Saturday, August 06, 2016

The Daily, Part 1 of 3, 8-6-16

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8/6/2016 Investment House Daily
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Targets hit: AVGO
Entry alerts: CPHD; LHO
Trailing stops: None issued
Stop alerts: ACN

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- Jobs report helps stock indices to new highs.
- The billionaire hated rally continues.
- Jobs report is all headline, no story. Oh, there is a story, it just
doesn't fit the headline.
- Stock indices renew the upside and until otherwise we continue to play it.

Finally, a catalyst to move the market.

The most feared rally in recent history continues, flying in the face of GS,
JPM, Gundlach started it, Bill Gross joined in, and today it was reported
that Carl Icahn is still massively bearish. They may ultimately be correct,
but it was not Friday as stocks, dormant on the NYSE for three weeks, shot
higher on another 'stellar,' 'blowout,' 'recovery verifying' jobs report.
Oh really now? Of course we will look at the numbers for you in detail.
Surprisingly, we and the few others that pay attention to the report details
were not the only ones pointing out the deficiencies, that this time include
as glaring a massive, multi-standard deviation seasonal adjustment as ever
seen -- as well as the usual heavy skew toward lower wage hourly positions.

As is usually the case, however, the headlines ruled. Moreover, after the
pitiful GDP report the prior Friday, the rubber match jobs report gave
investors enough confidence that the market rallied on perceived good news.
In other words, the jobs headline was viewed as convincing that the economy
was improving enough to support stock prices even if the Fed feels compelled
to hike.

Of course the Fed SHOULD feel compelled to hike, but it won't in September
because that is too close to election time and doing so might roil the
markets and jeopardize Yellen continuing her tenure as the FOMC chief. You
know, first female FOMC chair, first female President. As Harry Callahan
said in 'The Enforcer' about the mayor's initiative to get more women into
new areas in the police force, that sounds very stylish. I won't go into
Eastwood's more recent colorful remarks though with all the crying about
'safe spaces' on college campuses so the kids don't have to confront the
real world, they seem rather appropriate.

"That's a hell of a price to pay for being stylish." The Enforcer (1976)

Stocks shot higher and never looked back, though as is often the case in
these situations, most of the move was in the books at the open and after
the first hour or so. Enough to push more indices to all-time highs. Now
that the jobs report 'confirms' economic recovery, I would suppose new highs
are appropriate.

SP500 new high. SP400 new all-time closing high. NASDAQ at a new closing
high but not intraday high (5231.94 high in July 2015). DJ30 showed a great
bounce and is on the road to a new high. RUTX finally broke into the last
range in 2015 that holds the high. SOX took off upside again and is on the
way to another new post-2000 high.

SP500 18.62, 0.86%
NASDAQ 54.87, 1.06%
DJ30 191.48, 1.04%
SP400 1.01%
RUTX 1.45%
SOX 1.34%

VOLUME: NYSE +6%; NASDAQ +5%. NYSE trade was higher but still
disappointingly below average. NASDAQ trade moved back above average on a
break to a higher high. NASDAQ continues to show solid price/volume action
with several rising, above average volume sessions on the move higher.

A/D: NYSE 2.6:1, NASDAQ 2.6:1. Good, not great.

So, the stock indices received their catalyst. Earnings, BOJ, BOE, the Fed,
weak GDP, Durables Orders, Factory Orders. More rate cuts (as Bank of
America noted, there have been 666 rate cuts by the world central banks
since LEH; ooh, spooky). Mere child's play. The indices were at the 'go,
no go' point for a continued upside move and jobs gave them the 'go' nod.

We picked up a couple of positions on the day, a Motel/Hotel REIT (oh so
sexy -- but the gains will be) and CPHD in electronics. For the rest we
mostly let them run. We could have banked quite a bit of gain, but it was a
new breakout move and you hate to cut off a potentially lucrative new leg on
day one. We did take some AVGO gain as we had not taken any yet. Other
than that, we let them run.

