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us stock market, trading system
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8/17/09 Investment House Alerts
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IH Alert Subscribers:
MARKET ALERTS:
Targets hit alerts: None issued
Buy alerts: LPX; RL
Trailing stops: CME; CMG
Stop alerts: MON; PNK; SOHU
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THE VIDEO MARKET SUMMARY IS AVAILABLE AT THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/marketsummary.wmv
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SUMMARY:
- Market manages a decent relief bounce after Monday's gut punch
- Lower breadth, lower volume, bounces back to former support indicate the Tuesday action was a relief bounce.
- Inflation is tame near term.
- Housing is still weak but the supply side is trying to rally in spite of the lack of supply side investment.
- Looking for more downside after this bounce to test former support.
- How we enter plays to stack the deck in our favor.
Market bounces after the Monday drubbing, but it is weaker across the board.
On Monday night, I said that the market might try to relief bounce after the gut punch it received on Monday when the market gapped lower. It had been working in a two week lateral consolidation in August trying to digest those big 15% gains from July, but it was unable to make the move higher out of this range given that big, ugly gap lower on Monday. Both NASDAQ and the SP500 closed below the bottom of their range, which suggests that they are going to sell further.
On Tuesday there was the relief bounce. It is a technical move - after the market gets a body slam, it tends to bounce up whether dead or alive. There were reasons attributed to the market bounce, one of them being that the PPI was very tame. It came in at -0.9% versus the -0.3% expected and the 1.8% gain back in June. The core fell -0.1%. That was better than the + 0.1% expected and the 0.5% the prior month. There is no real threat of inflation at the producer end so the market took some heart. Low inflation is good for currencies and stocks. That does not mean it will not happen down the road, and when you have a deficit that is equal to your GDP, you have serious issues.
Earnings turned out pretty good in the retail area. TJX, SKS, and HD all had better than expected earnings; indeed, HD guided higher. This was welcome news after LOW had abysmal earnings and guidance on Monday. This was somewhat attributed to the selloff, although we know the market did not sell off with the huge losses it had just because little old Lowe's predicted that its sales would not be as good as they had hoped. Earnings were better, so that added a bit to the positive side of the scale on Tuesday. The analysts were active again, upping their price targets on AAPL, RIMM and PALM. They felt things were going to be better in the handheld market, so they boosted the earnings and AAPL bounced over $4.00. It had some impact along with the technical relief bounce (or "dead cat bounce," as it is also called) after such a big blow down as we saw on Monday.
In Germany, the confidence was up. There have been mixed signals out of the European continent. Some days things look rosy, other days they look like they are going to hell, and a lot of it depends on which way the market is moving. If things are positive, it will find the glass half full. If it is feeling negative, it will find the glass half empty. That is why I often call it a game of pin the tail on why the market made its move. The analysts will get up and talk about why the market did this or that and say that something was "the key factor," which is a bunch of nonsense in most cases. The 'key factor' provides a trigger for a move, but the move is already set up and ready to go - it just needs something to set it off. When you are trying to find a reason for the selling, it is usually a technical reason. The market has either been overbought, oversold, or it is factoring in earnings growth or shrinkage down the road. That is pretty much what moves the market, and most everything else is noise.
I felt the market would have a dead cat bounce, and that implies that I felt it was just a relief move and it would not last. The technicals will tell you why I felt that Tuesday was just a bounce.
TECHNICAL
INTRADAY.
The market was up decently premarket. The housing starts kicked the futures down somewhat, but it did not send them to zero and the market was able to hold some upside into the open. It started higher and enjoyed essentially a steady move higher all session. There was not a lot of volatility on Tuesday, just as there was very little on Monday. The market fell like a stone in the first 30 minutes on Monday and then flat lined it all the way to the close. On Tuesday it did a little bit of the opposite. There was no big gap, just a modest move higher at the open and a steady, slow climb to the upside into the close which left some decent gains in the market.
NASDAQ gained 25 points, or 1.3%. The SP500 gained almost 10 points, or 1%. This was not a bad day, but when you juxtapose it with Monday, it is cold consolation. The market started low and moved higher on the day. It was positive action, and sellers never tried to come in and sell the market as they were taking a breather.
