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world stock market, us stock market
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6/16/09 Investment House Alerts
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IH Alert Subscribers:
MARKET ALERTS:
Targets hit alerts: None issued
Buy alerts: SPY
Trailing stops: JOYG; POT; SLG; XME
Stop alerts: BUCY; ILMN; MON; SPN
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VIDEO MARKET SUMMARY
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We are offering a video market summary featuring Jon Johnson talking about the market, the economy, and what is next for investors. We hope you enjoy this added feature to your subscription! We still include the normal Market Summary format so you have both a video to listen to while commuting or multitasking as well as the written report for review.
TO VIEW THE VIDEO MARKET SUMMARY CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/marketsummary.wmv
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SUMMARY:
- Buyers step back again as stocks continue their pullback.
- Same factors lead to another day of market weakness.
- PPI is nicely tame, tamping down fears of inflation.
- May housing starts jump 17%, permits 4%
- Industrial Production mirrors regional manufacturing reports.
- NASDAQ still showing relative strength as NYSE indices break into old consolidation ranges.
- Watching for opportunity in what is thus far a normal pullback.
Same recent trends push stocks lower for second session.
There was a lot of news on Tuesday, but it did not change the market. Buyers stepped back once more and allowed the market to make its pullback. The PPI was lower, which was a positive since it shows no immediate threat of inflation. May housing starts were 17% higher. The hot and cold German economy was hot again as there were some very strong consumer demand numbers. MS upgraded the S&P earnings for the rest of 2009 and 2010. That is a positive, but it did not get much pop into the market on Tuesday.
Industrial production and capacity are down once more, and there was the on-again, off-again Russian saga with the American dollar. It was on again on Tuesday, with none other than the Russian President coming out and saying that the world needed a super-national world currency. Sounds like something Mary Poppins would say, but it had its effect. The dollar was weaker, but on Tuesday it was not weak enough to change the trend from Monday. Indeed, none of this news altered the action that we saw Monday, or the path the market has taken since last Thursday when SP500 broke higher out of its consolidation but reversed intraday on higher volume. That set the stage for this test, correction, shakeout - whatever you would like to call it. At this point, it is nothing more than a slight test or shakeout. It could though turn into something more nefarious, but we will have to see what happens.
What did happen on Tuesday is that SP500 gave up its breakout attempt over the January peak and fell back into the May trading range. The May trading range takes it from 925 on the top down to 875 on the low. 900 is the first checkpoint for it in this trading range, but when it fell back into it - and did so on higher volume - the odds are it is going to go down and test the bottom of the range (or close to it) down at 875.
The same market and economic themes that we have seen which caused the weakness last week caused this action today. That reversal by SP500 was also helped along by the continued weakness in the dollar. The dollar ended the day weaker at 1.3836 Euros, which was well off the 1.3791 Euros it closed out on Monday. Recall on Friday that the dollar was at about 1.4; there was a huge move from Friday to Monday, and you could expect a little bit of give-back on Tuesday given such a tremendous one-day advance. As it turned out, it did not impact the weakness in those stocks that are, near term, tied to the dollar's performance - i.e. energy stocks and commodities. They have advanced as the dollar has dropped in price.
The other important factor that contributed to this breakdown by SP500 is the continuing lack of support from the financials. They sat out the last rally and have not done much during the selling, though they were pulling back some on Tuesday with the rest of the market. Not a whole lot of pullback - they are just basically doing nothing, and by doing nothing they are acting somewhat as an anchor to the SP500 that will not let it travel very high to the upside. We will see if they keep it from having losses accelerating to the downside. If they hold their range, then SP500 may just have a test of the May low and try again at a new breakout.
TECHNICAL
INTRADAY.
Stocks started higher as we anticipated. There was a bit of relief bounce after such a tail-kicking on Monday when the indices lost over 2% each. So we had a little relief bounce that held through mid-morning, but that was all it got out of it. Mid-morning is often the turning point for a day's session and this was so on Tuesday. Stocks peaked and then sold off. They tried to come back late in the day with a late rally that we saw so many times during May and June. This time, once more the buyers were not there. They simply did not show up. Whether they are out of the market now or the sellers are taking over is not clear, yet there is more volume to the downside which suggests there are more sellers. Obviously the market was down, volume was up, more people were selling stocks. Are they at the point where they are taking over? We will talk about that in a moment.
