 at 1040. It has touched that level several times and held. That is the start of the range of next support, however, because there is the July low at about 1015-1020. There are other levels that use that as support as well, looking back to early-October 2009.
This is a support range that the indices would head down to if this upper support range from the base breaks. It is something of a positive that the indices are still holding their uptrends even after five out of six days to the downside. And we still have a lot of those leader wannabes holding their patterns together, building their bases even as the market sells off. That is a positive. If these stocks refuse to give in and build their patterns and break higher, that will be a plus to the upside for the market overall.
Looking at the action intraday, the stocks started lower. Futures were down all morning. There was some not-good news, and I will discuss that later. They recovered with an initial bounce, but that was unable to stick and stocks headed lower. There were some issues that caused them to head lower. Greece was one of them and, I will go into that more later. Stocks sold off to lows late in the afternoon session, and then they put in a token short-covering bounce late in the day. It did not do much good, although it did bounce the indices off their lows and keep them in the short-term uptrends.
SP500, -2.7%; NASDAQ, -2.4%; Dow, -2.7%; SP600, -3%; SOX, -1%.
There was a quartet of news for the day. Number one, the traders were beating their heads against the desk again. As noted, stocks were down five out of six sessions, and one of the reasons was they found no solace in the President's major jobs speech on Thursday night. It was $447B in proposed spending. That is roughly half of what was spent in stimulus number one, and that simply was not enough. Or perhaps it was not the right kind of spending. This is the same stuff that was tried before. It is what has been tried all during the recovery. Maybe not part of the initial stimulus, but it has been thrown at the recession and has not worked. We had a little bump in GDP, but if you raise that much liquidity through monetary policy as the Fed did (basically printing money) you will get the financial increase which helps boost the ability of corporations to spend money. That is exactly what we have seen. And that is pretty much all we have seen.
There was not much joy found in the President's plan. The chance of it passing as proposed are not that good. The Republicans are simply not going to go for some parts of the program that are pure Keynesian theory. As Rick Perry said in the GOP debate, this entire scenario has once again proved that Keynesian policies simply do not work when it comes to the economy.
One of the things bothering the market was "over there." Europe once again was the highlight. There were two stories out of Europe that dogged the market all day. Number one, the ECB lost one of its executive council members. Mr. Stark from Germany, one of its chief economists, walked out. It was almost a protest resignation. It shows there still is some dissension in Germany even though the German courts said that the bailout was constitutional. So a pensive Mr. Stark exited stage right, and that had investors worried. Why was he leaving? Was he getting out before the storm, or was it just a protest? We will know at some point, but right now it was enough to rattle investors.
Then Mr. Papandreou in Greece was defending his austerity even as all other indicators in all of the markets show it will likely not work. Credit default swaps are surging for Greece, and currency trades show there is no faith in Greece. The bond rates are also having issues. It is saying that the country will default. That was the rumor during the day that really started to impact the market mid-morning and send it lower. It seems like it could not get much worse than that, although it will, believe me. In any event, the market was worried about that. The question is will Greece be forced to default over the weekend? That was the speculation, and it may happen this weekend. That is never good for the markets.
The third story of bad news had to deal with U.S. companies. TXN gave a lackluster mid-quarter update on Thursday night. Even though the stock traded up and chip stocks showed relative strength, it was not good news for the market overall. Then BAC announced that it could make layoffs in the amount of 40K workers. The number is not fixed yet, but that is a huge hickey. It also dovetails with what some are saying with respect to the jobs picture. The number of layoffs are increasing once again, job creation is falling, and jobless claims on a weekly basis are rising again. All of these add up to a typical indicator that a new recession is coming. In this case, it would be a double-dip. In my view and that of many others small businesses especially there was never an end to the first recession. It was only the large corporations that got subsidies and benefited from the Obama export-nation plans. There was not good news with respect to the jobs report and hence the economy as well.
The fourth bit of news was the potential credible terrorist threat for Washington, DC and New York. It could be car bombs or truck bombs going off. Something to rattle us and let us know the terrorists are still there. They are potent. They have things they can do. They think they know who these guys are, but they do not know where they are. They see suspicious activity and are taking action on it. They alerted everyone to be on the lookout. It reminds me of Fahrenheit 451 by Ray Bradbury where they get on the news and say, "Here's your guy, now find him." It is a bit different scenario because there are real bad guys here. It has been enough to help rattle the market. A terror attack may not be devastating to the financial markets, but it would be a major drag near term.
The quartet of news obviously had its impact on stocks, and it also impacted the other markets. It definitely sent the U.S. dollar skyrocketing again on Friday.
