Saturday, August 13, 2016

The Daily, Part 1 of 3, 8-13-16

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8/13/2016 Investment House Daily
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Targets hit: GRAM
Entry alerts: AGEN; BLUE
Trailing stops: None issued
Stop alerts: None issued

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- Friday cannot continue the Thursday rebound, at least for the indices.
- NYSE indices look good to continue the upside while SOX is somewhat
worrisome, NASDAQ a bit less so.
- Still leadership that is working and that keeps the upside prognosis
- Economic data has turned for the worse again as productivity, factory
orders, retail sales disappoint. Jobs Report is now just a distant Fed
- Ultra wealthy fear a market drop, perhaps knowing things us common people
don't. Playing the central banks makes it tougher, but we still make money
letting the market point the way and taking what it gives.

Tight doji for no gain Friday after that strong Thursday breakout move on
strong volume.

This Friday was more a whimper than a surge as the indices basically fought
to a draw to close the week. Indeed, the week was pretty much a draw as far
as the indices are concerned. A nice 1-2-3 fade through Wednesday, a good
Thursday rebound, but then Friday just fizzled.

SP500 -1.74, -0.08%
NASDAQ 4.49, 0.09%
DJ30 -37.05, -0.20%
SP400 -0.15%
RUTX 0.06%
SOX 0.46%

VOLUME: NYSE -9%, NASDAQ -3%. Still very low, below average volume.
Entire week on low volume. Not a lot of upside, not a lot of volume.

A/D: NYSE -1.1:1, NASDAQ -1.1:1.

Not a bad fizzle, just not able to extend the move higher. DJ30, SP500,
RUTX, and SP400 all show doji sitting on the 10 day EMA, still in very good
position to continue the break higher. NASDAQ is not bad, still working
laterally and slightly higher on the week, though volume has really dropped
off after such good price/volume action on the rally. It is still in great
position, just needs the big names to join in the upside once again.

SOX is a bit worrisome as it put in a new closing high, but is struggling to
get over late July high. SOX was an early leader in the move and indeed led
the rest of the market higher. It is up off the test of that late July
higher high, but didn't show much conviction on the week. As with NASDAQ,
still in great shape to make a new breakout, just has to hang in and show
that move. If not, it has something of a near term double top on lower
MACD. Important time for SOX and indeed the rest of the market as it tends
to follow SOX' lead.

The leaders still look good even if the NASDAQ big names took some time off
on the week letting others do the work. Biotechs are quite strong though
some of the big names didn't move; the others certainly did, e.g. AGEN,
EXAS, BLUE. Retail was sagging then totally reversed course on earnings for
the group. Perhaps money is leaving some areas such as industrial metals
(at a critical juncture) but it is moving into others as retail sees a
renaissance of sorts. Rotation has been the savior of this move ever since
the February selloff was rescued by central bank; when one area falters,
money does not leave the market, it just moves to another area. Lots of
negativity from some really rich people as well as brokerages and banks that
represent really rich people. Yet, the market is still moving higher.

Perhaps the economic data played a role Friday as it did the previous
Friday. Not as an upside catalyst, but perhaps putting a lid on a further
upside move following the Thursday rebound. Hey, at least the weak data
didn't torpedo Thursday. It may, after all is digested, actually help if it
keeps the Fed at bay. I mean, negative retail sales ex-autos when sales
were expected to rise is not a great economic indication. Jobs are one
thing and important, but they are not a leading indicator. Productivity,
factory orders, and now retail sales are suggesting what was hoped to be an
improvement in the data might, once again, indicate that bounce was yet
another false hope ahead of a slump.

No banner move on the session as there was no better than expected economic
data as on the prior Friday. Indeed, given the very weak productivity and
retail sales this week. holding the gains to the weekend is a decent feat.

We picked up some AGEN as it rebounded from its test, also grabbed some more
BLUE as it broke upside off its test. Took some gain on GRAM as it
triggered the initial target. It then faded to a doji, but we banked some
very nice gain on that initial surge.

The week was not great, but certain leadership groups moved very well as
money rotated to new areas while some such as semiconductors and NASDAQ
Names rested. Thus we will continue looking for those stocks setting up
patterns to break higher and help lead a new move. May be some of those
NASDAQ Names themselves. Don't want to be wholly upside given all of the
smart folks so concerned about stocks, but thus far money keeps pushing good
patterns higher.