As far as the actual intraday action from that high positive start to low negative close - that is more bearish. That is typically what you get when you have a pullback, so you cannot get too wrapped up in thinking about it starting high and finishing low, so therefore the action is totally bearish. That is not the situation. When the market is rallying, you will have the high-to-low action. When it is starting to waffle you will see that the intraday action starts to waffle as well, and when it turns, you will see what we had today: an attempt high and then a turn lower. That tends to match the market, but it gives you a little insight with respect to how severe the action is. As with everything in the market you always look at extremes. If you have a big rally higher that reverses sharply on volume, that means a lot more than just what would be a normal start higher, then selling off when the market is weak anyway. That means less in today's situation, and is more important on a day such as Thursday when the market tried a breakout and reversed; I think you see the difference.
INTERNALS.
Internally, it was not as bad as Monday. The breadth was -2.5:1 on both NASDAQ and the NYSE, whereas on Monday we had -5:1 on the NYSE - a much broader selloff. Today was not nearly as widespread. Volume was up again, but this is an expiration week so we will expect to see volume rise. It was still below average on both NASDAQ and the NYSE, therefore we cannot read too much into it. Yes, there were more sellers in the market because volume was higher as stocks sold off, but are they that much stronger than the buyers were last week? Volume started approaching levels hit last week during the upside on NASDAQ; therefore, you can argue that the sellers are growing stronger or bolder. Again this is expiration week and you anticipate volume overall to increase whether to the upside or the downside. We are not putting much into this volume increase. What we are seeing is a mild increase in volume as stocks sell off. That is all we are willing to say about this because what we have is the action that we see in the market which would set up as we discussed over the past week. It is now just playing out and, just as the intraday action, you can read too much into a high or low close, and you can read too much into rising volume during the selling on expiration week when the market was already in position to pull back.
CHARTS.
As noted earlier, the SP500 broke down into the May trading range once more. Not only that, but it took SP600 and SP400 with it and SOX had a problem of its own. All three of the NYSE indices broke down out of their June consolidation ranges and fell back into May, so we can anticipate all of them trading back down well into those ranges. They may find support above the prior lows or they may not - they may go all the way back down and test them. All we know at this point is they broke down into them, anything within that range is fair game, and nothing has arisen yet to turn what has been the selling of the past couple of days back into buying. We anticipate a further test.
SOX is very disappointing because it has broken out now three times over its October high, but then has given it back up every time since. NASDAQ is still coming back. It broke out to a new post-low high, moving quite well, and now it is coming back in what is an ordinary test of a break higher. It is still over the November peak - it came back on a stronger volume on Tuesday but we have already discussed how with expiration week we cannot give too much credence to that. It is very typical test and we are looking for it to come back and test those November highs. That is where it is going to get interesting, however - that is where we are going to see if NASDAQ is going to put its foot down and turn back up to lead the market higher once more.
SP500 fell into that May consolidation range and now it is fair game for it to go down to the 875 level. That is why we bought some more SPY today looking for a downside trade since it cracked into this range.
LEADERSHIP.
Commodities and energy stocks that are tied to the inflation trade and the more near term dollar trade were down. That does not mean inflation is not going to be a problem - inflation near term versus inflation long term are two different things. We are seeing smart money move into areas that are traditionally hedges against inflation, and they often do this while the numbers are equivocal. The market sees buyers come into it long before the actual economy turns to the upside, and we see sellers before the economy officially enters into a recession - months before it enters into a recession. It is very normal to see inflation trades or to see money move well ahead of the actual moves. Therefore, even though the PPI was tame and quite nice to see, it was still not indicative that we have no inflation problem in the future.