Dollar: 1.3672 versus 1.3886 euro. That is a six-month high for the dollar against the Euro as it smashed through the resistance. It looks like the trend is continuing. Is it because of U.S. strength? No. On Thursday night the President basically said he will devalue our dollar more. He would have to devalue the dollar because he will need to print more money to pay for the deficits he will create. It is another half trillion dollars in deficit that the Deficit Panel will have to figure out how to handle if, of course, it passes. It skyrocketed the dollar, no doubt to the chagrin of Treasury Secretary Giethner and Fed Chief Ben Bernanke who want a cheap dollar, and also the President who wants an export nation. I would love to see the dollar double from here. That would do more for US citizens and small businesses than anything the government could do stimulus-wise.
The government wants to devalue our currency. They want to run up inflation and shred our savings in dollars in order to help pay off its debts. If we have a surging dollar, that benefits us because suddenly we can buy more with our dollars. The federal government may not realize this, but if we can buy more with our dollars, we WILL buy more. And that will help the economy. People will start investing here because they will not see the dollar as a bad place to put money.
Say you were going to invest money in the United States but they were debasing the currency so it loses 18% of its value against other currencies in two months. Would you still want to put money there? Of course not. That is keeping money out of the U.S.. That is insanity, and that is why no country has ever devalued its currency to prosperity. You want to make your currency more valuable so other investors want to put their money in dollar-denominated investments. A rising dollar is beautiful, and I love to see it. It probably will not continue, but it is going higher for the near term.
Bonds: 1.92% versus 1.98% 10 year U.S. Treasury. Bonds surged. This is a record low for the 10 year yield. Incredible. Bonds are on a massive run. As I said all along, if the economy was improving they would not be running. Obviously that is why they broke out and ran. If you watch it, the bond market is telling you that the economy is not so good. It is telling you there is fear in the world. You have money coming into the dollar and bonds from Europe. It is rushing away from Europe because they believe collapse is imminent in several of the PIIGS countries.
Gold: $1,859.50, +2.00. Gold was touted as being up on the session, and it did close up. It was just a two-dollar gain, so it was no surge to the upside. Gold continues its run. There is no doubt its uptrend is in place, but it is spending a lot of time at the 20 day EMA and has not been able to break through that mid-August peak. Indeed, it reversed in early September when it rallied up to that level and hit it. Of course it did not sell off. We are looking for a potential breakdown from this third high. That could be the move that takes gold a bit lower for more of a consolidation, but a lot of that depends on what happens in other parts of the world. That makes it difficult to come in and make the plays on gold. As fear ratchets up that perhaps Greece or Italy will collapse, then gold will run higher.
Oil: $87.24, -1.81. Oil closed lower. I said the 90-level was resistance. Wednesday and Thursday it tapped at 90 (it used that level as support back in June), and it faded back off that high. It rallied Wednesday on the storm that was forming in the Gulf. That storm will now head into Mexico without meandering up into the central or northern Gulf of Mexico. Oil prices have no reason to rise for storm events, so therefore they are falling back down. It looks like there will be another selloff in oil barring something like a terror attack or a new storm forming that will plow through production areas in the Gulf of Mexico.
Volume. Volume surged on the day. Up 4% to 2B shares on NASDAQ, and up 30% on the NYSE to 1.13B shares. That pushed the NYSE above average for the first time in over a week. NASDAQ bumped right to average for the first time in over a week.
Breadth. Breadth was -5:1 on NASDAQ, and NYSE matched that at -5:1 as well.
SP500. There was some serious downside action, no doubt, but it really was not any different from the back and forth we have seen. We have seen a lot of volatility as NASDAQ and other indices test those Summer 2010 base highs. We are getting volatility back and forth. What does that mean? The buyers and sellers are fighting it out at that level. This is an important level. The indices have given up the QE2 rally completely. They have come back down to the base that formed right before the breakout on QE2. Now this is very important level indeed. They could hold and continue back to the upside. Maybe it will be on an announcement of a new Quantitative Easing program now that the President has put forth his plan or parts of it. He will drag out more as the weeks go by, apparently. Either it will continue upside or it will break down and sell off down to those levels I talked about earlier. That would be a fairly serious move. Although this move from late July into August is not chopped liver at all as SP500 shows.
We have had the breakdown and we have an ABCD set up. It is coming back to test. We have an uptrend in place that is holding, and we will see if that can make the difference aided by, of course, the stocks that are showing similar patterns.
