|
|
trading system, money investment
* * * *
7/09/09 Investment House Alerts
* * *
IH Alert Subscribers:
MARKET ALERTS:
Targets hit alerts: None issued
Buy alerts: BIDU; GOOG; SNY
Trailing stops: None issued
Stop alerts: CREE; INT; PKE
SUMMARY:
- Wednesday reversal leads to a modest relief bounce.
- More talk of stimulus suggests more spending is coming as 'no' means 'yes.'
- Jobless claims fall below 600K, but it was government adjustments.
- Friday may see some more relief bouncing ahead of the weekend, and we may be able to use that.
Pretty modest relief bounce on the heels of the Wednesday higher volume reversal.
Thursday was a relief bounce. That is all you have to say about the action, but I am much more long-winded than that so I am going to talk some more about what went on. On Wednesday the market tested lower with SP500 moving down through 875. On the low it got near 870 and then rebounded and volume accelerated back above average on both NASDAQ and the NYSE. That was the first above-average volume we have had in quite some time which was not tied to an expiration, a Russell rebalance, or something of that nature. There was a selloff to support, and then it rebounded on stronger volume which is a classic set up for a further bounce. That is what we got on Thursday: the market opened higher and it looked pretty respectable early on with the indices gaining around 0.008% - not quite pushing the 1% level unless you look at the SOX which was up almost 3% on the day. There was not a lot of news to drive things. It was more of a technical move, but you always have to look at the news to play "pin the tail" on what caused the move.
Jobless claims were better than expected at $565K, but this was due to some government seasonal adjustments. The bank of England said it would not extend its quantitative easing (QE) policy any further because it simply was not having the desired effects that they wanted. They have not stated when, but at some point in the future it is not going to continue the program. That is similar to talk we have heard out of the G8 and other countries of late who are saying they will have to take the stimulus back at some point. When it comes to the lick log, no one wants to say when they will do it because the world economies are not that good. If the stimulus is removed now, there will be a loss of confidence - not that there is a whole lot of confidence out there anyway, but if it is removed it will only worsen an already bad situation.
The Same Store Sales for June came out and they were decent, but they were skewed toward the discount value retailers. Wal-Mart did not announce, and it makes up a big chunk of retail sales (particularly in the kind of deep recession that we are in), so the numbers were skewed, but they were not very good nonetheless. They were still in the discount areas as other sectors did not do that well. Wet Seal was down 11%, Children's Place was down 12% - you get the picture. If it did not have "discount" in its name or as its game plan, it did not do that well because consumers are holding their discretionary dollars back.
The dollar was weaker. It closed at 1.4031 Euros, and that was down from the 1.3879 on Wednesday. It bounced around all day, going stronger and weaker, but overall it was a bit weaker and it closed that way which helped boost oil prices modestly. Oil closed at $60.43, up $0.29 big cents. It is hanging on at that $60 level, but I think it will crack down into the $50's. The demand is not there, and despite all the talk of speculators impacting what the price of oil is, it simply goes up and down based on perceived problems and issues relating to supply and demand in the future. I do not know what Jim Kramer is talking about when he says the market is rigged. There are big players in it; people put their money on the line. Whenever you have a system where people put their money on the line, there are very few who can actually rig it. When you look at all the trillions of dollars placed in the market every day, it is very difficult for one or two players to rig the market.
The 30 year bond auction did not go nearly as well as the scorching 10 year auction did on Wednesday. On Wednesday the bid to cover was at 3.2 (an average one is in the 2.6-2.8). It was a very good bid to cover, there was very good interest - one did not have to pay any more on interest rates, so the bond yields fell that day. The 30 year was not nearly as good and bond yields have crept back up. The 10 year closed at 3.39% on the day, which matched Wednesday, although Wednesday was down to 3.29% intraday. Thursday matched Wednesday, but the bond yield was trading higher intraday before tumbling at the end of the day.
TECHNICAL
INTRADAY.
With the reversal on Wednesday, the market opened higher. Futures were up and the news was not too dreadful so stocks continued higher. They continued through mid-morning but then they tested as usual. That was no problem on this day because they held in and continued higher on into the last hour, but they had some issues in the last hour. DJ30 fell negative during that period. A lot of gains were given up. Stocks managed to rebound in the last minutes of the session to get everything positive again, but a lot of the gains were lost. We saw 1/2 to 2/3 of the gains given back on a day that was trying to pick up and carry the ball after a higher-volume intraday reversal on Wednesday.
