Sunday, September 04, 2011

Zero Jobs Not as Bad as Feared


- Zero jobs is not as bad as feared, but no 'whew, it could have been worse' rally.
- Average workweek falls in a very bad sign.
- Fed preparing for the worst: tells Citi to prepare a contingency plan.
- Fed's rumored 'Twist' stimulus unable to spark any market upside as Fed seeks to push 10 year bond to 1.5%.
- White House scaling back Obama speech expectations leading one to wonder why so much fanfare in the beginning.
- Indices are heading to the recent lows but many quality stocks held up well Friday.
- Technical picture warning of more downside, but you cannot forget the Fed is out there, leaking its 'Twist' strategy Friday.

Unimpressive jobs report cannot even generate a 'glad it wasn't worse' rally.

Zero jobs created in August was not the negative print that was feared, but it was not good enough to generate a "whew, that was a relief" rally. Futures were already lower ahead of the report. When it hit that there were no jobs created and that the average workweek dropped, investors were not in good humor. Futures dumped lower and gold shot higher. The dollar actually strengthened despite weak economic data because the rest of the world fears that the US may be headed for another recession. If the U.S. does that, then what the heck does that mean for Europe? It is in much worse shape.

Bonds rallied, of course. Stocks fell sharply at the open. They tried to bounce through lunch, and then sold off to a new session low in the afternoon before some late short covering ahead of the long weekend developed. That pushed the indices up off of their lows to close. SP500 finished just off of its lows with the late bounce that pushed it to the upside. Gee, that makes everyone feel great. The indices were down over 2%.

SP500, -2.5%; NASDAQ, -2.6%; Dow, -2.2%; SP600, -3.6%; SOX, -2.4%.

Pretty much a thorough butt-kicking or a beating about the head and shoulders. Some of you may remember the days when Ayatollah Khomeini died and the children walked through the streets of Teheran beating themselves about the head and shoulders. I do not believe this is worth going to that extreme, but it is definitely not a pleasant day to be long, or with a lot of SP500 positions, or with financial stocks this week or for the first two days of September. Indeed, these first two days are the worst start for September since 1974. Do you remember what happened in 1974? Of course. That was one of the worst recessions we had since Great Depression that was, of course, before this last recession. We are popping off those kinds of numbers, and it kind of makes you proud. At least we are number one in something, right?

Of course I am being very facetious. This is a terrible jobs report. There are 17M people out there with no work. The numbers are actually more than that; those are just the people who are out looking. A lot of people are not looking for work anymore. The unemployment rate stayed at 9.1%. It did not spring up, but it certainly is not heading lower anytime soon.

The jobs data took front stage for the session, but there were other news stories that were not too positive for investors. The Fed was telling Citi that it needed to come up with a contingency plan in the event that the economy slipped back into recession. Wow, nothing like being positive about the future. It is good to see that the Fed is planning ahead given that most of the agencies and federal bureaucracy did not prepare very well ahead of the housing crash. Indeed, many of them stuck their heads in the proverbial sand Barney Frank, Mr. Schumer, and Mr. Cuomo in New York just to name a few. They felt there was nothing that had to be done.

I cannot say the Bush Administration was clean on this either, even though they were warning about the insolvency level of Fannie Mae and Freddie Mac. Many people felt that had to do with their dislike of these quasi-government institutions and that they were trying to get rid of them. After all, President Bush touted that homeownership was at its highest level ever and that and this was a great thing. It would have been great if the mortgages were valid and the federal money we put into this was being lent to good risk. It was not. So it was not a good thing that people who could not afford homes were in homes and not paying any money on them. And they never did, apparently, regardless of whether they had a no-money-down, interest-only loan or not.

A rumor hit during the session. PIMCO, Bill Gross, and others who are very reputable said that the Fed was planning what they call a "Twist" strategy or form of stimulus to come out sometime in November. The next meeting for the Fed is on November 20th, and the President speaks on November 7th. It will be some time after November 7th, though probably not all the way to the 20th. We may not make it that far. That is a bit tongue-in-cheek, but you get my drift. The Fed may not be able to resist issuing something before then since it let this leak on Friday before Labor Day.

What is the "Twist"? The Fed the looking to buy long-term Treasury securities and sell short-term Treasury securities. The idea being to sell those, take the profits, and buy the long end and trying to compress the two. They want to pull the long end down toward the short end which they are holding near zero. That had a bit of an effect on bonds initially. We are hearing that the Fed wants to push the 10 year interest rate down to 1.5%. This dovetails supposedly with a strategy by the Obama Administration where everyone will refinance at a very low 4% (or lower) rate. Everybody.

