Mediocre Earnings are not Enough to Continue the Rally

MARKET SUMMARY:

- Stock market suddenly takes note of Europe once more, feels top-heavy, and mediocre earnings are not enough to continue the rally.
- Spain's biggest region asks for a bailout, bond yields surge, and oh yes, Egan Jones downgrades the country.
- And the market rallied on this?: better than expected earnings, but 45% are missing revenues expectations.
- More jobs cuts from financial sector.
- A backdoor way to get the unemployment rate lowered.
- Serious issues face the world yet stocks are climbing.
- A key test of the slow yet technically solid rally. Will there be an earnings mid-life crisis?

Shades of Wiley Coyote: after all the economic data and the first week earnings 'beats,' investors suddenly remember Europe really is bad news.


Not there yet in terms of the market, but investors did wake up to Europe again on Friday, harshing the rally's mellow.

Thursday I digressed into Wiley Coyote territory and Friday there was something of a d j vu experience along those lines. A good technical setup and who knows what else has rallied stocks from the June low. Investors ignored ever worsening US economic data and pretty much any news from the rest of the world and pushed stocks slowly but steadily higher. They even ignored the Fed failing to come to the table with more stimulus (well, after a bit), and rallied stocks back to a higher high. They were excited by rather mediocre earnings where 45% of those reporting have missed on revenues, and rallied stocks to yet another higher high. Lower expectations helped that move, affirming the old saying that those expecting nothing are never disappointed.

The lack of sales is critical. We have seen this before. When things started to get "better" at the beginning of the recovery back in 2009, companies were cutting costs and not hiring or spending. They were still able to sell overseas because Europe, China, India, and Brazil had not tanked yet. So they piled up good stockpiles of cash and held onto it. They were wise to do that because things are turning back down. Mr. Shiller, and ever-present bear of late, said on Friday morning that if the US isn't already in a recession, it is darn close.

Stocks were moving up, and they had put in a new high. Then it happened. It was nothing new, just another iteration of the same old problem: Europe. Spain's Valencia province, its largest I believe and quite beautiful, told the Spanish government it needed a bailout to meet its debt obligations.



After a terrible bond auction earlier in the week, Spaniards protested the austerity. Even with the supposed austerity, Valencia peeled off the road like a rider in the Tour de France popping and falling to the back of the peleton. Its austerity is not keeping it from defaulting and its citizens hate it. And this is just the start. For good measure, Egan Jones downgraded Spain.


At the back of the pack there is little hope of catching up. Spain is already giving up from all appearances.

It seems US investors suddenly realized those problems still exist and as the earnings are showing, they are impacting US companies. The US is not an island, particularly given the move to an export economy the past four years. When others you sell to are sick, it doesn't really help if you are not as sick as they are. If they can't take what you are selling you are not richer because your goods pile up in warehouses.

Thus futures were lower early on and stocks opened lower and sold into midday. They finally caught bottom but could not bounce, instead trading in a narrow range along that midday low through the closing bell.

Didn't help it was expiration, that earnings, while better, were not going to be that great, and that the market had rallied four out of five sessions heading into expiration. Classic setup for some selling, but with the Thursday earnings we felt we would get just a bit more upside before the sellers took over. Not the case; other issues predominated and we had to spend the day in limbo, tending positions, watching the pullback, watching just how sharp it was.

Turns out it was not that bad. Volume fell on NYSE and was up just modestly on NASDAQ, hardly a massive expiration spike and that is decent given the market was lower. In short, not a big dumping of shares. Indeed, the indices held above the 10 day EMA on the close. Now you don't necessarily want to drop that far on the first day of selling, but in this rally the pullbacks are rather sharp, but as of Friday the indices were still in good shape to survive and fight another day, or at least try to push for another higher high after a test.


OTHER MARKETS.

There was movement, although some of the charts do not do the moves justice.

Dollar. 1.2157 versus 1.2268. The dollar spiked against the euro, but it was still not spiking against other currencies such as the yen. Therefore the DXY0 is still somewhat in a pullback stage while the dollar spikes against the euro. The dollar is still in excellent position to break higher with this modest pullback holding at the 20 day EMA.