INTERNALS.
Breadth was quite solid on NASDAQ at 2.7:1. NYSE showed 3.5:1. Both of those are very respectable breadth levels, but the problem is that they were massively lower on the prior sessions at -4.5:1 on NASDAQ and -6.4:1 on the NYSE. It looks good in isolation, but when you look at the bigger picture, you see that the move was not that strong. Not as much of the market was moving up as was moving gown on Monday, so we have to put the weight on the negative side with respect to breadth.
Volume was down on NASDAQ to 1.7B shares, falling 6.8%. NYSE was down 15%, just barely cracking over $1B shares. That says that there were not that many buyers pushing things back up - at least not compared to the sellers on Monday. With just $1B shares, the NYSE shows a pretty pathetic level of volume no matter which way you slice it.
The breadth was decent but not nearly as strong as the downside on Monday, and volume was significantly lower in NYSE's case. That puts it back below average which tells us that the buyers were not as strong as the sellers were on Monday once again. That is a relief bounce.
CHARTS.
Both NASDAQ and the SP500 fell out of their two-week, early August lateral moves. Tuesday they bounced back up but did not approach the levels of the bottom of the range that they gapped out of. That is another indication that this was just a relief bounce. When you look at a lot of the big name or leadership stocks in the market, you see the same kind of action. They bounced up after gapping lower. Some of them broke key support levels like trendlines or 50 day EMAs, and they bounced back up to those levels and stalled. That was very similar to the indices. That is the kind of look that the indices are showing, and it is reflected in the stocks in the rest of the market (it makes sense since the indices are made up of stocks). Technically, they were unable to recapture the significant levels that they broke through on Monday, therefore it was another negative weight on the scale of the market. It suggests further downside to come after this little relief bounce.
LEADERSHIP.
There were some good moves by stocks such as AAPL and some of the tech stocks which have been leaders all the way along. Even IBM had a pretty decent move. It bounced back up but IBM itself was struggling and was unable to fill that gap all of the way and get back up to where it was last week. Going down the line, - whether it is mineral stocks, industrial metals, energy, industrials - a lot of the stocks that had moved higher and led the market higher gapped lower on Monday. Then they made a relief bounce on Tuesday that just simply could not recapture the support that was broken; they will likely roll back over and fall back down. We closed out several of those upside plays that we had today and made that move, which I said we would do if we got a market bounce. It bounced up to resistance (whether it was a trendline or the 50 day EMA), and they started to stall, so we were closing them.
A lot of the positions gapped down on Monday but managed to hold the trendline or 50 day EMA, and that is okay. We did not get out of them because if you sell in a panic and they gap down, you will not get as good of an exit point. Today they moved up off of those levels and we will let them do that. We hung onto those because a relief bounce can bounce further. I did not think this one would have much to it; as a matter of fact, on Monday I thought if we got a relief bounce it would only last the first hour or so of trade. This one managed to hold up through the close, and that is a pretty decent sign that we may get some more tomorrow. Tomorrow we may just get the move up in the first hour of trade and it will roll over. If it does and stalls out, we will close more of the upside positions that are struggling and do not seem able to reach their new highs without more consolidation and selling.
The market had a 15% move in July and flat lined for a couple of weeks. It tried to consolidate to make the next break higher, but there was all of the worry over what was going on in China, Europe, and in the good old USA, so we had problems. We started to sell. It is just past August, and we are going into the ugly month of September. We have had outsized moves in the summer when we usually do not have these kinds of gains, and it is starting to make some kind of sense.
On Tuesday, everything that was down on Monday bounced - aside from healthcare. After talk in Washington of a retraction of the public option in the plan, healthcare sold back down. It was just a flip, but most of the market was on the upside Tuesday with that relief bounce. It does not give a lot of comfort for upside because it had all of the characteristics of a relief bounce. The internals, the volume in particular, and the chart action show the indices bouncing up and unable to recapture the August consolidation bottom. Then there were leadership stocks showing similar action (bouncing up after gapping lower), but a lot of them were unable to retake key levels. That is - say it with me - a relief bounce.