This all makes creepy, Orwellian sense as Big Brother tries to take over every major aspect of our lives. We all have cars. There is Healthcare, and they are trying to take that over as well. Homes are the biggest asset that most people own (although it is a wasting asset as some people in the office would say). Then we can debate about food with the ethanol subsidy and telling us what to eat. They have taken care of all the main areas in our lives other than sex. Of course, the Supreme Court has taken care of sex with the Bowers case and the like but I will not go there. You get idea.

We are being dominated and controlled by the federal government. I think we fought a war back in the 1770's to keep a big government made up of a few people from telling us how to live our lives. My, how times have changed. Give us 230 years and we are willing to throw it all away and let the government do whatever it wants to us. It makes you think. I wish more people would. But, of course, I digress.


Dollar: 1.4192 versus 1.4271 Euro. The dollar shot to the upside. The dollar has put in a week of rallying in spite of the belief that the Fed will have to come forth with a new form of Quantitative Easing. Nonetheless, the dollar rallied because Europe is very much in trouble. The stories continue to come out on how weak it is.

I do not think it was covered this week as much, but Europe could be very different than we know it in a very short time. Just about every economy is ready to fold except Germany. Germany cannot hold the line against all the debt swirling out there. I believe Germany will have to make a decision to either save itself or try to save Europe and risk losing itself.

The dollar is rebounding. Still in its range, but it is showing some strength as the greenback plays, believe it or not, the safe haven despite all the weak economic data. It is a refuge for foreign money. I believe we are see the impact of European wealth being transferred into U.S. demand institutions banks, checking accounts, and the like as the M2 growth shows. Thus there is more demand for the greenback as Euros are converted to dollars.

Bonds: 2% versus 2.14% 10 year U.S. Treasury. Bonds exploded to the upside with a new high on Friday. Bonds have taken off to the upside. As the Fed announced its "Twist" program, you can see why. Even though it will be selling the short end, it will be buying the heck out of the long end. There you go. It is creating that cycle of recycling money and trying to pull those interest rates lower. You can see bonds exploding higher in anticipation of the announcement of that program.

Gold: $1,876.90, +47.80. Gold exploded higher as well. Not a new high on the run but heading that way. Yes, with the announcement of a project such as "Twist," you can see how gold would be of interest to investors. There is also the fact that the U.S. created zero jobs in August. That would be of interest to gold people as well. It is a safe haven in a time of fear. Also we are planning on inflation as the Fed will come forth with some other stimulus that will devalue the dollar and increase the likelihood of inflation. That makes gold a more valuable store of wealth.

Oil: $86.33, -2.60. Oil was down hard for the second day. It really lost it on Friday after a nice bounce up to resistance, but this is what you would expect. ABCD pattern starting to break lower from that D point. Other markets were dramatically impacted by the jobs report and the notion that the Fed will have to do something. There was also the notion that was somewhat articulated by people in the know such as PIMCO.


Cannot explain away the problems with the jobs report.





Volume. Volume was down. It fell almost 10% on NASDAQ to 1.5B shares. It was down 6% on the NYSE to 896M.

Breadth. Breadth was substantially negative at -5.5:1 on the NASDAQ and -4.7:1 on the NYSE. Stocks were roundly thrashed in terms of price, but the volume was fairly light as the market took a breather I will call it a breather to be nice ahead of the Labor Day weekend.


SP500. SP500 closed down for the second day, -2.5%. A solid turn back from this ABCD I have been talking about. We are looking for a trade back down to the August lows as the initial bottom for this pattern. Then the question is what happens there? There is a significant base from the summer of 2010. If these August lows are violated again, we go down and test the 1040 level on SP500. That is a pretty significant support level. It will be tested, and we will see if it can hold that level. But again, the first target is a move to the downside. Technically that is the negative move that you see. Financial stocks are one of the reasons the SP500 is falling.