Bonds. 1.46% versus 1.51% 10 year US Treasury. Bonds surged. The Treasury is acting as a safe haven, as is the US dollar versus the euro as the European issues reemerge. Remember, in northern Europe investors are paying Germany and Finland to hold their money. In other words, they have negative rates of return on their 2 year bonds.


Gold. 1,582.70, +2.30. Gold rallied modestly. Gold was down earlier on the dollar's strength. But even with the dollar stronger against the euro, gold managed to rally. That shows a fear trade here as well.


Oil. 91.90, -0.76. Oil was down on the session, but it has had a stellar week. It was up 5% as it broke above the early July peak and rallied nicely. Oil obviously has impetus to the upside given the geopolitical concerns with Iran and Israel, not to mention the problems in Syria and the tensions that has caused between the US, China, and Russia as the latter two vetoed another security council resolution to do something with respect to Syria and the slaughter of its citizens.

The world is a tough place out there, and despite what they call advancements in human rights and advancements in their thinking about the world and their citizens, nothing has really changed with Russia and China. They still support dictators (as we do at times), and they will still, seemingly no matter what the situation is, take whatever side is not the US side. But I digress.


TECHNICAL SUMMARY

Internals.

Volume. NASDAQ, +2.5%, 1.7B; NYSE, -4%, 721M. Volume was up during the week somewhat, so there was a bit of expiration action there all week long. The daily action was mixed. It was a flip from the situation on Thursday that saw NASDAQ with lower volume and the NYSE with higher volume. That tells us there was not a lot of dumping. In any event, any increase in volume for any stock was basically related to expiration. You cannot take a lot from that.


Breadth. NASDAQ, -2.8:1; NYSE -2:1. That is more significant that what we have seen of late; then again, it is expiration. I am not putting too much stock in it given that it was expiration Friday. We will see how things play out next week. It could give us a better read, because all week long it was rather lackluster. That is not necessarily good on the way up, but it was not too terrible on the test either.


THE CHARTS

SP500. SP500 pulled back above the 10 day EMA. A bit more than you want to see with a 1% loss, but we have seen this before. We have seen this movie on the other two pullbacks on this rally. The only thing that makes this significant is that it has broken up into the final range, so to speak, where the highs from 2012 were put in. Thus it is feeling some resistance from the upside. It has been a good technical rally, and it is still in technically good shape even with a 1% loss on the first day of a pullback. It did give up the higher high over that early-July peak.

That has been somewhat the case on these rallies: You get a break and, almost immediately, they are peeling back off of that higher high. We will see if we can hold anywhere from the 10 day EMA down to the 50 day EMA. The 50 day EMA is at about 1346. You are looking at another 16 points or so. That is fairly significant, but when you consider that today was down 14 points, it is not that horrendous.


NASDAQ. NASDAQ fell to the 10 day EMA as well, and it held. It never did make that higher high this time, but it did put in a higher low, and it could still work on it. Techs are just lagging. It is not their time of year yet, even though they did have some good earnings. INTC helped bump things up, but it could not hold the move. So we fade back, and we will see if it can hold between the 10 day EMA and the 50 day EMA at 2905. That is just another 20 points to the downside. It is basically half of what it lost on Friday. It may be a tall order to hold, but how many times have we seen a big drop only to see it dry up the next day and start holding at support? It will have the chance to do that next week.


SP600. SP600 took it hard. It was down 1.2%, but it held the 20 day EMA. That keeps it in the next higher trading range that the broke into. But, similar to NASDAQ, it did not put in a higher high. It has put in a higher low, however. I am worried about the small caps. They had a stellar move and breakout in late June, but they have since lagged. That is not surprising given the deterioration in the US economic data. It will be important in the coming week whether or not they can hold or if they start to fold.


SOX. SOX had a couple of good days on Wednesday and Thursday. It made it up to the bottom of the trading range and, sure enough, it reversed off of that. We will watch them. SP600 and the SOX will be key to watch early next week. SOX tends to lead to the downside as it did this past time. It lagged on the move to the upside, and that means not as much upside strength as downside virulence. So if it turns over and falls, it will be tough for NASDAQ to continue to drive higher.