INTERNALS.
The internals were less than spectacular. They were less than 2:1 on NYSE, and NASDAQ was basically flat. As a matter of fact, it even got worse than that as the day went on. They went down to 1.5 on the NYSE while NASDAQ was flat. That was not telling you that this was a great move. Wednesday they moved, but the stocks moved higher as they reversed; the breadth was not there. It was all led by the large caps, particularly on NASDAQ. That was the same action today - it was those few large cap names like GOOG and BIDU that moved higher. There is an issue with just how strong this move was. When you look at the volume, it tumbled off of the levels of Wednesday where trade was up significantly (and it was above average) but this did not come close to that. There were substantial declines with respect to trade. What is happening on the internals is lower volume, a narrow move higher, and if you look at the charts you see that the indices came well off of their highs for the day. Those are the classic characteristics of a relief bounce, and that should not surprise anybody. The market is going through a corrective stage right now, and it could find bottom and bounce higher although overall it looks a little heavy. It needs to move down and test some more - that big move off the March low. I would not be surprised to see a relief bounce after four or five days of selling and then to see it roll back down and test again. That would be no big deal and more of the same consolidation action we have seen.
CHARTS.
There were modest gaps higher at the open. Those futures were up as they continued that Wednesday reversal, but there just was not a lot of power on the move. SP500 did move up off of the 875 level again, but it was not a major move. It gave back more during the session than it gained on the close. All of the indices other than the SOX acted similarly. In other words, they closed well off of their highs, showing that the buyers could not keep it up (so to speak).
NASDAQ had a nice gain intraday but it has left itself flattened up against the May peaks. In other words, it is out of the range of support from the May peaks up to the November peak that it was trying to hold. It has now broken down into that next range that is the May peaks down to January peak. It is up at near 1773 on the high, and that is at the top of the range that bottoms at 1665 where the January top is. What it has done is gone down to the next shelf of trading range and below the resistance. It pancaked against that resistance today, unable to break through the May peaks and move back up. When you couple that with the volume and the weak breadth, it is very characteristic of a relief bounce in a market that needs more correcting.
The SOX was the real gainer on the day, gaining 2.79%. It surged nicely after a gap higher, running up to a key level at 260. As with the other indices, it was unable to take it out and it closed back down from there. It still had a 2.8% gain on the session, but it was up 3% and more. It could not hold it all, however, as the market slipped back. It had that short double bottom, a nice break higher off of it which was a nice interim signal, and it bounced up. The question is that the pattern does not indicate that it is in a position to break through, particularly when you look at the action today where it went through that level and then fell back below it, giving up quite a bit of the upside gain.
SP600, the small caps, gained fractionally at 0.11%. There is nothing fancy there. It managed to hold its 200 day SMA, but now it is in the lower part of its three-month range. It is a head and shoulders like you hear a bunch of the commentators talking about in patterns on the NYSE indices. It is down near the bottom of them. It has not broken down or collapsed, but then again we have not seen the full head and shoulders consummate. Yes, they broke through some necklines, but we got that immediate relief bounce. They are not giving up, and what that tells us is that there are buyers there that are not going to give up completely. Head and shoulders patterns are pictures - if they look bad, everyone talks about them as if they are really bad. Then a lot of times they set up and just fizzle without ever getting fully consummated. Typically that means that you take the neckline to the head, measure that distance and pivot it down on the neckline. Then project down the height of the neck to the head down lower, and that is how far you anticipate the move to go. Depending on where you want to draw your neckline, that puts SP500 anywhere from the 820-830 range. There is an 850 level. 846 is the 38% Fibonacci retracement and 811 is the 50%. If it falls in between there, that would be a perfectly normal pullback from a 35% gain off of the lows.
LEADERSHIP.
There is not a whole lot of leadership right now. There are a lot of stocks that were bouncing up from beaten up sectors. Energy stocks, commodities and some financial stocks were bouncing, but they had all been knocked down. The financials have not been knocked down as much, but they have not been doing anything. They have been trending down lately. The energy stocks and commodities have gotten their tails kicked and a relief bounce is normal in this case. Some of the NASDAQ large cap techs and some of the smaller cap techs have gotten their rears kicked lately as well in the recent selling and were involved in some relief bouncing as well. The patterns are not as crisp - they are getting a little old and stale. They have made long runs, have tried to move higher and are having a struggle doing it. We are trying to play some of these big tech names on a bounce such as GOOG and BIDU, and we will see if something will come of them because they are at a pretty good risk/reward point. They came down to support and then started to bounce. We can take advantage of that and try to get a play if they can move back up. The SP500 decides to hold and make more of a bounce off of 875 and not go down to the next level at 850, then these big name stocks that came down to support will try to lead the way higher. It was worth taking positions to see if we could get plays on them, although it is not definitive that they will be the next leaders.