Therefore, we still like the commodity stocks and energy stocks even though they were down on the weak dollar on Tuesday. Monday many stocks held support, and Tuesday they were under pressure again and many still held support once more. The problem is we are getting pressure from indices like the SOX that broke lower. The more the scales get weight on one side, the more sectors that break down, the more pressure there is to break lower and for the entire market to be dragged down. Right now we have NASDAQ looking very good in that normal test, but if the rest of the market goes out from under it, it is going to have a very difficult time holding the market in line much less keeping its gains.
We still are going to need to look at what sectors are setting up. We still like commodities and energy stocks, as I said. We will see how they test and though many are under pressure, they are not in complete breakdowns. They are still above support so we will let them test. If NASDAQ holds and if this pullback runs its course, then they can bounce right back up. That is what we always do when there is a correction - when there is an overall upside bias. You look for the stocks that you wanted on the first run but maybe missed, or stocks that you took positions in and took some nice gain on and are coming back so you can play a winner again when it sets back up. That is what we are looking for. Leadership is still intact although it is under pressure and always is when you have a pullback that breaks down a support level that broke through on the way up.
THE ECONOMY
PPI shows no inflation near term, but it is the long term that is the problem
The PPI was in much better shape with prices than we would anticipate given all the talk of inflation (and we are as guilty as anyone in talking about inflation of late). It was very nice to see that it only rose 0.2% versus the 0.6% expected. The prior month was steady at 0.3% inflation of PPI increase. The core level was down 0.1% versus the 0.1% rise. That was steady over the prior month. The interesting thing is the PPI year-over-year drop was 5%, which is the largest drop in the PPI since August of 1949. There is some serious downside pricing strength there. Then again, that is in an overall environment where we have sown the seeds for inflation, so we cannot take too much comfort from that longer term. That is why you did not get much of a rah-rah response to the PPI report. Number one, it is producer prices and not consumer prices, and number two, we have an overall view that there is going to be inflation because we have inflation indicators elsewhere rising.
May Housing Starts jump thanks to apartments
May housing starts jumped 17% and permits jumped 4% as well. That was totally a surprise. Given especially that April was down 12.9%. These are significant changes. Housing starts were 454K in April and 532K now. So starts really surged, but again, you have to look where the surge is taking place. Most of these were in multi-family units, and that means apartments. Apartments tend to proliferate when the economy is weaker because people cannot afford housing and are looking for a place they can pay a month-to-month rent - typically that is an apartment. So we see apartments or multi-family unit dwellings rise during a recession. That does not really tell us that things are going great in the housing market. On the contrary, what it tells us is the economy is not doing well and the housing market is not doing that well because single-family homes are way down.
Industrial production mirrors the regional manufacturing reports
Industrial production is an important, somewhat leading indicator for the economy. It mirrors the regional reports. This was the exact mirror image shown by those reports. We have seen the Chicago regional report and we have seen New York start to backslide. After trying to slow the decline, they have started to weaken once more. We have a fear of a double-dip economy coming as far as a recession, and that this is leading somewhat into that theory that we are unfortunately thinking will prove to be correct.
All during 2008 it was down, but it held up more than expected because of the exports. As you recall, the US economy was resilient in the early part of 2008 and late 2007 because exports were so much better than anticipated. The rest of the world was not suffering as the US was at that point. The rest of the world is now suffering. Our exports are down and therefore our industrial production and our capacity utilization is way off pace; Indeed, industrial production was -1.1. That was worse than expected by a tenth and worse than the downwardly revised 0.7% the prior month. That was -0.5%, so even the revisions are showing more weakness. One always likes to see the revisions going the other way and showing more strength. That shows that the economists are too negative - now they are not negative enough and that is unfortunate.
Production is down 16 of the past 17 months and we are not able to get the economy turning. It has been in decline and now, after slowing the pace of the decline, it is picking back up once more. We are concerned this means a double-dip recession, but we will have to see how it plays out. Hopefully the stimulus will take effect, but you know how we feel here about the stimulus: because of the type of stimulus it is, we do not think it will have that kind of effect. We are not holding our breath.