Perhaps Monday there will be some buyer's remorse. Doubt it, however. Too
many are betting short, and even at new highs they can be squeezed more and
more before they scream. At most we may get a bit of early softness, but if
we see that we likely use some of that to buy as others probably will as

The jobs report was quite frankly more of the same in terms of the type of
jobs created, and it had the extra spice of being massively adjusted many
times historical norms. I am sure Jack Welch was spluttering his oatmeal
this morning when the report came out; remember, he argued the jobs reports
ahead of the 2012 election were rigged. Of course we later learned that was
correct. Still, it makes for a good joke to help you laugh instead of cry
about how our institutions are pretty much untrustworthy.

But, it was enough for the market to continue higher whether based on a
mirage or not. I would love to say it was real, that we were creating great
jobs. Since I cannot, in the alternative I will take solace in making money
on the moves.


Jobs Report 'stellar,' 'blowout.' Not without a lot of help.

July Non-Farm Jobs: 255K versus 185K expected versus 292K (from 285K).
Private Payrolls: 217K versus 171K expected versus 259K June (from 265K)

Unemployment rate: 4.9% versus 4.8% expected versus 4.9% prior. Expected
to drop, but those moving into the workforce rose 400K and overshot the
number of jobs.

Average hourly wages: 0.3% versus 0.2% expected versus 0.1% June
Year/year: +2.7%. Nicer gain.

Participation Rate: 62.8% versus 62.7% June.

The headline numbers are all better. They could give you the idea that the
economy is finally catching hold, that this time it is different despite no
change in economic, regulatory, fiscal, or monetary policy. That would,
however, be inaccurate. The real reason for the surge is it is an election
year. Happened before, happening again.

There is no way the GDP, factory orders, durable orders, lack of capital
investment, and other reports can support a strong jobs market producing a
lot of jobs and a lot of breadwinner jobs. Despite the headlines, the July
report, just as the June report, is no indication of an economic surge.

Massive seasonal adjustments.

Here is the skinny: without the extra large season adjustment private sector
jobs would have gained just 85K instead of the 217K reported.

Sure there are adjustments made to 'smooth' out the data. These adjustments
are not doing that. The volatility is huge. Why? Because there are
adjustments to affect an outcome versus provide an accurate insight into the


The Same Jobs Mix: Skewed toward the Low Paying jobs

In terms of the jobs created there was no change. The jobs market is
showing the same structural problems as it has during the entire recovery.
ADP on Wednesday indicated 80% of the jobs were service jobs. That is the
theme for the entire recovery and it held again in July. Imagine that.

Sure there were 17,000 temp jobs added and some such as Steve Liesman on
CNBC said that 'offered more hope' for the future in terms of better paying
jobs. Seven years into a recovery and you are still hoping some more
temporary jobs are a good thing?

Here is the real story on temps: the jobs market, just as we have chronicled
for years, has fundamentally changed, adapting to the rules and regulations
promulgated under the ACA and other countless new laws and regs. Temporary
help has become the norm for what used to be salaried positions. Legal
help, accounting help, etc. have fundamentally changed as many, many of the
professionals work temporary assignments versus working full-time. Clients
want lower costs, firms cannot given them those without altering the
workforce. Squeeze any industry and it will try to find a way to survive.

Where the jobs are:

Professional and Business Services: 53K
Leisure and Hospitality: 43K
Government: 38K
Education and health 36K
Temporary help services: 17K
Retail: 14.7K
Construction: 14K
Transport/Warehousing: 11.7K
Manufacturing: 9K
Information: 0 (from 43K in June as VZ employees went back to work)
Mining, Logging: -7K

Still on Manufacturing Jobs

After July, the lopsided skew in low wage jobs versus high pay jobs
contnues. Indeed, since 2014 the US has, on a net basis, the US has created
500K watier/bartender jobs and ZERO manufacturing jobs.

Who is getting jobs: From the education standpoint.

A very telling manner in gauging the job market's strength is not to look
just at numbers. We have looked at the age disparity before and chronicled
how month after month it is the oldest demographic getting the jobs as they
go back to work in their golden years, unable to pay the bills. Indeed, the
26 to 54 demographic, the most prolific earners, are still over a million
jobs short of where they were in December 2007.