A big disappointment on top of productivity, factory orders, an ISM miss.
You get a bit more jobs reported though most are still the low paying jobs,
and everyone gushes how great things are. Then reality starts to set back
in. More of that reality hit Friday, flipping futures from positive to

Retail Sales, July: 0.0% vs 0.4% exp vs 0.8% (from 0.6%)
Ex auto: -0.3% vs +0.2% exp vs 0.9 prior (from 0.7).
Ex-auto and gas: -0.1% vs 0.3% prior. Gasoline was a drag as well, a good

Gas stations -2.7%

Sporting goods -2.2%. No sports in summer? We have bought a lot of sporting
goods. All of those people on summer vacation are surely buying sporting
goods just as Clark Griswold did in the original 'Vacation.'

Department stores -0.5%. Hmm, don't tell Macy's, JWN as their earnings were
pretty good.

Autos helped bail out sales as the flat overall reading fell to -0.3%.
Gasoline sales dragged it down, not a bad thing as noted above. Autos prop
up otherwise very weak retail sales, gasoline drags it down.

PPI: -0.4% vs 0.0 exp vs 0.5 prior
Core PPI: 0.3% vs 0.2% exp vs 0.4 prior

What do the retail sales and PPI show?

Combining the data, perhaps the price deflation is impacting retail sales.
Remember, retail sales are not the number of units sold but the amount of
dollars spent. Some price deflation would result in lower retail sales.

Okay, what is the reality of that? Prices for the consumer are NOT falling
and inflation is much higher than the way the government calculates it
reflects. Ask anyone: other than a bit lower gasoline prices (never as low
as you would think they should be when you factor in the actual cost input),
the cost of what you need to provide for a family are not going lower.


The indices showed moments of trying to keep the jobs surge going. A 3-day
test on the NYSE, a break higher Thursday to higher highs. Friday was kind
of a dud, but a dud that leaves those NYSE indices in good position to move
higher. That is nice, but thus far it is SOX and NASDAQ that drove the bus.
They are not sporting such neat patterns but they are not rolling over


Mostly lateral trends on the week with some new highs thrown in. Volume was
lower so even though the indices found it difficult to extend the move there
was no dumping of stocks. Doesn't mean the move cannot die from a lack of
interest, but low volume overall in a lateral move and leaders breaking
higher is not bad.

SOX: Led the market move higher in July, set up a good test to start
August, bounced nicely. Last week SOX continued the recovery off the new
post-2000 high test, but the move was back and forth. Rising up the 10 day
EMA, putting in another new post-2000 closing high, but not showing that
strong breakout through that July peak. Still in a solid trend higher, but
MACD has flattened just a bit as it tests that late July high.

NASDAQ: Closed higher for the week and again at a new all-time closing
high, but the week really went nowhere. Maybe that is a good thing, but
after the jobs gap, it was less than inspiring. The big names didn't really
move higher but they didn't sell. Volume faded during the lateral move
after showing great price/volume action on the rally. Low volume shows no
churn, no unloading positions. If the big names and chips come out of their
tests, NASDAQ can rock higher.

SP500: Similar to NASDAQ in that after the jobs rally day, SP500 moved
slightly higher, but more laterally, along the 10 day EMA. New high
Thursday, but not a lot more than that. At least volume was up a bit
Thursday. Showing a nice tight doji over the 10 day EMA and frankly in
pretty good shape to continue the move. The fly in the ointment, okay, one
of them, is MACD. It is lower on this higher high, suggesting the momentum
is slowing.

DJ30: Classic move, the 1-2-3 test of the Friday jobs surge and then a
break higher Thursday to a new all-time high. Friday a modest fade on very
low volume. Similar to SOX in the somewhat double top, and MACD is lower on
this move as well. This week is the rubber match to see if the Dow can
continue higher and make good on that Thursday new high.

RUTX: The small caps look pretty good with the weeklong test of the break
into the 2015 new high range. Holding the 10 day EMA in a lateral move to
end the week, a good setup to move higher. That said, RUTX also suffers
from lower MACD on this higher high. Not a huge drop, but lower. And you
know NYSE volume was lower all week. Again, at least no churn, no higher
volume selling of the stocks at this higher high.

SP400: Similar to RUTX, the midcaps broke to a higher high a week back,
faded to test the move, holding the 10 day EMA Wednesday to Friday. Not a
bad setup to move higher, and needs to do it. SP400 broke to a higher
all-time high but needs to build upon it.


There are still plenty of groups moving well, enough to support this move
and indeed send stocks higher.