We have another crossroads. A good technical position on SP500. It is not bad on the NASDAQ but not nearly as strong. We have one index -- or maybe two indices if you throw the Dow in -- performing pretty well, technically making a higher high. The others are following along, and those others just so happen to be the growth sectors.


LEADERSHIP

Big Names. All week long the move has been more of a large cap move. The stocks that have been receiving the money during the worry in the original selling from May into June and even early July -- the defensive areas -- gave up some ground as money rotated into other areas. AAPL was up on the week, but it gave it back on Friday. It was a big name that did not hang on, but there were others that did. While AMZN did not have a stellar move, it put in almost 1% to the upside, adding to its gain. PCLN squeezed out another gain, but it was up and not reversing. That is rather important. GE missed on its revenues, but it still managed to hold with a modest gain although it was a wild trading session.

Technology. There were some key moves in technology stocks that hampered NASDAQ and are ominous for next week. MSFT produced fairly decent earnings, but it gapped to the upside and reversed. That is the downside engulfing pattern. It swallowed up the prior day and, indeed, it swallowed up this move and closed at the 50 day EMA. We will see what happens. Last time we saw one of these, it faded a bit more but was able to rally off of it. INTC surprised on its earnings even though it cut its 2012 forecast in half. But it did rally nicely on Wednesday on this news. Great. It made it to the 50 day EMA, but then it started down. On Friday it gapped below the 200 day EMA and sold, closing at the session low. We are not getting good action after the fact. We are getting initial good results, but afterwards not so much.

QCOM is one of the stocks that is trying to hold after its gap to the upside. We will see. NASDAQ is struggling, and it never made that higher high. Technically it is still okay, but it has a question mark by it simply because it could not put in that higher high. Some big techs were down on Friday (throw in AAPL there). They were not just down, but they made significant moves, particularly if you look at MSFT.

Homebuilders/Materials. This was a week that saw some of the leaders break. They had been holding up in a pullback, but then, boom. BZH is one of those. But then you turn the page and see KBH holding nicely at support. LPX in materials broke hard and made a modest recovery on Friday, but it was not convincing. On the other hand, CX had a nice break higher and posted very good upside on Friday. There is some good action.

Drugs/Medical. NKTR was moving nicely. Its pullback still looks good for a move to the upside. NUVA still looks just fine as it holds at the 20 day EMA, trying to set up for a new move. We did see problems in a lot of the other stocks in these areas. EXAS is moving lower. Maybe it sets up an ABCD pattern, but we will have to see what happens. There were some breaks to the downside in a group that has been quite solid. ABAX started to fall off of the table as well. The question is, if the market gets defensive again, are these areas going to improve again and have money return their way? It is possible. Some are holding up well and could give us a nice break back to the upside. OREX is one of those; it has a very nice pullback underway. We could get money returning and pushing things up if the market gets spooked again and money flows away from the stocks that it turned to during the week and have started to do that on Friday.

Metals. There are still a lot of questions in areas such as metals. FCX did not have bad news, but it was down on Friday. Some of the other steel stocks that have looked good continue to hold up such as SCHN. They still have their earnings to come, however.

The problem we found at the end of the week was a market in transition. Some of the leaders, the defensive group, were getting a lot of good money, performing well, and putting up great patterns, but they started to lose their edge. Money flowed into some big names, and it did so quite rapidly. But then, almost as quickly, it started to struggle.

Energy. Maybe some of the newly-minted leaders from energy such as IOC and others will help carry the day. There are problems in the world that are causing oil to go up. It is not economic growth by any stretch. But you take it wherever you can get it, right? Energy is enjoying gains based upon the geopolitical tensions.

Overall, however, the market is in transition right now. We will have to see where the money flows as the next week unfolds. It is very important as earnings come out and investors react to the earnings, the US economic data, and, as seen on Friday, the reawakening of the problems in Europe.


THE ECONOMY

Financial sector announces more layoffs.

In yet another sign of the times some big names in finance are cutting more jobs. MS is cutting 700 additional positions, bringing the 2012 total to 4000 and we are just halfway through the year in terms of quarters reported. Citi is laying off another 350. Deutche Bank announced it will sack an additional 1,000.

On the bright side I guess you could say that at least they have those employees to lay off. Some of our larger companies have lost jobs for decades. At least the financial arena rallies in number of jobs and then fades, following the whims of the economy and markets.