How about education? All of those college grads with great minds and
educations. Are they filling the workforce, bringing America to its fullest
potential? No. they have not budged since hitting the bottom in 2009.

In other words, the nearly 100% of the net jobs have gone to those with an
education less than high school. No doubt some of those people are very
bright, but they are not being hired as lawyers, doctors, architects,
medical techs, nurses, stock brokers -- no, they are the hires in all of
those jobs being created, all of those low end, low pay jobs.

Our working class is being transformed into mostly less than high school
educated workers with those with educations being the ones NOT working.

We are 'fundamentally transforming' our country. No doubt we are a service
country, but that doesn't mean providing legal and medical services per se.
They are still there

All of the trillion dollars in student debt accumulated for what? There are
a dearth of jobs for those to work. Moreover, those jobs that are there for
the highly educated and skilled, well, they are being populated by the
foreign workers who are being fast-tracked to the US because there are 'just
no skilled workers in the US to fill these jobs' according to Mr. Bill
Gates, Mark Zuckerburg, and many other 'pillars' of American industry.

We have accumulated over $1T of student loan debt, and so much of that debt
is in arrears that the President has proposed forms of loan forgiveness. Is
that the solution? Have the American people absorb the debt of education
that our country either 1) apparently does not need because of the kind of
jobs created, and/or 2) doesn't want because the cost of that labor is too
high compared to hungry foreign workers ready to take any jobs they can get?
Just ask the Disney employees fired and forced to train their educated but
wholly unskilled replacements lest they lose their severance package.

Of course the 'fix' does not go to the heart of the problem. Our economy
is, through the tax code, new oppressive regulation, and the new judicial
interpretations, no longer one that can produce large numbers of high
quality jobs. You can call it globalization or whatever you want, you can
spin the numbers anyway you want. What I do here is report the numbers, the
facts. One of the most telling is, after 7 years of recovery, the US is
still a net DESTROYER of businesses versus a creator of businesses. This
from what was once the greatest entrepreneur nation ever seen.



NASDAQ: After a short test, a 1-day test, NASDAQ got serious again, gapping
and rallying to a new closing high. Did not take out the intraday highs
from 2015 but of course NASDAQ is working well as techs continue to perform
late summer. Of course it is the renewal of the big names that energized
NASDAQ, along with the semiconductors that make up some big names on NASDAQ
as well. Stronger, above average volume, decent breadth, still, overall, a
large cap move on NASDAQ.

SOX: After a 6 say test through Wednesday, SOX gapped higher Thursday and
again Friday. No new high but that is no issue. SOX made the key break two
weeks back, moving to a new post-2000 high. Tested that move back to the
prior high then started back up. Perfect breakout test and new move upside.
MACD put in a higher high on the breakout, a good indication the momentum

RUTX: Not bad at all, finally making a more definitive move into that range
from 2015 holding the all-time high. That Tuesday sharp drop was indeed a
shakeout that set up the new upside break. Good initial move, and as noted
a couple of weeks back when it tried this resistance, it now needs to expand
the breakout. Good start.

SP500: New all-time high after three weeks working laterally. Higher but
still below average volume. What is new for SP500?

DJ30: After the three week test back to the prior all-time high, DJ30
gapped upside Friday as MRK prospered while BMY plunged. The two compete in
a certain area and BMY's results were not good. DJ30 rode MRK's back with a
gap higher and solid move off the excellent pullback.

SP400: New high for the midcaps, just moving past last week's highs. Not a
powerful move, but a new high, following along with the rest of the indices.


Big Names: FB posted good move Thursday, so-so Friday, but moving up off
the 10 day EMA test. Same as AMZN, moving off the 10 day EMA Thursday and a
modest Friday gain. AAPL surging nicely. GOOG surging over 1% to a new
post-earnings high. NFLX surged upside on strong volume. PCLN gapped past
the 5 month range and moving toward the November 2015 peak.

Chips: AVGO, MU, XLNX, NVDA, TXN and more moving up off of the nice tests.