NASDAQ. NASDAQ gapped lower and sold off. But it is also holding its uptrend off of the double bottom it formed in August. It is hanging in there, but I would not call it strong. I will not say it is a lock to go back up. It is struggling as well, but it is still a big battle between the buyers and sellers. Friday was not a day they found what they needed. They did not get the love they needed from the President as far as the kind of stimulus that works. It is the kind of stimulus that plays to voters, and that does not help the stock market. Why? The stock market wants growth. Growth leads to earnings increases, and earnings increases lead to stock price increases. Busy jobs were you fix a school or paint a bridge are nice, but they are temporary. And they are paid for with funds taken away from someone with a productive business. Once those jobs are done, the stimulus is gone. It is not lasting. Then you have a double whammy: You no longer have that job, and the people you took money from are not able to be as productive as they could have been.
SP600. The small caps are very similar to NASDAQ. Double bottom, bounce, still holding their trend. It is getting tenuous. Do not get me wrong, it is not like they will leap off. There is still a big battle going on right now as to who will win.
SOX. SOX was down only 1%, showing relative strength. Perhaps it is about time that those stocks will be able to help the market after dragging it lower for such a long period.
Retail. Retail is still managing to perform rather well. LTD had a nice ABCD pattern. It broke higher and it is testing in a little flag. Looking solid. RGR has formed a flag after a nice run to the upside. DLTR is forming a flag after a breakout move. DG is coming back to test the breakout, holding the highs from the base that it formed before that. PII has a double bottom, broke out, and it has come back to test.
With the exception of PII and maybe the LTD, discounters are performing very well. That is not a good thing for the market overall as people seek value with the fewer dollars they possess. Those dollars are also worth much less than they were thanks to the devaluation of the dollar. Maybe they will soon be worth more. We will see.
Technology. RIMM rallied nicely. It is coming back to test, and it is forming a pennant. It is still way down in its pattern, but that is solid action that could be setting up a new move to the upside. We see something similar from NVDA. It broke its trends, it has gapped and is testing. It is an important test now to see if it can hold. IPGP is in semiconductors. While it is down and had a relatively rough ride, it is at serious support at the near-term trendline that the indices are showing, the 200 day EMA, and the top of its support range. So it could bounce here as well. These are not fantastic patterns because the market is not fantastic. However, as we have seen with the other patterns where stocks are building off their lows, it can be a nice move higher.
China. NTES is coming back and forming a flag off of a double bottom maybe a double bottom with handle. BIDU continues to hold up well. It has even formed an inverted head and shoulders to consolidate this move. That is an ABCD. It broke higher, tested, and now it looks like it wants to go back up again. SINA broke out of its triangle and came back to test. Looks good.
Inverted head and shoulders/double bottom patterns. There are others that I have talked about a lot lately in these double bottoms or inverted head and shoulders. SHAW is performing this way right now. It broke higher and is coming back to test. It makes it very intriguing.
We are seeing the same thing we have seen all along. There are some stocks performing quite well. Retail is performing well overall along with some Chinese stocks. Maybe China is getting ready to start popping again. Generally, however, the market is not in fantastic shape. Again, as I talked about the past week, the majority of the leaders are some big drug stocks, personal product stocks such as CL, and utilities stocks. They have been performing the best as large groups, and those are defensive plays. They do not necessarily indicate that the economy or the market is ready to run higher.
I do have some hope, although I hate to say it since it rhymes with dope. There are some positives in those patterns that did not break down as the market struggled late in the week these inverted head and shoulders and double bottoms. ACI is an example; it held up just fine. These are upside bullish patterns, and they could turn into nice winners to the upside. That gives me the idea that the market will be able to hold this trend near term and bounce one more time.
TO VIEW THE ECONOMY VIDEO CLICK THE FOLLOWING LINK:
$900B didn't succeed, so how will $447B more for the same things be different? Hello, Mr. Einstein?
Geithner: Obama proposal to have a "sustainable impact" but effectiveness "depends upon Congress."
Saying it enough makes it happen? "Pass the bill" uttered 18 times.
Crisis? Mentioned 10 times in the address. Why wait so long at Martha's Vineyard?
How will the Deficit Panel make necessary reductions with another half trillion throw away?
VIX. The VIX never did fall as the market rallied. It held its pattern. It formed a pennant, and with the selling on Friday, it gapped to the upside and rose 12%. A strong move on the VIX, and it could be that it will try to make a breakout. Of course, if the market continues selling, that is exactly what it will do. It bounced down off of its upper trendline on Friday, so it was not clearly a case that it will going for the breakout unabated. But if there a problem over the weekend and there is further selling, it will break out.