Leadership is struggling. The semiconductors have some really good stocks in great position to move higher. They are a bit long in the tooth on their moves as well, but are acting very well. Others in the same sector are not looking as good. One of the leading sectors off of the lows is having issues as well. The entire market is in transition and trying to base out again, and that is exactly what leadership is trying to do as well. That is nothing irregular. It is quite normal and makes sense when you think about the market being made up of stocks. If the stocks are trying to base out and trying to catch their breath and reset, then the market has to do the same thing. That is what it is doing right now.
THE ECONOMY
Expect some more stimulus down the road.
Yesterday I spoke about whether a second stimulus package is needed (and you also hear it talked about on the news at least every 30 minutes). Actually it would not even be a second stimulus package - it would be for the Obama administration, but recall that the Bush administration launched a tax rebate stimulus package even before September 2008. That administration launched a tax rebate stimulus program before that. They issued a bunch of $600 checks to people, just like the Bush administration did in the first stimulus package it had its first administration. That did not have any effect did it? It bucked up the retail sales a bit because people went out and actually spent the money. That was pre-Lehman Brothers, pre-Labor Day - before it all hit the fan and we were worried about the Great Depression II. People went out and spent the money and Best Buy had great results from that. So there were good retail sales back then, but the money was spent and gone, and it did not do much of anything. It sure did not prevent the meltdown and scare of Great Depression II. Even though we did not go into that Great Depression, it certainly has not helped pull us out of the mess. It did not prevent it and of course the money is gone, so it is not going to help pull us out. What we are hearing now is more people taking about whether we actually need more stimulus. Warren Buffet came out today in an interview for CNBC and said that he thought we ought to have one ready. All of the other Congressmen, Senators, and Washington insiders are also talking about the need for more stimulus or how we "need to have one ready." What that means is that there is probably an 80% chance that we will have another stimulus package. It will be the Obama administration's second package, but will be the third stimulus package overall. That is the way Washington works: the administration says it will not do that, but then when the hue and cry gets loud enough - and the administration has to listen to the polls - it issues another stimulus package. The same thing happened with Bush. That administration was not going to issue another stimulus, there was no point in doing it, and the economy was fine. The next thing you know, $600 checks are being sent out to every man, woman and child it seemed - living or dead - in the United States of America.
So it looks like we are eventually going to have stimulus again. The problem is that though we are calling it stimulus, we know that the administration does not believe in supply-side stimulus, which is the real stimulus as the Kennedy administration showed us, as the 1920's showed us, and as the 1980's showed us. To some extent the Bush administration showed this as well because in his second stimulus plan (see, there goes that second stimulus) it actually did have supply-side stimulus in it, and of course the economy boomed afterward. As a matter of fact, the third quarter of that year, the GDP grew 7.3%. That is not bad at all. If you can unleash investment in the United States, you can make a bunch of money for the people and thus the government as well.
Last night we talked about a really elegant solution, and I wish our leaders would listen to that. Instead of spending the $780B - remember we still only and 15% of it actually spent that has gone out to the states and the people. We can just pull that back, give everyone a tax holiday for a year, then invest the money and spend the money. Can you imagine what that would do if all of a sudden you had 30-40% of your income? Remember, we are just talking income tax. We are not talking about the whole 50%+ of your gross that the state and federal government takes out of your check. They take over 50% of what you make - that includes all of the excise taxes as well as the federal income tax. We are just talking about the income tax, but what a boon that would be to a lot of people, especially the ones who actually make the economy work, such as those who have the small businesses, who invest and buy in goods and services. It would be a great idea but it is not going to happen because the government needs its money and it wants it now. It wants that steady IV drip all of the time.
Jobless claims still show jobs sector an economic drag.