Big Names: NFLX showed some of the best action of the FANG on the week,
testing the 50 day MA into Wednesday then rebounding nicely. FB spent the
entire week testing, but now is showing a doji at the 10 day EMA; good
position to break higher. AAPL showed very nice action, hitting a higher
recovery high, then putting in a modest Wednesday to Friday test. AMZN
drifted slowly up the 10 day EMA on lower, and lower below average volume.
New high Friday but hardly what you would call powerful. GOOG up all week,
MACD higher, testing Friday. Not bad. SBUX trying to bottom after a 2 week

Semiconductors: Up on the week as SOX did move up to test the prior high.
AVGO put in a new high but is also slowing at the top of its channel. NVDA
gapped to a higher high on earnings. XLNX testing on the week after moving
to a higher recovery high. SLAB working laterally at the 10 day EMA. NXPI
in pretty good shape to move higher.

Biotechs/Drugs: The big names were quieter on the week, e.g. AMGN, CELG,
BIIB, but are set up very nicely. Others continued nicely. EXAS surging
still to a higher high. AGEN shot higher Friday after a short test. BLUE
looks as if it is making a move back up.

Retail: Impressive turn on the week even with lower retail sales Friday.
JWN, KSS, M, ROST. DECK walked higher on the week with a nice new break.
DDS may be ready to make a new break upside.

Industrial equipment: CMI, CAT, UTX all higher on the week, perhaps now a
bit extended.

Metals: Really struggled on the week. AKS heading lower in big chunks.
SID is holding a lateral move at the 10 day EMA, not all that bad. CENX is
trying to hang on in its handle as is SCHN. A bit of turbulence on the week
but no pattern wreckers in most cases.

Software: Watching to see if some money comes back. ROVI still looks good
as it rends up the 10 day EMA. CRM trying to revive off of the 50 day EMA,
bouncing Thursday and Friday. SPLK running to a higher high. VMW, FFIV
testing their moves. RHT struggling. BLKB trying to fight off the dips.
PANW still trying to make good on its break of the downtrend.

Oil: CWEI was crazy on the week, up almost 22 points. APC has struggled,
but it is back up through the 50 day SMA. SWN decent but needs work. CVX
broke lower, but as oil recovered, CWEI recovered to the 50 day EMA. Some
look good but others not: DO, ORIG, RIG.

Financial: Some interesting setups, e.g. BAC in a short test of its gap
over the 200 day SMA, JPM in a weeklong pullback to the 10 day EMA. GS is
working laterally along the 200 day SMA, looking for a break higher.


Stats: +4.5 points (+0.09%) to close at 5232.89
Volume: 1.47B (-2.75%)

Up Volume: 823.8M (-236.2M)
Down Volume: 621.65M (+180.9M)

A/D and Hi/Lo: Decliners led 1.07 to 1
Previous Session: Advancers led 1.76 to 1

New Highs: 121 (-37)
New Lows: 30 (-2)

Stats: -1.74 points (-0.08%) to close at 2184.05
NYSE Volume: 712.1M (-8.89%)

Up Volume: 1.38B (-1.1B)
Down Volume: 1.57B (+686.46M)

A/D and Hi/Lo: Decliners led 1.08 to 1
Previous Session: Advancers led 1.7 to 1

New Highs: 143 (-40)
New Lows: 13 (+5)

Stats: -37.05 points (-0.2%) to close at 18576.47


VIX: 11.55; -0.13
VXN: 13.99; -0.32
VXO: 10.67; -0.15

Put/Call Ratio (CBOE): 0.76; -0.19

22 of 25 below 1.0, 17 of last 42 over 1.0. You could say the shift from
worry to complacency has completed and now the market appears a bit

Bulls and Bears: Bulls continue higher, bears lower, both still below the
2014 and 2015 highs and lows, but both approaching levels that show the
complacency that can lead to turns. Not there, but getting closer.