The government hits on another way to lower the unemployment rate.

Recall our continuous and lengthy discussions a few months back about how the Administration would lower the unemployment rate below 8% by the election? The plan was to shrink the work pool, dropping eligible workers into oblivion. Recall the month in the spring when 1.2M workers disappeared from January to February? Gone. The administration said they were retirees, but we know the fastest growing employment demographic is the over 55 crowd simply because their retirements have been wiped out.

The idea at the time was to lower the number of overall workers. If you slow job losses any, then the unemployment rate improves: A relatively steady number of workers divided by a smaller number of overall available workers raises the percentage of those working. It is all a fiction; there are no more people working than before, indeed less, but because the overall number of available workers is trimmed by the government bean counters, it looks as if a greater percentage of people are working.

Problem is, everyone caught onto this and the Administration had to figure out a new way to get the rate lower by election.

If you cannot do it directly, simply write an executive order overturning a law passed by Congress and you can right your own laws.

A week ago we wondered about the Administration deciding on its own that it would no longer require those seeking welfare to show they are attempting to gain employment. That was the pillar of the Clinton/Gingrich welfare reform and it is (was?) very popular for the entire nation. Moreover, it worked.

But, it can now be used as a tool to lower the unemployment rate, again without really getting anyone employed. The Administration did not entirely eliminate the work requirement, BUT there are MAJOR changes in what is called 'work.'

Bed rest is work. Smoker cessation classes is work. 'Journaling' (keeping a journal) is now work. So is massage (getting one), exercise, parent/teacher meetings, helping a friend with household tasks or errands.

All require you to do something, but is it something considered 'work' in the sense you could get paid for it? Hardly.

The result, however, is increasing the number of 'workers' in the workforce. Instead of having to decrease the workforce monthly through bogus calculations that everyone saw through, now under the 'authority' of its unilateral executive decision, without creating one additional paying job, the Obama administration is going to reduce the unemployment rate by 'creating' jobs where none existed before. Same activities that no one considered jobs are suddenly jobs. Voila, the unemployment problem is over. Nirvana.



THE MARKET

SENTIMENT INDICATORS

VIX: 16.27; +0.82
VXN: 18.2; +0.71
VXO: 15.99; +0.24

Put/Call Ratio (CBOE): 1; +0.14

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: 43.6% versus 44.7%. Dropping after a bump higher the previous week. The volatility suggests bulls are starting to turn. Undercut 35%, the threshold for bullishness, in early June. You would expect it to rise and it has. Still not at a dangerous level, just working as it should. As noted, hit 34% in early June. It did its job and the market is on the rally. Hard drop to 34 from 39.3% as economic reality and a choppy stock market hit. Off the 55+ level hit in late February. That was the highest level since April and May of 2011, the peak of the post-bear market high. 35% is the threshold level suggesting bullishness. To be seriously bearish it needs to get up to the 60% to 65% level.

Bears: 24.5% versus 24.5%. Again holding at 24.5% for the third week. Holding at the same level for over a month. 24.7% before, and 25.6% before that. Never got close to the 35% level that is bullish, but it looks as if the bulls did the work. Over 35% is the threshold to be really be a good upside indicator. For 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: -40.6 points (-1.37%) to close at 2925.3
Volume: 1.731B (+2.46%)

Up Volume: 417.88M (-602.12M)
Down Volume: 1.42B (+744.79M)

A/D and Hi/Lo: Decliners led 2.79 to 1
Previous Session: Decliners led 1.26 to 1

New Highs: 43 (-43)
New Lows: 52 (+13)


SP500/NYSE

Stats: -13.85 points (-1.01%) to close at 1362.66
NYSE Volume: 721.106M (-3.8%)

A/D and Hi/Lo: Decliners led 1.99 to 1
Previous Session: Advancers led 1.12 to 1

New Highs: 124 (-48)
New Lows: 37 (+16)


DJ30

Stats: -120.79 points (-0.93%) to close at 12822.57
Volume: 210M shares Friday versus 139M shares Thursday. Expiration.