Metals: No major moves, but not bad. SCHN moving up off its test. AKS
still in a nice test, setting up a new entry. FCX tapped the 50 day MA on
the low and rebounded; nice test. Precious metals took a hit after the jobs

Industrial Equipment: Some good moves, e.g. TEX, CMI. CAT up modestly off
the test.

Biotechs: CELG, BIIB took a day off. EXAS gapped higher but is showing a
tombstone doji. May want to test some. BLUE bounced right back up off the
200 day SMA after testing it after earnings. Still a very solid group.

Oil: Some good rebounds off tests. APA touched the 200 day SMA and snapped
back; may make a stand. APC touched the 200 day SMA again and posted a
strong move on strong volume. CWEI continues its impressive post-earnings
run. SWN is holding a good lateral move. Still a really mixed group, but
improved late week.

Financial: Big day on jobs. MS gapped upside. JPM nice strong break. BAC
gapped over the 200 day SMA. C gapped and rallied up to the 200 day. Got
some life injected in it.


Stats: +54.87 points (+1.06%) to close at 5221.12
Volume: 1.935B (+5.08%)

Up Volume: 1.43B (+380M)
Down Volume: 572.66M (-147.84M)

A/D and Hi/Lo: Advancers led 2.55 to 1
Previous Session: Advancers led 1.06 to 1

New Highs: 171 (+70)
New Lows: 27 (-7)

Stats: +18.62 points (+0.86%) to close at 2182.87
NYSE Volume: 865.5M (+6.33%)

Up Volume: 2.55B (+680M)
Down Volume: 1.05B (-500M)

A/D and Hi/Lo: Advancers led 2.59 to 1
Previous Session: Advancers led 1.33 to 1

New Highs: 204 (+73)
New Lows: 7 (-3)

Stats: +191.48 points (+1.04%) to close at 18543.53


VIX: 11.39; -1.03
VXN: 13.77; -0.7
VXO: 10.56; -1.25

Put/Call Ratio (CBOE): 0.92; -0.01

17 of 20 below 1.0, 17 of last 37 over 1.0.

Bulls and Bears: After bears dropped fairly hard three weeks back and bulls
surged upside, the slower market kept the two sides relatively unchanged.

Bulls: 52.9 versus 53.9

Bears: 21.2 versus 21.6

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: 52.9 versus 53.9
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: 21.1% versus 21.6%
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 36.1%


Bonds (10 year): 1.585% versus 1.503%. Another week of back and forth, but
mostly back. Bonds sold early week to the 50 day MA, jumped Thursday, but
then flopped back Friday to again test the 50 day. This will be a big tell
for the market overall, particularly the financial stocks.

Historical: 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% versus 1.57% versus 1.58% versus 1.62% versus 1.61%
versus 1.64% versus 1.68% versus 1.70% versus 1.72% versus 1.73% versus
1.70% versus 1.80% versus 1.84%

EUR/USD: 1.10882 versus 1.1130. Stronger jobs, more likely a rate hike --
at some point -- so the dollar gained strength versus the euro.

Historical: 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: 101.832 versus 101.178. Of course the dollar rebounded on the jobs
report. Still entrenched in the downtrend, however, after bombing lower the
prior two weeks, giving up the breakout attempt.

Historical: 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 versus 101.93 versus 102.32 versus 106.73 versus
104.87 versus 104.788 versus 103.98 versus 104.58 versus 104.12 versus
104.68 versus 105.62 versus 106.085 versus 106.019 versus 106.933 versus
106.966 versus 106.66 versus 107.347 versus 107.72 versus 106.55 versus
106.66 versus 108.86 versus 109.99 versus 111.285

Oil: 41.80, -0.13. After a three week sharp slide inside the 2 month
decline, oil recovered the 200 day SMA late week. Friday was a wash but it
held the break back through.

Gold: 1344.40, -23.00. No surprise gold sold on the stronger jobs report.
Had rallied off the 50 day MA test back to the early July peak, tested a
bit, looked ready to try a new breakout. Flopped to the 20 day EMA Friday.
Will it put in a higher low or roll over in a double top?