Bulls: 54.3 versus 52.9

Bears: 20.9 versus 21.2

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

Bulls: 54.3 versus 52.9
52.9% versus 53.9% versus 54.4% versus 52.5% versus 47.1% versus 41.6%
versus 47.5% versus 45.9% versus 47.3% versus 45.4% versus 35.4% versus 40.2
versus 39.2 versus 40.2% versus 44.3% versus 47.4% versus 41.2% versus 45.4%
versus 43.3% versus 47.4% versus 44.4% versus 39.4% versus 36.4% versus
34.7% versus 26.5%

Bears: 20.9% versus 21.2%
21.2% versus 21.6% versus 23.3% versus 24.7% versus 24.5% versus 23.8%
versus 23.2% versus 23.5% versus 23.8% versus 23.7% versus 24.0% versus
21.7% versus 21.6% versus 21.7 versus 20.6% versus 21.7% versus 27.8% versus
27.8% versus 28.9% versus 27.8% versus 30.3% versus 35.4% versus 34.3%
versus 35.7% versus 39.8% versus 39.2% versus 38.1% versus 35.4% versus


Bonds (10 year): 1.51% versus 1.56%. Back and forth a lot on the week, but
the overall trend that remains is bonds are building a positive pattern as
TLT consolidates the June to July rally.

Historical: 1.56% versus 1.51% versus 1.54% versus 1.59% versus 1.585%
versus 1.503% versus 1.54% versus 1.558% versus 1.51% versus 1.46% versus
1.50% versus 1.51% versus 1.56% versus 1.57% versus 1.56% versus 1.558%
versus 1.58% versus 1.56% versus 1.59% versus 1.58% versus 1.53% versus
1.47% versus 1.51% versus 1.434% versus 1.36% versus 1.39% versus 1.373%
versus 1.367% versus 1.44% versus 1.475% versus 1.51% versus 1.468% versus
1.46% versus 1.57% versus 1.74% versus 1.68% versus 1.70% versus 1.67%
versus 1.61%

EUR/USD: 1.11636 versus 1.11372. Euro looks really ready to rally off of a
nice double bottom with handle setup.

Historical: 1.11372 versus 1.11803 versus 1.1115 versus 1.1080 versus
1.10882 versus 1.1130 versus 1.1148 versus 1.1219 versus 1.1164 versus
1.1173 versus 1.10806 versus 1.10732 versus 109857 versus 1.0992 versus
1.0977 versus 1.1021 versus 1.1022 versus 1.1021 versus 1.10654 versus
1.1035 versus 1.1117 versus 1.1099

USD/JPY: 101.308 versus 101.864. Well, the dollar LOOKED as if it was going
to try a bounce but Friday certainly looked weaker, stalling at the 10 day

Historical: 101.864 versus 101.23 versus 101.857 versus 102.356 versus
101.832 versus 101.178 versus 101.256 versus 101.09 versus 102.599 versus
102.045 versus 104.679 versus 105.98 versus 104.731 versus 105.76 versus
106.05 versus 106.11 versus 107.16 versus 106.139 versus 105.95 versus
104.85 versus 105.31 versus 104.74 versus 102.686 versus 100.59 versus
100.768 versus 101.15 versus 100.89 versus 102.497 versus 103.128 versus
102.912 versus 102.60

Oil: 44.49, +0.26. Out of the July dive into August, oil rebounded four
sessions, then fell hard Wednesday. Looked as if the bounce may have run
its course. Thursday, however, a big surge and Friday oil fought off a
lower open to add another gain. It did not, however, take out the 50 day
EMA, the next test on this move.

Gold: 1343.20, -6.80. After the dump to the 20 day EMA on the jobs report,
gold recovered to midweek. Friday a gap lower, a surge higher, but that
failed. Gold remains at the 20 day EMA, where it started the week.
Important next two weeks for gold. Thus far it has worked on a new upside
move and to keep that going gold needs to work on the pattern. It could fall
to the 50 day MA, however, and still continue working on an upside pattern.


Earnings are mostly over. Big economic reports are out, though regional
manufacturing reports (New York, Philly), CPI, Industrial
production/Capacity utilization, and the FOMC minutes are not play toys.
The economic data improved and raised hope this year, this time, it would be
better. As I wrote a month back, however, the data was starting to follow
the same trend of the prior years: a weak start, improvement that looked
promising . . . then a fade into the back half of the year into the first

So, yes, the economics always make a difference. But, with carefully
engineered asset inflation since March 2009 and as given aide and support
throughout the years, most notably of late in February, the world central
banks have maintained the move. Remember, in February the market was in a
second plunge after a rebound off the January low failed. Phone records of
the Fed Chairman, part of the public record, show phone calls to the BOE at
the lows, followed 20 minutes later by a turn in the market. The next
session a call to Mario Draghi, and within a half hour stocks were shooting
higher again. Nice save.