NASDAQ. NASDAQ struggled as well, -2.5%. It gapped to the downside, through the upper channel of the gap from August. That is a significant move. It gapped below it and then it came up, tested right at that level on the intraday high, and rolled over. It has filled the gap. We have had a gap below an important level, but it managed to hold at the lower channel of the gap. We will see if it can bounce there. I do not think it would want to do that other than maybe to hang out of for a day or two before falling down to the prior August lows. Why is that? Because NASDAQ is in an ABCD downside pattern as well. That is why we were playing the QID. Given this pattern, I figured NASDAQ was going to do some more selling. As with SP500, technically it is set up to do the same and fall back down to its 2010 base.

SP600. SP600 did not escape the selling. The small caps were down sharply, over 3.5%. Also heading back toward the August lows and their ABCD pattern as well.

SOX. The semiconductors performed a bit better than the small caps, gapping lower and heading back toward their August lows. The semiconductors never made it out past those August highs. They are very weak as a group, although there are some stocks inside the group showing relative strength. We will be talking about those in the leadership section.


I want to run through some leadership names to give you an idea of why I think there is some decent relative strength. At the same time, most of the market is getting pretty much run over and refried. AAPL has set up something of a double bottom with handle. I did not like this action on Friday, but it gapped to a doji over the 50 day EMA, and that is not bad action. If it had another point here on the bottom, we could say it was something of a triangle trying to make a higher low. I will just say that anyway; it is trying to make a higher low above a key level at the 50 day EMA. That makes AAPL very interesting for maybe another bounce to the upside. POT gapped lower, filled it gap from late August, and then it reversed to the upside. It did not quite make it positive, but you get the drift. Nice double bottom action off the trading range bottom. It may be ready for another buy to the upside as well.

JDA formed a nice flag after the breakout. It is testing the breakout from this downward-pointing wedge. Very nice action. HOTT has a nice flag pattern. Strong surge through August and a nice flag has formed at the 20 day EMA. LULU is not beautiful, but it has filled this gap and is showing a doji. Relative strength here. The market is getting torched, but these guys are hanging in there. SINA is in a triangle pattern. It gapped out of it and has come back to test with a nice doji right on that trendline. There is some strength here.

Financial. I do not see strength here. JPM gapped to the downside. WFC also gapped to the downside. Not pretty at all.

I would like to look at a few names that we have not seen much of lately. ASH was down on Friday, gapping downside, but it held right at the early-August lows. We may have an inverted head and shoulders setting up. A little higher MACD. You could play it off of this bounce, and it could be a good runway to something a bit better. We are seeing this pattern in many places. DIOD has an inverted head and shoulders. Look at the MACD improving as it made the lows. Relative strength, changing momentum. Very interesting.

There are others showing the same pattern. We will see if they can develop into something. The interesting aspect is that the indices are technically set to fall further, but there are stocks using this to set up patterns. We could see those patterns break to the upside in the not-too-distant future if the indices test and hold those August lows (or near them) and the Fed comes out with something positive. Then you get the pop to the upside. As we have seen, liquidity tends to trump when it comes to financial instruments. Why? The money is put right into them and they rally.



VIX. VIX bounced up 6% on Friday. Not a huge move given amount of selling. That suggests that perhaps the move is overdone and maybe it will not be a significant selloff or at least a selloff that takes the indices to a new low beyond the early-August lows that sat on top of the Summer 2010 base. We will see. This could ratchet back up. Even if it does, it still has this box at the top; a rectangle is forming. That will be some resistance that will keep it from making the break. You could also argue a flag or pennant forming. Maybe that will break to the upside, but there simply was not much of an increase in volatility on Friday, on a day when there was some significant +2% selling on all of the indices.

VIX: 33.92; +2.1
VXN: 33; +1.64
VXO: 33.72; +2

Put/Call Ratio (CBOE): 1.44; +0.36

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: 40.9% versus 40.9%. A little bounce and the bulls regain some nerve. Not much, but some. Still a significant drop after stubbornly holding the line (47.2% three weeks back). Moving toward that late June low near 38% Fibonacci Retracement. Hit 49.5% a month back. 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: 36.6% versus 33.3%. After the huge surge from 23.7% a more moderate but still significant move. Why? Because 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: -65.71 points (-2.58%) to close at 2480.33
Volume: 1.56B (-9.72%)

Up Volume: 105.86M (-211.42M)
Down Volume: 1.47B (+20M)

A/D and Hi/Lo: Decliners led 5.49 to 1
Previous Session: Decliners led 3.82 to 1

New Highs: 11 (-11)
New Lows: 111 (+79)





Stats: -30.45 points (-2.53%) to close at 1173.97
NYSE Volume: 896M (-6.28%)

Up Volume: 192.42M (-373.55M)
Down Volume: 3.65B (+30M)

A/D and Hi/Lo: Decliners led 4.67 to 1
Previous Session: Decliners led 2.53 to 1

New Highs: 43 (-8)
New Lows: 56 (+45)




Stats: -253.31 points (-2.2%) to close at 11240.26
Volume DJ30: 175M shares Friday versus 178M shares Thursday.