THE ECONOMY
Housing starts disappoint even with single family dwellings rising.
I talked about the PPI showing no worry of inflation now, but there is a worry of inflation down the road that has kept commodities going higher. There was other action on Monday that influenced these trades a lot, and not only the fact that they gapped lower on Monday.
After running to bonds on Monday, investors sold some of them, and the 10 year yield rose to 3.51% . That is not much of a rise, but it was up from 3.47% on Tuesday. Gold was up modestly, hardly worth mentioning at $940 (up $1.00). Oil was up significantly. It got kicked around on Monday as the dollar rallied, but the dollar was softer on Tuesday. It was at 1.41+ Euros, versus 1.4077 on Monday. As the dollar lost some ground, oil regained everything that it lost on Monday. It was up at $69+, up over $2.60. After hours, it was trading up at $70.17. Oil was moving right back up toward the top of its range. We will see what happens. Some say that oil has double topped and is going to fall, but I think it is just range trading. Oil is going to be expensive, and that is all there is to it right now. That also shows what I was talking about earlier with respect to the producer prices: there is inflation indicated down the road. It may not be showing up in the monthly numbers because we are still in a hideous recession, but it is baked into the cake. We saw some (dare I say it?) green shoots with some of the regional manufacturing reports, but I just do not see the kind of recovery that is going to trigger a lot of inflation from the demand side. Back in 2002-2003 we had inflation baked into the cake because we had originally used only demand side stimulus and no supply side stimulus.
Despite the lack of any stimulus that helps any businesses whatsoever (other than the transfer payments in Cash for Clunkers or the kinds of projects that do not create any new jobs) we are seeing some of the supply side come back. Industrial production is improving, regional manufacturing reports have improved, and the New York PMI was positive for the first time since the Lehman Brothers collapse. That goes for any regional PMI. That is what happened when the recession of 2002 ended, so that is very positive. The supply side is trying to come back even as there is a lack of demand. Is there really a lack of demand? There were better results in earnings from several of the retailers - SKS, TJX, HD - and retail stocks are moving quite well. RL was one of our plays today. It had a nice run, a nice pullback on the flag, and then it broke higher and we bought into it today. Retail stocks are showing that the demand may not be that bad and there is some supply out there, yet only 10% on the stimulus dollars have hit the economy. Maybe we do not need to transfer all of that wealth around the country to different places. Maybe if we just said things are going better and we are going to give tax incentives to go out and spend more money on the supply side, then we would kick off a recovery. Oh, who am I kidding? That is not going to happen. Our President does not believe in that, so we will not have any supply side, but we may recover in spite of ourselves. That would be the kicker, would it not? Free enterprise wins out after all before we have even spent 90% of the $780B we are supposed to spend. That would be amazing.
There was some disappointment about housing starts Tuesday. The July housing starts were down 1% after growing 6.5% in June, so that was kind of a downer for the market. Building permits fell 1.8% after rising 10% in June, and that was a big disappointment that threw a wet blanket on the futures early on. The interesting thing was that single family dwellings lead the way in July. In May and June, it was multifamily housing (apartments), which are never a good sign for recovery. Multi family does move up initially because people have to have a place to live and cannot afford houses in a recession. We have seen how high foreclosures are right now, and they are still going higher, so people need a cheaper place to live and turn to apartments. That is why you see multifamily housing spike up a little bit as a recession comes to an end. It takes awhile to get a building project going, and they always lag the cycle. When a cycle ends, there are so many houses unsold and so many empty commercial office buildings because it takes awhile to get the life cycle of a construction project in the bag. Therefore, you have a lot of projects that are conceived in the heydays that are just now breaking ground when the economy is topping. That is the sad fact of the way it works and why we see multiunit housing. They see that people need more apartments, so they build more, but of course that is a lagging indicator. Then you see it switch over into single family dwellings. That is a positive because it shows that a recession is over and the economy is actually moving higher because people have the money to pay down payments. The problem is that this is probably an aberration because the housing market is still in the pits and foreclosures are still going up. We will see if this holds, but I highly doubt it.