I believe that double dive then rescue is what has the elite convinced the
market will fall. Indeed, Friday we learned that Mr. Tepper is heavily
bearish now, having exited his upside index call plays and is playing the
downside. It is not that they don't believe the Fed and central banks will
not again come to its rescue; after all the New Zealand central bank just
cut rates and said more to come a la the Bank of England. It is more a
belief that the central banks have run out of their ability to float the
markets through attempted selloffs. What makes them believe that is likely
information that you and I are not privy to and cannot get.

I also believe that the jobs report's impact on a rate hike is over. The
data since (Factory Orders, productivity, retail sales) is all weak and what
DB said about how this Fed works is very likely true, to wit: every time a
data point disappoints, the Fed timetable is reset in terms of the next rate
hike, starting the entire process over.

Maybe those in the inner circle of knowledge believe this and see interest
rates moving inexorably toward negative and fear what may happen
economically and to the market as a result. Or perhaps those in the inner
circle of knowledge may know the Fed has decided it has to get rates higher
and know the impact on the market given the economy is, as they know, not
nearly as strong as the reworked, rehashed, readjusted reported economic
numbers suggest.

These are considerations you NEVER had to deal with back when the Fed was
not in the economic micromanagement business and the government stuck more
to making sure people and businesses COULD conduct business the best they
saw fit versus telling them HOW to conduct business. The inevitable result
is the economy we have. Happened in the 1930's as the leaders tried to
manipulate markets out of the depression (something that did not happen in
the 1920's depression that quickly turned into the roaring 20's), happened
again in the 1970's when massive regulation, taxation, wage controls, dollar
floating led to another long period of economic stagnation. Now, the same
policies, the same results.

In any event, regardless of what the fears of the elite may be, all I can do
is look at what the market tells you. After the stick save in February and
the stimulus that followed, stocks have rallied, set up good bases, broke
higher, and then did it again. New leaders arise even as prior leader
groups fade as money rotates around the market. That is always a sign of a
healthy market, i.e. if there are leaders and money moves to new areas
versus leaving the market after a group of leaders makes a solid run and
gets a bit extended.

Even with the indices tickling at new highs, there are still some quality
sectors out there with excellent patterns and volume. For now we continue
looking for upside opportunity until the leadership runs dry. When that
happens the market rolls over, and if it cannot find new leaders after the
Fed and central banks inevitably step in, that would likely spell the end of
the long bull run. But, the market has not stalled this current move, the
Fed and company have not had to step in again, and we of course don't know
what the outcome of that central bank intervention would be. So, we play
the market we have and take what the market gives.

Will see what news comes out this weekend, but though the indices were less
than thrilling and satisfying overall, some leaders showed really good

Have a great weekend!


NASDAQ: Closed at 5232.89

5238.54 is the August 2016 intraday all-time high

5231.94 is the 2015 all-time high
The 10 day EMA is 5196
5162 is the early November peak, 5176 is the December intraday peak
5100 from the April peak and early May peak
5042 is the March 2015 high
The 50 day EMA at 5029
5008.57 is the early March 2015 post-bear market high
5007 is the 12/31 upper gap point from that big gap lower
4999 is the October upper gap point
4980 is the June 2016 peak
4969 is the April 2016 recovery high
4960 is the September 2015 intraday high, an important reversal point for
4920 is the lower gap point from mid-October 2015, the January 2016 lower
gap point
4916 is the mid-November 2015 low
4899 - 4902 from the September 2015 peak, July 2015 low
4894 is the September 2015 closing high
The 200 day SMA at 4859
4836 is the March 2016 peak
4815 is the December 2014 peak
4811 is the November 2014 peak (intraday)
4774 is the January 2-15 high
4751 is the January 2015 lower high
4684 is the May 2016 test low
4637 is the February intraday high
4620 is the February 1 closing high
4615 from September 2014 highs, October 2014 upper gap point, late August
2015 low.
4574 is the June 2015 low
4517-4506 from the September 2015 and August 2015 closing lows
4485 are the twin July 2014 peaks