The jobless claims did fall below the 600K level, but the problem is that it was all due to government adjustments. Typically at this time of year the auto manufacturers lay off workers (or furlough them as they call it) to retool their factories. What happened is two of them are now owned by the government and the sales are very slow, so they shut down plants early. Some have been closed, others they actually do retool and are still in business - so they retooled them and laid off the workers, but they did it earlier. The government did not get wind of this and it calculated this past week's numbers based on the idea that there would be furloughs this week, so they made seasonal adjustments to that. What happens when you expect more and you want to adjust them down but there are not more? You get an abnormally low number. That is what happened here. It fell below 600K, but the government itself is saying that it will go back up because it was due to seasonal adjustments, and they did not have the data that needed to be adjusted. So it skewed the whole thing lower. Continuing claims showed the real story; they rose 159K, moving back up to 6.88M. That is 6.88M people on unemployment claims, and we know that there are over 14M according to the government that are unemployed. In the real world we hear from reputable sources that it is upwards of 30M. This is a very hard time for everyone in the United States.
THE MARKET
MARKET SENTIMENT
VIX: 29.78; -1.52
VXN: 30; -1.07
VXO: 29.41; -1.52
Put/Call Ratio (CBOE): 1.07; +0.04. Six sessions closing over 1.0. Just about to the point it means something.
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: 41.47%, continuing the decline. 43.6% last week, down from 44.8% as the choppy market is still culling the herd some. Hit a high of 47.7% on the run from the March lows. Steady rise from 36.0% just 10 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: 29.9%. Bears continue their recovery after falling as the market rallied. Up from 23.3% just over a month back. Still 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: +5.38 points (+0.31%) to close at 1752.55
Volume: 1.829B (-23.95%). No volume on a bounce. That is a prescription for a relief bounce that doesn't have legs.
Up Volume: 1.328B (+342.722M)
Down Volume: 531.81M (-882.848M)
A/D and Hi/Lo: Advancers led 1.03 to 1. Weak breadth on the upside. Not many leaders. More indication of a relief bounce.
Previous Session: Decliners led 2.04 to 1
New Highs: 16 (+5)
New Lows: 31 (-10)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: +3.12 points (+0.35%) to close at 882.68
NYSE Volume: 1.006B (-30.03%). Lighter trade here on the upside. Relief-ish.
Up Volume: 679.587M (+266.665M)
Down Volume: 317.194M (-691.515M)
A/D and Hi/Lo: Advancers led 1.67 to 1
Previous Session: Decliners led 2 to 1
New Highs: 11 (-6)
New Lows: 46 (-8)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
Continued the bounce off the Wednesday test and reversal from 875 support, but a rather weak bounce in terms of gains and volume. Kept it in the range from the February high to the December peaks, but just by a hair.
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: +4.76 points (+0.06%) to close at 8183.17
Volume: 192M shares Thursday versus 325M shares Wednesday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
FRIDAY
It is already Friday, can you believe it? Summertime is flying by quickly. This is supposedly one of the slowest weeks of the summer, and it was rather slow, although we had some interesting action on Wednesday with that higher volume reversal. It kind of picked up interest when usually you have a very quiet summertime period. It showed that there are still buyers out there (and some pretty big buyers based on the volume) who are looking for opportunity to put money to work. There is no real surprise with that because the liquidity is still out there. It has been somewhat quiet as the market has been consolidating and there has been talk of removing the stimulus . it is still there - it has not been pulled back. When we got a dip down to a key support level, even though the SP500 did break it some intraday, the money moved in and it moved in pretty big and rallied the market back. Even with that said, we now have Friday, and it is Friday in July which is typically quiet.
What to expect? There was relief bouncing today, it gave back a lot of the gain, but we may see some additional relief bounce in the morning. There is still money out there and it will try to move some of these stocks higher. The question is can SP500 find its legs and continue higher using 875 as its bottom versus going lower at 850? It could. One cannot tell the market what to do, we can only react based on what the market does. We can be ready for what the market does because we have an idea of what it will do, but there is always the chance that the market will surprise and do what it wants to do regardless of what anyone feels it should do. What are the odds of SP500 using 875 as its bottom? Frankly you know that I do not think the odds of SP500 making a new bottom and a corresponding move higher to be very high. I still think it is going to need to go down and test. That means the same thing that we noted Wednesday is still in play as we head into the weekend. That means that, number one, we are going to try to play the bounce higher with a few good stocks that are able to move well. We are trying that with GOOG and BIDU, and if other possibilities show up that can move well and look ripe to move, we can try that, too. Friday is not my favorite time to buy with respect to the upside however. The market tends to have its lows early in the week and its highs later in the week. That is just a general rule of thumb and a general trend in the market. Buying on Friday - at least buying for the upside - can be a problem because quickly find yourself under water to start the next week.