Next week things quiet down a bit. There is no Monday action in the U.S. Of course we will have to worry about what happens in Europe. I have some bad memories coming back from Labor Day of 2000 and other years where a gutting of the market started after that. We will see. As noted, the indices are set up to fall. We will see how far they go.

There is not a lot on the agenda for next week outside of the usual jobless claims, crude inventories, etc. Consumer credit will be interesting. It is expected to fall, and we will see just how much. Wholesale inventories will be an interesting read as well. We will see if they rise because of no sales or fall because they are just not producing. It is one of those cases of the glass being half full or empty depending on what the economy is doing at the time.

In any event, it looks like the indices are ready to technically send you to the downside. That is what I am anticipating. We picked up some downside plays on Thursday ahead of the jobs report. We did that on Wednesday as well. We anticipated that there might be some carnage. We were a little concerned about a "whew" relief rally, but that obviously did not happen. Now we are looking for the ABCD downside pattern to consummate itself down at the early-August low. After that we will just have to see what the market is going to do.

It could rebound and try to rally, which would be a strong indication at that point. If the sellers cannot follow through below those August lows, there is a pretty good chance that the market will rally. We will be watching how the other stocks I have been talking about perform such as AAPL and POT (clear leaders), or these other stocks that are showing inverted head and shoulders to see if they can start back to the upside. They are showing relative strength. They could prove to be new leaders. You have to like that. What happened in the summer of 2010? In August the Fed came out of Jackson Hole and sort of talked about some Quantitative Easing. Then it announced it a bit later and the market was taking off in advance.

We have some stocks setting up in patterns where they could assume the mantle of leadership and start running higher. That is what we like to see. That is why we troll all of these areas to see what is out there. There are stocks showing this strength that could turn into leadership if we get the bounce after this next selloff by the indices.

What is our game plan? We are playing the downside move. We are going to have more downside plays over the weekend that we can initiate. They are not too far gone and can make us money on a move down to SP500 and NASDAQ's August lows. There are stocks out there that can still make us nice money to the downside as the indices make that move. We are also putting on some more upside plays. These are the plays I have been talking about that are showing relative strength, that are using the selling to set up again in their patterns. We could get that pullback and make the money yes, we will take the money when we get to our targets. Then we will see if we get bounce to the upside. If we do, we will be ready and will make those plays.

We have been doing a pretty good job of playing these ranges and catching the moves back and forth. Judging by the brokerage accounts I am seeing and what people are saying, they are also doing pretty well. I want to keep that going. You are able to do this by staying a step ahead and planning a step ahead of what is going on.

We always have to watch what the market does. We do not want to say "I think the market will do X" and get in front of it. You will often be wrong. We have to plan on what the market may do and play the probabilities. You want to put the probabilities in your favor. You do that by being ready with plays that have a good return versus the amount you are risking on the stop-loss. Then if the market does move as anticipated or moves in the second or third anticipated way then we are ready to make the play. We can adjust and adapt quickly, make the plays, and make money.

It is not a pleasant prognosis right now. We have a President and staff glued in the 1930's. They believe that is the way to go. History has shown that it is not the way to go. Many regimes have collapsed that have been based on centralized government planning, massive regulation, and taking money from the rich to give to the poor. It is hard to stay upbeat and focused, but the way to do that is to beat them at their own game. Make money by anticipating what they will do and how the market will react. That is what we have been doing, and we have been making great money. Get the last laugh and get your revenge that way. I guarantee you when we get a different environment and a different, positive environment will come then we will make tremendous amounts of money off of what we are making right now. We will use that capital to make even more money when we get a strong trend.

Enjoy your Labor Day weekend to the fullest with family and friends. Enjoy life. What we are seeing now is a transient thing. There are people running things who do not understand our country and what makes it great, but that will change. Then we will resume our mantle of greatness because we have the most perfect asset in the world: The American entrepreneur. That is you. Just keep doing what you are doing, and we will work our way out of this.

Have a great Labor Day weekend!