MONDAY

The economic calendar is not as intense as it has been of late. Some interesting stuff comes on Friday with GDP for Q2 as well as the Michigan Sentiment. All eyes will be looking toward that finale for the week, but we will get a new home sales read on Wednesday. After the existing home sales, it will be interesting to see where they stack up, particularly given the housing starts we saw.

Then, of course, we have a key test of the rally that is slow yet still technically solid. At least it is technically solid on SP500. The question is: With the earnings starting to have a midlife crisis, where all of a sudden people realize, as noted on Thursday, that the emperor has no clothes and earnings simply are not that good. They are not, but they are better than expected. But earnings that are better than expected but still cruddy can only carry a market so far. Thus we have to watch the test closely on SP500 as well as SP600 and the SOX.

There are so many issues facing the world right now. We have food issues with the corn crop in the US and problems in other parts of the world as well. We could have a shortage of food for a significant part of the world. We will have higher prices in the US because so much of our food stock is based upon corn and its by-products. We continue to have trouble in the financial institutions with LIBOR. Now there is talk of manipulation of other markets. One that I have posited as being manipulated is gold. Note how it has come back in this narrow range and is not going anywhere despite all of the issues. There is the Fed not pushing or stimulus as well as all of the worries in Europe where there is more stimulus. Yet gold has gone nowhere. That is just like LIBOR. LIBOR was all over the place, then all of a sudden it just went dormant and did not move for months on end. Now we have gold trading in this narrowing range even with all of the strife in the world.

We have the Middle Eastern situation. We have Syria going up in flames. The US is vying with China and Russia over what will happen there. We have Egypt, its elections, and the problems with the military taking over. We have Israel and Iran butting heads and getting to a flashpoint right now. We have a great buildup in the Persian Gulf, which I think we needed to do to show that we were there.

Then we have the world economies. It is not just financial institutions; the world economies are in serious trouble right now. Peter Shiller believes, as I do now, that the US is likely already in a recession. Others believe the same thing. Brazil might be there as well, and India could be. China is not but it seems like it is a recession given how much it has slowed down. The EU is in recession as well. We have worsening problems ahead.

It does not look good if you put all that together for the stock market, yet the stock market continues to hold up. Manipulation here as well? I doubt it. But at some point it has to take into consideration all of the issues that are confronting the world. While it has not rolled over as it did in 2011 when Europe went down, it is moving through a technically-sound base. It is at an important level of resistance, and that makes next week important. We will not be too lenient after two higher lows and three higher highs. We have been closing some positions. If they got close, then we were closing some. Others have fallen hard. If it is close, we will at least take some off the table and then put ourselves in better position in case things get ugly.

That said, there are still those stocks in defensive areas that look very good and could give us new buys in the near term as money is still flowing their way. That is exactly where you want to be for the upside. I think it is time to be defensive once again. We will look for some downside plays on top just in case we get the break to the downside. Thus far the market is holding up. It has a significant pullback on Friday, but it was not a breakdown by any stretch on SP500 or NASDAQ or even the SP600. We will approach next week with caution. We have good stops on our positions. We do not have as many positions open now, and the ones that we have are more defensive. We could turn right back to a defensive posture in the markets.

Not a great prognosis for the world economies, for the US economy, or for the market necessarily. But you always take what the market gives you. As it is still holding up a good technical pattern, we will look for those stocks in good technical patterns but with a bit more of a defensive bent. I have a feeling that money will flow out of the areas it moved into last week as quickly as it moved into them.

Enjoy the weekend. I know there is a lot going on in the US. Our hearts go out to the people in Colorado. We pray for those that did not go home last night and for those who have to deal with that loss. It is always hardest on those who are left. We just need to keep cool heads, pray for those families, and pray for those who are meeting their maker. And we can redouble our resolve to make this country a place where people have hope for the future again and hope for themselves and their neighbors versus having to hope that the government takes care of them.

Have a great weekend.