My main point is that it never really tanked as the market posted some big upside days. The fact that it did not fall off shows that traders are anticipating more downside.
VIX: 38.52; +4.2
VXN: 37.99; +4.34
VXO: 40.63; +7.01
Put/Call Ratio (CBOE): 1.34; +0.2
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: 38.7% versus 40.9%. Bulls fell as they should, heading toward that important 35% level and on the verge of crossing down through bears, a bullish market indication. Solid move lower from 49.5% in late July. Highs from April and December (60% readings spanning December through early May 2011). The 5 year high is 62.0. 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: 37.6% versus 36.6%. When it starts to move, it moves quickly. For a second week bears are over the 35% threshold considered a bullish indicator. 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.
Stats: -61.15 points (-2.42%) to close at 2467.99
Volume: 2.036B (+4.09%)
Up Volume: 273.04M (-428.88M)
Down Volume: 1.78B (+500M)
A/D and Hi/Lo: Decliners led 4.94 to 1
Previous Session: Decliners led 3.08 to 1
New Highs: 11 (-17)
New Lows: 195 (+138)
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
Stats: -31.67 points (-2.67%) to close at 1154.23
NYSE Volume: 1.139B (+29.43%)
Up Volume: 168.01M (-431.56M)
Down Volume: 4.67B (+1.33B)
A/D and Hi/Lo: Decliners led 4.93 to 1
Previous Session: Decliners led 3.03 to 1
New Highs: 50 (+1)
New Lows: 221 (+191)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
Stats: -303.68 points (-2.69%) to close at 10992.13
Volume DJ30: 228M shares Friday versus 173M shares Thursday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
If we can make it through the weekend and all the issues (whether a potential terror attack or a Greek or other European government folding), then the market will be happy at least with a chance of bouncing. It has a stimulus package that the Congress and the President will work their way through. Some of it will be passed. We also have Ben Bernanke out with the possibility of another Quantitative Easing move. If that happens, then the market will be very pleased and ready to rally.
There is plenty of data next week. We will see the PPI, Retail Sales, the CPI, more Jobless Claims, Industrial Production and Capacity, and then the Philly Fed along with Michigan Sentiment. There will be plenty of scheduled data to go along with the daily stories out of Europe and any other stories we may have from other nations in trouble (it could be the U.S). We have plenty of news, and we have plenty of stocks in position to make a bounce. If they can fulfill the patterns they are showing, it can bounce the indices back up toward that June peak.
I am still not looking for a breakout. Maybe I am being pollyanna in trying to look for a bounce at all, but the indices keep fighting off these attempts to sell it. As long as these stocks we have been watching continue to hold these patterns, hold support, and build on them, then there is the potential for the market to rally back up. There are a lot of stocks in this double bottom or inverted head and shoulders pattern. If they get the catalyst to move higher and this is the time of year you start to see technology and growth stocks start to move then we will see the stock market break higher as well. MACD is showing the momentum change, and a lot of these look like they are ready to break higher. All it takes is a handful of them to start making the move. The buyers come in, and then we can get that nice rally up to the June low and maybe into this range.
We will see how it comes out on Monday. I hoped we can all get through this weekend. I think we will, and that will let the market bounce to the upside.
Have a great weekend!
Support and Resistance
NASDAQ: Closed at 2529.14
2532 is the early August gap down point
2540 is the early November 2010 lower gap point
2546 is the early September 2011 gap down point
2555 is the mid-August 2011 peak
2569 is the November gap up point through the April 2010 peak
2580 is the November 2010 closing high
The 50 day EMA at 2591
2593 is the November intraday high
2599 is the June 2011 low
2603 is the March 2011 intraday low (post-Japan low)
2645-2650ish from December 2010 consolidation
2676 is the January 2010 low
2686 is the January 2011 closing low
The 200 day SMA at 2705
2706 to 2705 is the April 2011 low and the February 2011 and consolidation low (bottom of the trading range) 2723 to 2705 is the range of support at the bottom of the January to May trading range
2759 is the May low
2762 is the February low
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
2879 is the July 2011 peak
2888 is the May 2011 peak
2512 is last week's gap down point
2469 is the November 2010 low
2331 from October 2010 low and the August 2011 low
2305 from the August 2010 peak (summertime base)
2139 is the May and June 2010 low
2123 is the August 2010 gap down point
2100 from the August 2010 lows
S&P 500: Closed at 1185.90
1196 is the November 2010 consolidation peak
1209 is the mid-August 2011 high
1220 is the April 2010 peak
1227 is the November 2010 peak
The 50 day EMA at 1226
1231 is the late August 2011 peak
1234 is the August 2011 low
1235 is the mid-December 2010 consolidation low
1249 is the March 2011 low (post-Japan)
1255 is the late December 2010 consolidation range
1275 is the January 2010 low, early January 2011 peak
The 200 day SMA at 1284
1295 to 1294 is the April 2011 low and the February 2011 consolidation low (bottom of the trading range)
1313 from the August 2008 interim peak
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
1357 is the July 2011 peak
1364 is the March 2007 low
1370 is the August 2007 low
1371 is the recent May 2011 peak
1178-1180 is the October 2010/November 2010 consolidation low
1131 - 1127 from August 2010 base peak.