THE MARKET
MARKET SENTIMENT
VIX: 32.68; +1.87
VXN: 32.32; -0.22
VXO: 31.06; +1.57
Put/Call Ratio (CBOE): 1.01; +0.2
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.
Bulls: 47.7%. Bulls are running on Wall Street, spiking from 42.5%. Broke free from the 40.9% where it hung around for three weeks. Steady rise from 36.0% just 6 weeks back. Has passed 43.2% hit mid-April before anticipation of stress tests. Over the 35% threshold, below which is considered bullish, but this is not a bearish indication yet. Has to get up to the 60% to 65% level to be bearish. Dramatic rise from 21.3% in November 2008, the bottom on this leg. This last leg down showed us the largest single week drop we have ever seen, falling from 33.7% to 25.3%. Hit 40.7% on the high during the rally off the July 2008 lows. 30.9% was the March low. In March the indicator did its job with the dive below 35% and the crossover with the bears. A move into the lower 40's is a decline of significance. A move to 35% is a bullish indicator. This is smashing that. For reference it bottomed in the summer 2006, the last major round of selling ahead of this 2007 top, near 36%, and 35% is considered bullish.
Bears: 23.3%. Bears are scarcer, falling from, well off the 37.2% and the 37.1% in mid-April as the rally continued higher. As with bulls, below the 35% threshold considered bullish and starting to approach bearish levels (for the overall market). Now far from off the high on this run at 47.2%. 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: -20.2 points (-1.11%) to close at 1796.18
Volume: 2.192B (+3.58%). Trade is up close to those levels when NASDAQ was rising in early June. That suggests some distribution, but still below average and it is expiration week. Still putting this in the 'normal' pullback category.
Up Volume: 485.609M (+16.568M)
Down Volume: 1.76B (+82.455M)
A/D and Hi/Lo: Decliners led 2.42 to 1
Previous Session: Decliners led 3.74 to 1
New Highs: 16 (+2)
New Lows: 14 (+2)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
This was the second serious downside session for NASDAQ after peaking last week without being able to break through its October gapdown point up near 1900. It came within around 15 points of that level and turned over. A failure on the first attempt is no big deal for any index - it will often fail, come back, consolidate and try again. The key will be whether or not NASDAQ can hold up at the November high at 1786, which is just ten points away. Again there was some rising trade but that was more due to expiration than any ramp up in serious selling. This is a normal pullback at this juncture and we will know more about just how normal it is when it gets down to that November peak.
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
The SOX was down 2.51%. Again, it reversed another breakout and now it gapped below that level on Monday and tried to rebound. It looked pretty good on Monday. We were somewhat pleased that when it gapped lower Monday, it made that strong surge back up. On Tuesday it did not seem to matter. It gave all that recovery from Monday back up and it closed down just 6 points away from it is 50 day EMA and appears it will at least get to that point.
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: -11.75 points (-1.27%) to close at 911.97
NYSE Volume: 1.176B (+2.24%). Volume ticked higher but was still very, very weak as SP500 and SP600 broke lower out of their June ranges.
Up Volume: 220.255M (+148.387M)
Down Volume: 942.63M (-134.106M)
A/D and Hi/Lo: Decliners led 2.5 to 1
Previous Session: Decliners led 5.17 to 1
New Highs: 10 (-11)
New Lows: 47 (+1)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP500 broke through the bottom of its range and is now back in the May trading range from 925 down to 875. That is no real big deal. It is disappointing that it was not able to make the breakout through the 944 level, but then again, an index can fail once, twice, maybe even three times and still come back consolidate, get its feet back under it and then make the breakout. It just depends on whether or not the same impetus that has been driving it to the upside is still there. There was talk about the G8 removing the stimulus all last week and then again on Monday, and that has put the kibosh on moves higher near term. It has not broken anything down and SP500 is still in its May trading range. It has not broken through the bottom of that one, of course it has not tested the bottom yet and we still have to see how that plays out. Overall, the liquidity play is still there. The money has not been withdrawn. Interest rates are not being raised by the central banks. Money supply is not being cut by the central banks - money is being printed by the central banks instead. So we still have a lot of liquidity that pushed the market higher, but it cannot go on forever and the market has to pause, rest, regroup, backfill some, and then try the next move. We are looking at SP500 trading down to 825, confirming that as some kind of bottom and then moving back up. That is what we think will happen, but we may be wrong. We are playing it to the downside here, and if it does worse we will let those plays run and we will have buttoned up our upside plays long before then.