Support and Resistance

NASDAQ: Closed at 2480.33

2512 is last week's gap down point
2532 is the early August gap down point
2540 is the early November 2010 lower gap 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
2593 is the November intraday high
2599 is the June 2011 low
The 50 day EMA at 2600
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

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 1173.97
1178-1180 is the October 2010/November 2010 consolidation low
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 1232
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

1131 - 1127 from August 2010 base peak.
1119 is the early August closing low
1109 is the mid-September 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 11,240.76
11,452 is the November 2010 peak
11,555 is the March low
The August low at 11,700
The 50 day EMA at 11,708
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 11,996
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

Economic Calendar

August 29 - Monday
Personal Income, July (8:30): 0.3% actual versus 0.4% expected, 0.2% prior (revised from 0.1%)
Personal Spending, July (8:30): 0.8% actual versus 0.5% expected, -0.1% prior (revised from -0.2%)
PCE Prices - Core, July (8:30): 0.2% actual versus 0.2% expected, 0.2% prior (revised from 0.1%)
Pending Home Sales, June (10:00): -1.3% actual versus -1.4% expected, 2.4% prior

August 30 - Tuesday
Case-Shiller 20-city, June (9:00): -4.52% actual versus -4.7% expected, -4.59% prior (revised from -4.51%)
Consumer Confidence, August (10:00): 44.5 actual versus 52.0 expected, 59.2 prior (revised from 59.5)
FOMC Minutes, August. 9 (14:00): Several members feel more QE is necessary but 3 dissented against pushing rates to 0% through 2013.

August 31 - Wednesday
MBA Mortgage Index, 08/27 (7:00): -9.6% actual versus -2.4% prior
Challenger Job Cuts, August (7:30): 47.0% actual versus 59.4% prior
ADP Employment Change, August (8:15): 91K actual versus 100K expected, 109K prior (revised from 114K)
Chicago PMI, August (9:45): 56.5 actual versus 53.0 expected, 58.8 prior
Factory Orders, July (10:00): 2.4% actual versus 1.8% expected, -0.4% prior (revised from -0.8%)
Crude Inventories, 08/27 (10:30): 5.281M actual versus -2.213M prior

September 1 - Thursday
Initial Claims, 08/27 (8:30): 409K actual versus 407K expected, 421K prior (revised from 417K)
Continuing Claims, 08/20 (8:30): 3735K actual versus 3630K expected, 3753K prior (revised from 3641K)
Productivity-Revised, Q2 (8:30): -0.7% actual versus -0.5% expected, -0.3% prior
Unit Labor Costs - Revised, Q2 (8:30): 3.3% actual versus 2.4% expected, 2.2% prior
ISM Index, August (10:00): 50.6 actual versus 48.5 expected, 50.9 prior
Construction Spending, July (10:00): -1.3% actual versus 0.0% expected, 1.6% prior (revised from 0.2%)
Auto Sales, August (15:00): 3.93M prior
Truck Sales, August (15:00): 5.56M prior

September 2 - Friday
Nonfarm Payrolls, August (8:30): 0K actual versus 70K expected, 85K prior (revised from 117K)
Nonfarm Private Payrolls, August (8:30): 17K actual versus 110K expected, 156K prior (revised from 154K)
Unemployment Rate, August (8:30): 9.1% actual versus 9.1% expected, 9.1% prior
Hourly Earnings, August (8:30): -0.1% actual versus 0.2% expected, 0.5% prior (revised from 0.4%)
Average Workweek, August (8:30): 34.2 actual versus 34.3 expected, 34.3 prior

September 6 - Tuesday
ISM Services, August (10:00): 51.0 expected, 52.7 prior

September 7 - Wednesday
MBA Mortgage Index, 09/03 (7:00): -9.6% prior

September 8 - Thursday
Initial Claims, 09/03 (8:30): 400K expected, 409K prior
Continuing Claims, 08/27 (8:30): 3700K expected, 3735K prior
Trade Balance, July (8:30): -$51.5B expected, -$53.1B prior
Crude Inventories, 09/03 (11:00): 5.281M prior
Consumer Credit, July (15:00): $5.0B expected, $15.5B prior

September 9 - Friday
Wholesale Inventories, July (10:00): 0.7% expected, 0.6% prior

By: Jon Johnson, Editor
Copyright 2011 | All Rights Reserved

Jon Johnson is the Editor of The Daily at

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