Most of the big news is out. Earnings, GDP, central bank decisions, jobs
report. The market ignored most of it for a few weeks, got a bit nervous,
then got what it wanted. Now there are new breakouts and renewed moves.

Now can they continue the move? We will see. As noted all week, even
though some leadership struggled, there is still plenty to move the market
upside. If Financial stocks want to join the others, that helps SP500 make
even more new highs.

Of course you have to watch and see if Monday brings some new reversal, a
repudiation of the move. Volume was not that great, breadth okay but not
wonderful. There is that possibility -- I mean so many wise, smart,
respected market experts are counting on a market selloff.

Okay, so you have that in mind. Great. The fact is the indices broke
higher once more and even if it was on a fluffed up jobs report there is
leadership as well. Therefore we continue looking for upside setups ready
to move higher on a continued breakout move. Nothing appears ready to stop
the move higher so we will continue playing it.

Have a great weekend!


NASDAQ: Closed at 5221.12

5231.94 is the 2015 all-time high

5162 is the early November peak, 5176 is the December intraday peak
The 10 day EMA is 5150
5100 from the April peak and early May peak
5042 is the March 2015 high
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
The 50 day EMA at 4987
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 4853
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 2182.87


2175 is the June 2016 high
2135 is the May 2015 all-time high
2130 is the June 2015 peak
2126 was the April 2015 prior all-time high
The 50 day EMA at 2125
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 2045
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 18,543.53

18,595 is the July 2016 peak

18,351 is the all-time high from May 2015
18,288 from March 2015
18,168 is the April 2016 recovery high
The 50 day EMA at 18,127
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 17,466
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 5 - Friday
Nonfarm Payrolls, July (8:30): 255K actual versus 185K expected, 292K prior
(revised from 287K)
Nonfarm Private Payr, July (8:30): 217K actual versus 171K expected, 259K
prior (revised from 265K)
Unemployment Rate, July (8:30): 4.9% actual versus 4.8% expected, 4.9% prior
(no revisions)
Average Hourly Earni, July (8:30): 0.3% actual versus 0.2% expected, 0.1%
prior (no revisions)
Average Workweek, July (8:30): 34.5 actual versus 34.4 expected, 34.4 prior
(no revisions)
Trade Balance, June (8:30): -$44.5B actual versus -$42.7B expected, -$41.0B
prior (revised from -$41.1B)
Consumer Credit, June (15:00): $12.3B actual versus $16.2B expected, $18.0B
prior (revised from $18.6B)

August 9 - Tuesday
Productivity-Prel, Q2 (8:30): 0.5% expected, -0.6% prior
Unit Labor Costs, Q2 (8:30): 1.7% expected, 4.5% prior
Wholesale Inventorie, June (10:00): 0.2% expected, 0.1% prior

August 10 - Wednesday
MBA Mortgage Index, 08/06 (7:00): -3.5% prior
JOLTS - Job Openings, June (10:00): 5.500M prior
JOLTS - Job Openings, June (10:00): 5.500M prior
Crude Inventories, 08/06 (10:30): 1.413M prior
Treasury Budget, July (14:00): -$149.2B prior

August 11 - Thursday
Initial Claims, 08/06 (8:30): 266K expected, 269K prior
Continuing Claims, 07/30 (8:30): 2138K prior
Export Prices ex-ag., July (8:30): 0.5% prior
Import Prices ex-oil, July (8:30): -0.3% prior
Natural Gas Inventor, 08/06 (10:30): -6B prior

August 12 - Friday
PPI, July (8:30): 0.0% expected, 0.5% prior
Core PPI, July (8:30): 0.2% expected, 0.4% prior
Retail Sales, July (8:30): 0.4% expected, 0.6% prior
Retail Sales ex-auto, July (8:30): 0.2% expected, 0.7% prior
Mich Sentiment, August (10:00)
Mich Sentiment - Pre, August (10:00): 90.2 expected, 90.0 prior
Business Inventories, June (10:00): 0.1% expected, 0.2% prior

End part 1 of 3
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