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Broke out of its range further, falling to the top of the May consolidation range at 8500, the first level of support and where you would anticipate it holding. If SP500 continues on through this 8500 level it goes down to 8200.
Stats: -107.46 points (-1.25%) to close at 8504.67
Volume: 240M shares Tuesday versus 230M shares Monday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
WEDNESDAY
NASDAQ is likely to continue its test and come down to the November peak at 1786, which is just 10 points away. It could also range to the May peaks down at 1774 - there is a range there that can act as support. A lot of times, we and others put too much emphasis on one specific point and saying either that that is where it has to hold or else all hell breaks loose, or that if it breaks at this other point, happy days are here again. That is not real life, is it? That is not real life in the market either. Usually things are determined by a range of possibilities, and there are two ranges of potential support here. I bet you that even now NASDAQ may break through 1786, it will hold toward 1774. If it bounces up sharply off of 1786 and on volume, maybe happy days ARE here again. Maybe it can pull the rest of the market up higher with it. We will have to see how that works. Right now it will make its test and as we said on Monday, this is just thus far a very normal, typical pullback.
What we do in the interim is let our downside plays run. We do not have a whole lot of them, but the ones we have are moving well, so we will let them run and make money for us. We have been taking upside plays off the table since over a week ago. We have been taking gain off as the market went up. We have been buying new positions as well because the market was saying they look good, but now we have some G8 news and we had the dollar strengthen which altered the game a bit, so we have been taking positions off since. We took some more off on Tuesday in addition to the ones we took on Monday.
What we want to see is that these stocks hold near support or hold a key support level. Right now we are seeing several stocks that are coming down to the trendline or EMA or a horizontal support line, or a combination of all of those. If we are seeing that and they are holding it, they should stay on the report; we will not close the position as they approach support. Sometimes we get a little bit of happy feet when we see something selling and we cut it off and it ends up at the end of the day holding support and bouncing. Patience is a virtue most of the time in the market, and you will get in situations where a stock will bounce back on you. We are playing what we saw in the percentages at that point, trying to play the probabilities. Sometimes it gets you and comes back and bites you on the rear and other times it works out fine and you can be happy you did it. If the stock is holding support, we will let it ride for now. We are going to see if there are opportunities that develop where we can take additional positions if the market finds support and bounces higher. There can be the situation where individual stocks hold support while the rest of the market continues to head lower to test. That is fine. If a stock consolidates at a higher level that means it is going to be one of the first out of the gates when the market bounces. If we have positions in the stock, we can have a reason to hold onto it as it tests support. If we have already taken gain off the table on this stock on its advance - as we have on many of these - then we can afford to let it come back and make this test and then try the next rally higher.
One of the tests of any rally and subsequent pullback is how leadership holds up when the overall market comes back and takes its inevitable pullback after a good run. The leaders have to do the same thing and they are doing that now. We will let them test and as they do we are looking for opportunities to the upside for when the test completes. We think we know where it is going - there are logical positions where it is going to test back to - SP500 at 825, NASDAQ at 1786, maybe down to 1774, and then we are going to look for a recovery so we will be ready for that as we play the downside as it comes back, manage our upside trades during the pullback and then look for the next opportunity.
Support and Resistance
NASDAQ: Closed at 1796.18
Resistance:
The 10 day EMA at 1826
1897 is the October post gap intraday high.