Support and resistance

NASDAQ: Closed at 2925.30

Resistance:
2942 is the mid-June 2012 high
2950 is the mid-April closing low
2962 is the April 2012 low
2988 is the July 2012 high
3000 is the February 2012 post-bear market high
3024 is the gap point from early May
3026 from 10/2000 low
3042 from 5/2000 low
3076 is the late April 2012 high
3090 is the mid-March interim high
3134 is the March 2012 post-bear market peak
3227 is the April 2000 intraday low
3401 is the May 2000 closing low

Support:
2910 is the March 2012 low
The 50 day EMA at 2905
2900 is the March 2012 low
2888 is the May 2011 peak and PRIOR post-bear market high
2879 is the July 2011 peak
2866 is the July 2012 closing low
2862 is the 2007 peak
2841 is the February 2011 peak
The 200 day SMA at 2824
2816 is the early April 2011 peak.
2810 is the low in the shoulders
2754 is the October 2011 high
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
2686 is the January 2011 closing low
2676 is the January 2010 low and the December 2011 peak
2645-2650ish from December 2010 consolidation
2643 is the September 2011 high
2612 is the late August 2011 peak
2603 is the March 2011 intraday low (post-Japan low)
2599 is the June 2011 low and NASDAQ


S&P 500: Closed at 1362.65

Resistance:
1363.46 is June 2012 high
1371 is the May 2011 peak, the post-bear market high
1375 is the early July 2012 peak
1378 is the February 2012 peak
1406 is the early May 2012 peak
1422.38 is the Post-bear market high (March 2012)
1425 from May 2008 closing highs
1433 from August 2007 closing lows
1440 from November 2007 closing lows

Support:
1359 is the April 2012 low
1357 is the July 2011 peak
The 50 day EMA at 1346
1344 is the February 2011 peak
1340 is the early April 2011 peak
1332 is the early March 2011 peak
1325 is the July 2012 intraday low
The 200 day SMA at 1313
1309 is the right shoulder low from June 2012
1295 to 1294 is the April 2011 low and the February 2011 consolidation low (bottom of the trading range)
1293 is the October 2011 peak
1275 is the January 2010 low, early January 2011 peak
1267 is the December 2011 peak
1258 is June 2011 intraday low
1255 is the late December 2010 consolidation range
1249 is the March 2011 low (post-Japan)
1235 is the mid-December 2010 consolidation low
1231 is the late August 2011 peak
1227 is the November 2010 peak
1220 is the April 2010 peak
1209 is the mid-August 2011 high


Dow: Closed at 12,822.57
Resistance:
13,056 is the February 2012 high
13,058 from the May 2008 peak on that bounce in the selling
13,297 is the April 2012, post bear market high
13,668 from 12-2007 peak
13,692 from 6-2007 peak
14,022 from 7-07 peak

Support:
12,754 is the July intraday peak
The 50 day EMA at 12,721
12,716 is the April 2012 closing low
The 200 day SMA at 12,507
12,391 is the February 2011 peak
12,369 is the left shoulder low from May 2012
12,284 is the October 2011 peak
12,258 is the December 2011 peak
12,110 from the March 2007 closing low
12,094 is the April 2011 low
The June low at 11,897 (closing)
11,734 from 11-98 peak
11,717 is the late August 2011 peak
The August low at 11,702
11,555 is the March low
11,452 is the November 2010 peak
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


Economic Calendar

July 24 - Tuesday
FHFA Housing Price I, May (10:00): 0.8% prior

July 25 - Wednesday
MBA Mortgage Index, 07/21 (7:00)
New Home Sales, June (10:00): 374K expected, 369K prior
Crude Inventories, 07/21 (10:30)

July 26 - Thursday
Initial Claims, 07/21 (8:30): 375K expected, 386K prior
Continuing Claims, 07/21 (8:30): 3300K expected, 3300K prior
Durable Orders, June (8:30): 1.0% expected, 1.3% prior (revised from 1.1%)
Durable Orders - ex , June (8:30): 0.0% expected, 0.7% prior (revised from 0.4%)
Pending Home Sales, June (10:00): 0.7% expected, 5.9% prior

July 27 - Friday
GDP-Adv., Q2 (8:30): 1.2% expected, 1.9% prior
Chain Deflator-Adv., Q2 (8:30): 1.5% expected, 2.0% prior
Michigan Sentiment -, July (9:55): 72.0 expected, 72.0 prior

By: Jon Johnson, Editor
Copyright 2012 | All Rights Reserved

Jon Johnson is the Editor of The Daily at InvestmentHouse.com

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