S&P 500: Closed at 2184.05


2175 is the June 2016 high
The 50 day EMA at 2136
2135 is the May 2015 all-time high
2130 is the June 2015 peak
2126 was the April 2015 prior all-time high
2120 is the June 2016 peak
2119 is the February 2015 intraday high
2116 is the November 2015 high
2111 is the April 2016 recovery high
2104 is the December 2015 high
2094 is the December 2014 high
2079 is the intraday all-time high from November 2014
2062 is the January 2015 lower high
2046 is the July 2015 closing low
The 200 day SMA at 2048
2040 is the March 2015 closing low
2026 is the May 2016 low
2023 is the November 2015 low
2020 is the September 2015 intraday high
2011 is the September prior all-time high
1995 is the September 2015 recovery peak
1991 is the July 2014 high
1972 is the December 2014 low
1947 is the February 2016 intraday high, the late February peak
1940 is the January 2016 recovery bounce peak closing high
1913 is the early September 2015 closing low testing the bounce from the
August selling
1905 is the August 2014 low
1902 from early May was the intraday all-time high.
1897 is the prior all-time high hit in April 2014
1891 is last week's intraday low prior to the miraculous reversal.
1872 is the September 2015 test low of the August low
1867 is the August 2015 low

Dow: Closed at 18,577.94

18,595 is the July 2016 peak

18,351 is the all-time high from May 2015
18,288 from March 2015
18,247 is the August 2016 low
The 50 day EMA at 18,204
18,168 is the April 2016 recovery high
18,100 to 18,181: interim peaks in the December 2014 to July 2015 range
18,016 is the June 2016 peak
17,978 is the November 2015 peak
17,600 is the rough bottom of the April to June range.
The 200 day SMA at 17,492
17,351 is the September 2014 all-time high.
17,265 is a December 2015 closing low
17,245 is the November 2015 closing low
17,152 is the mid-July 2014 post bear market high
17,068 is the early July 2014 peak
17067 is the December 2014 low
17,063 is the June 2016 low
16,970 is the June 2014 former all-time high
16,946 is the June 2014 peak
16,933 is the September 2015 recovery intraday peak
16,740 is the mid-September peak and potential apex for a right shoulder to
a head and shoulders pattern
16,736 is a prior all-time high from May 2014
16,670 is the December 2014 peak and the recent August 2015 relief bounce
16,665 is the late August 2015 closing high
16,632 is the April 2014 peak
16,621 is the late February 2016 peak
16,589 is the December 2013 former all-time high
16,526 is the early January resistance
16,511 is the January 2016 intraday high
16,506 is the March 2014 peak
16,466 is the January 2016 recovery closing peak.
16,368 is the August 2014 low


August 12 - Friday
PPI, July (8:30): -0.4% actual versus 0.0% expected, 0.5% prior (no
Core PPI, July (8:30): -0.3% actual versus 0.2% expected, 0.4% prior (no
Retail Sales, July (8:30): 0.0% actual versus 0.4% expected, 0.8% prior
(revised from 0.6%)
Retail Sales ex-auto, July (8:30): -0.3% actual versus 0.2% expected, 0.9%
prior (revised from 0.7%)
Michigan Sentiment - Pre, August (10:00): 90.4 actual versus 90.2 expected,
90.0 prior
Business Inventories, June (10:00): 0.2% actual versus 0.1% expected, 0.2%
prior (no revisions)

August 15 - Monday
Empire Manufacturing, August (8:30): 4.0 expected, 0.55 prior
NAHB Housing Market , August (10:00): 59 expected, 59 prior
Net Long-Term TIC Fl, June (16:00): $41.1B prior

August 16 - Tuesday
Building Permits, July (8:30): 1153K prior
Core CPI, July (8:30): 0.2% prior
CPI, July (8:30): 0.0% expected, 0.2% prior
Housing Starts, July (8:30): 1189K prior
Core CPI, July (8:30): 0.2% expected, 0.2% prior
Housing Starts, July (8:30): 1167K expected, 1189K prior
Building Permits, July (8:30): 1153K expected, 1153K prior
Capacity Utilization, July (9:15): 75.4% prior
Industrial Productio, July (9:15): 0.3% expected, 0.6% prior
Capacity Utilization, July (9:15): 75.7% expected, 75.4% prior

August 17 - Wednesday
MBA Mortgage Index, 08/13 (7:00): 7.1% prior
Crude Inventories, 08/13 (10:30): 1.055M prior
FOMC Minutes, July 27 (14:00)

August 18 - Thursday
Initial Claims, 08/13 (8:30): 265K expected, 266K prior
Continuing Claims, 08/06 (8:30): 2155K prior
Philadelphia Fed, August (8:30): 0.5 expected, -2.9 prior
Leading Indicators, July (10:00): 0.4% expected, 0.3% prior
Natural Gas Inventor, 08/13 (10:30): 29 bcf prior

End part 1 of 3
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