1947 is the October gap down point
1984 from late September
2099 is the mid-September low
2169 is the March 2008 double bottom low
Support:
1780 is the November 2008 peak
1773 is the May peak
1770 is the mid-October interim peak
The 50 day EMA at 1728
1673 is the prior April peak
1666 is the intraday January 2009 peak
The 200 day SMA at 1664
1664 is the May 2008 low
1661 is the April 2009 prior peak
The January closing peak at 1653 (intraday)
1623 is the early April peak
1620 from the early 2001 low
1603 is the December peak
1598 is the February 2009 peak, the last peak NASDAQ made
1587 is the March 2009 high is getting put to bed again
1569 is the late January 2009 peak
1542 is the early October 2008 low
1536 is the late November 2008 peak
1521 is the late 2002 peak following the bounce off the bear market low
1505 is the late October 2008 closing low.
1493 is the October 2008 low & late December 2008 consolidation low
S&P 500: Closed at 911.97
Resistance:
919 is the early December peak
930 is the May peak
The 10 day EMA at 931
935 is the January closing high
944 is the January 2009 high
1000
1050
Support:
The 200 day SMA at 908
899 is the early October closing low
896 is the late November 2008 peak
The 50 day EMA at 895
888.70 is the April intraday high.
882 is the early May low
878 is the late January 2009 peak
The prior April peak at 876
866 is the second October 2008 low
857 is the December consolidation low; cracking but not broken
853 is the July 2002 low
848 is the October 2008 closing low
846 is the April peak
842 is the early April peak
839 is the early October 2008 low
The 90 day SMA at 838
833 is the March 2009 peak
818 is the early November 2008 low
815 is the early December 2008 low
805 is the low on the January 2009 selloff. KEY Level
800 is the March 2003 post bottom low
Dow: Closed at 8504.67
Resistance:
8521 is an interim high in March 2003 after the March 2003 low
8588 is the May high
8626 from December 2002
The 10 day EMA at 8659
8829 is the late November 2008 peak
8934 is the December closing high
8985 is the closing low in the mid-2003 consolidation
9088 is the January 2009 peak
9387 is the mid-October peak
9625 is the October closing high
Support:
8451 is the early October closing low
8419 is the late December closing low in that consolidation
8375 is the late January 2009 interim peak
The 50 day EMA at 8364
8315 is the February 2009 peak
8307 is the April 2009 intraday high
8221 is the May 2008 low
8197 was the second October 2008 low
8191 is the prior April peak
8175 is the October 2008 closing low. Key level to watch.
8141 is the early December low
The early April intraday peak at 8113
The early April peak at 8076
7965 is the mid-November 2008 interim intraday low.
7932 is the March 2009 peak
7909 is the early January low
7882 is the early October 2008 intraday low. Key level to watch.
7867 is the early February low
7702 is the July 2002 low
7694 is the February intraday low
7552 is the November closing low. KEY Level.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
June 15 - Monday
NY Empire Manufacturing, June (08:30): -9.41 actual versus -4.60 expected, -4.55 prior
Net Long-Term TIC Fl, April (9:00): $11.2B actual versus $60.0B expected, $55.4B prior (revised from $55.8B)
June 16 - Tuesday
Housing Starts, May (08:30): +17%; 485K expected, 458K prior
Building Permits, May (08:30): +4%; 508K expected, 498K prior
PPI, May (08:30): 0.2% actual versus 0.6% expected, 0.3% prior
Core PPI, May (08:30): -0.1% actual versus 0.1% expected, 0.1% prior
Capacity Utilization, May (09:15): 68.3% actual versus 68.4% expected, 69.0% prior
Industrial Production, May (09:15): -1.1% actual versus -1.0% expected, -0.7% prior (revised from -0.5%)
June 17 - Wednesday
Core CPI, May (08:30): 0.3% expected, 0.3% prior
CPI, May (08:30): -0.9% expected, -0.7% prior
Current Account Balance, Q1 (08:30): -$85.0B expected, -$132.8B prior
Crude Oil Inventories, 06/12 (10:30): -4.38M prior
June 18 - Thursday
Initial Jobless Claims, 06/13 (08:30): 610K expected, 601K prior
Leading Indicators, May (10:00): 0.9% expected, 1.0% prior
Philadelphia Fed, Jun (10:00): -17.0 expected, -22.6 prior
End part 1 of 3
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