1119 is the early August closing low
1109 is the mid-September 2010 gap up point
1101 is the August 2011 low
1099 from the mid-July interim peak
1040 from the August 2010 lows and May/June 2010 lows
1011 is the summer 2010 low
Dow: Closed at 11,295.81
11,452 is the November 2010 peak
11,555 is the March low
The 50 day EMA at 11,660
The August low at 11,700
11,717 is the late August 2011 peak
11,734 from 11-98 peak
11,867 from the August 2009 high and peak on that bounce in the selling.
11,893 from March 2008 closing low
The June low at 11,897 (closing)
The 200 day SMA at 11,998
12,094 is the April 2011 low
12,110 from the March 2007 closing low
12,283 is the March 2011 peak
12,391 is the February 2011 peak
12,876 is the May high
12,754 is the July intraday peak
13,058 from the May 2008 peak on that bounce in the selling
11,178 from November 2010
10,978 is the bottom of the November 2010 consolidation
10,750 from September 2010
10,720 is the August closing low
10,705-710 from January 2010 peak
10,694-700 from August 2010 peak
9938 is the August 2010 low
September 6 - Tuesday
ISM Services, August (10:00): 53.3 actual versus 51.0 expected, 52.7 prior
September 7 - Wednesday
MBA Mortgage Index, 09/03 (7:00): -4.9% actual versus -9.6% prior
September 8 - Thursday
Initial Jobless Claims, 09/03 (8:30): 414K actual versus 400K expected, 412K prior (revised from 409K)
Continuing Claims, 08/27 (8:30): 3717K actual versus 3700K expected, 3747K prior (revised from 3735K)
Trade Balance, July (8:30): -$44.8B actual versus -$51.5B expected, -$51.6B prior (revised from -$53.1B)
Crude Inventories, 09/03 (11:00): -3.963M actual versus 5.281M prior
Consumer Credit, July (15:00): $12.0B actual versus $5.0B expected, $11.3B prior
September 9 - Friday
Wholesale Inventories, July (10:00): 0.8% actual versus 0.7% expected, 0.6% prior
September 13 - Tuesday
Export Prices ex-ag., August (8:30): 0.5% prior
Import Prices ex-oil, August (8:30): 0.4% prior
Treasury Budget, August (14:00): -$132.0B expected, -$90.5B prior
September 14 - Wednesday
MBA Mortgage Index, 09/10 (7:00): -4.9% prior
MBA Mortgage Purchases, 09/10 (7:00): -4.9% prior
PPI, August (8:30): 0.0% expected, 0.2% prior
Core PPI, August (8:30): 0.2% expected, 0.4% prior
Retail Sales, August (8:30): 0.2% expected, 0.5% prior
Retail Sales ex-auto, August (8:30): 0.3% expected, 0.5% prior
Business Inventories, July (10:00): 0.5% expected, 0.3% prior
Crude Inventories, 09/10 (10:30): -3.963M prior
September 15 - Thursday
Initial Jobless Claims, 09/10 (8:30): 410K expected, 414K prior
Continuing Claims, 09/03 (8:30): 3700K expected, 3717K prior
CPI, August (8:30): 0.2% expected, 0.5% prior
Core CPI, August (8:30): 0.2% expected, 0.2% prior
Empire Manufacturing, September (8:30): -4.0 expected, -7.7 prior
Current Account Balance, Q2 (8:30): -$121.5B expected, -$119.3 prior
Industrial Production, August (9:15): 0.0% expected, 0.9% prior
Capacity Utilization, August (9:15): 77.4% expected, 77.5% prior
Philadelphia Fed, September (10:00): -10.0 expected, -30.7 prior
September 16 - Friday
Net Long-Term TIC Fl, July (9:00): $3.7B prior
Michigan Sentiment, Preliminary September (9:55): 56.3 expected, 55.7 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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