We will look for possibilities, but will not be over aggressive with respect to any new upside plays. As for the second prong in the plan of attack, we could use the bounce to cull some upside plays that are not working very well. That was done today - stocks bounced up, did not bounce well, and we closed some up. If the market makes more of a bounce and they come up toward resistance, but cannot break through, then we can close them as well. I still think the market can come back more and do some testing, so if we have a non-performer now that is not doing well for us or does not have a good cushion of gain built into it, we can close it and get it out of the way, then see how the market tests. We can always get back in if the pattern sets back up.
The third prong is that we will look for downside plays ahead of the coming week. I said that the market tends to rise up toward Friday and then fall early in the week. On top of that, it looks like we have a relief bounce. Nothing like a strong move at all, but a narrow, light-volume bounce higher that could not hold onto much of its gains. If we get stocks setting up for the downside again, we can take advantage of that. There are still patterns developing that could lead to the upside, but they are in the midst of forming. For example, ABCD patterns - there are several legs there that you have to move through. We could play the individual legs up and down and then when the pattern sets up, play the overall pattern. So while I can see some upside developing, it is not ripe yet and we can play some rebound moves and then some downside moves while those form. Of course with any pattern, until it is formed and making the move, it does not mean a whole lot. There is a drought right now. There are clouds, some thunder and rumbling on the horizon, and it looks like it is going to rain -and then it does not. Things can look promising but never develop, and that is the same thing with patterns. Do not fall too in love with them; let them develop and if they work, that is great. If not, do not worry about it. Focus on getting good entry points into our plays whether they are upside or downside, longer term or shorter term - if they work out they make us great money, and if they do not, we will cut them off and move on and not worry too much about it. That is the nature of being a good investor and a good trader.
That is our three-step game plan for the Friday ahead. It is no 12-step program here, just a simple game plan of what to look for. The market is still trying to consolidate, so let them set up, be patient, and we will let things come to us and take our shots here and there. There will come a time when it is time to load the boat once more, but it is not here yet. Have a great evening and I will see you tomorrow.
Support and Resistance
NASDAQ: Closed at 1752.55
Resistance:
The 50 day EMA at 1760
1770 is the mid-October interim peak
1773 is the May intraday peak
1780 is the November 2008 closing peak
1786 is the November intraday high
The 18 day EMA at 1794
1880 is the June peak
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:
1716 is the May closing high
1673 is the prior April peak
1666 is the intraday January 2009 peak
1664 is the May 2008 low
1661 is the April 2009 prior peak
The January closing peak at 1653 (intraday)
The 200 day SMA at 1628
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 882.68
Resistance:
882 is the early May low
The 200 day SMA at 882
888.70 is the April intraday high.
896 is the late November 2008 peak
The 10 day EMA at 898
899 is the early October closing low
The 50 day EMA at 899
919 is the early December peak is bending
930 is the May peak
935 is the January closing high
944 is the January 2009 high
956 is the June intraday peak
1000
1050
Support:
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
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 8183.17
Resistance:
8191 is the prior April peak
8197 was the second October 2008 low
8221 is the May 2008 low
8307 is the April 2009 intraday high
8315 is the February 2009 peak
The 50 day EMA at 8364
8375 is the late January 2009 interim peak
The 18 day EMA at 8379
8419 is the late December closing low in that consolidation
8451 is the early October closing low
8521 is an interim high in March 2003 after the March 2003 low
8588 is the May high
8626 from December 2002
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:
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.
July 06 - Monday
ISM Services, Jun (10:00): 47.0 actual versus 46.0 expected, 44.0 prior (no revisions)
July 08 - Wednesday
Crude Inventories, 07/03 (10:30): -2.90M actual versus -3.66M prior
Consumer Credit, May (15:00): -$3.2B actual versus -$8.5B expected, -$16.5B prior (revised from -$15.7B)
July 09 - Friday
Initial Claims, 07/04 (08:30): 565K actual versus 603K expected, 617K prior (revised from 614K)
Wholesale Inventories, May (10:00): -0.8% actual versus -1.0% expected, -1.3% prior (revised from -1.4%)
Jul 10 - Saturday
Export Prices ex-ag., June (08:30): 0.3% prior
Import Prices ex-oil, June (08:30): 0.2% prior
Trade Balance, May (08:30): -$30.0B expected, -$29.2B prior
Michigan Sentiment-Prelim, July (09:55): 70.0 expected, 70.8 prior
End part 1 of 3
|
trading system
money investment
|