I have said enough about the economy. It is too grim to deal with. Daily I look at what is happening out there, and there are signs of hope with respect to the regional PMIs - that is how we got out of the 2002 bottom, so that is a positive. There are indications that things could be getting better: the supply side is picking up, but we have that when there are long, stagnant, lateral moves as well. The economy is feeling a bit of the stimulus money now, and production is up a little because the car manufacturers are bringing people back and putting more cars into production thanks to the Cash for Clunkers program. Now what we hear is that just about the time everyone is rehired and things are geared back up, they will be out of money again. That is understandable because that is how the cycle works; everything lags a little bit. You have to look for the positive indicators, and some are there, but they are not as strong as you would like.
THE MARKET
MARKET SENTIMENT
VIX: 26.18; -1.71
VXN: 26.18; -1.41
VXO: 25.76; -1.29
Put/Call Ratio (CBOE): 0.93; -0.06
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: 49.4% versus 42.2% and 36.7% the week before that. Bulls are leaping higher, moving well past the 35% level considered the threshold for bullish or bearish action. Hit a high of 47.7% mid-June on the run from the March lows, and now it has surpassed that level. This is an additional indication that the market is getting overbought and in need of a correction or consolidation. To be seriously bearish it needs to get up to the 60% to 65% level. 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.
Bears: 21.3% versus 31.1% and 35.6% the prior week. Continuing the massive exodus from the ranks of bears. For reference, cracking above the 35% threshold considered bullish. Hit a 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: +25.08 points (+1.3%) to close at 1955.92
Volume: 1.726B (-6.84%)
Up Volume: 1.424B (+1.273B)
Down Volume: 301.243M (-1.405B)
A/D and Hi/Lo: Advancers led 2.74 to 1
Previous Session: Decliners led 4.55 to 1
New Highs: 24 (+12)
New Lows: 10 (-7)
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: +9.94 points (+1.01%) to close at 989.67
NYSE Volume: 1.045B (-14.93%)
Up Volume: 833.193M (+757.738M)
Down Volume: 151.147M (-980.808M)
A/D and Hi/Lo: Advancers led 3.52 to 1
Previous Session: Decliners led 6.44 to 1
New Highs: 55 (+16)
New Lows: 35 (-1)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: +82.6 points (+0.9%) to close at 9217.94
Volume: 158M shares Tuesday versus 207M shares Monday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
WEDNESDAY
Looking for a bit more bounce to close some upside, launch some new downside.
The SP500 is bouncing back up, and NASDAQ bouncing back up but neither of them were able to overtake the bottom of their ranges. It was 992 for SP500 and 1962 for NASDAQ. They are below it, and they bounced up on low volume and narrower breadth. What does that mean? As I said earlier, it is likely just a relief bounce, and we may get a little more to the upside. I would love to see it come up and kiss the bottom of that trading range because that would be a classic opportunity to play the market to the downside. I do not have a lot of confidence that the market will break higher. Most people think the market will go lower, but you have to watch out for that one on your ear, as they said on "Field of Dreams."
You have to prepare for what is likely the downside. I said I was leaning that way on the weekend and the market belly flopped on Monday . We will have to continue looking to the downside, but I would love to see a bit more upside - we may get it on Wednesday. That is how we are going to play this. We are going to let some more of the downside plays set up. If they continue to bounce back, we are going to enter them as they hit resistance and stall.
When we buy into a play: it is about risk and reward.
I want to go into how we buy into positions on a bounce up or a bounce down. Often you will have a stock that is testing, but how do you know when it will stop? You have a pretty good idea because you see support levels and you can pretty much bet that it will make a stop there, but you do not know for sure. I like to stack the deck in my favor a little, so if I see a stock pulling back to a support level, I get ready to buy it, put it on the report, and we ride it up. We all take bets on when we should buy into it, but that is the key. We buy in a good risk/reward position. You can be more conservative and wait until it rebounds if it is an upside stock. You could wait until it bounces up and clears that prior high, and then you know it will go higher. I used to do that. I found out I was really good at picking these stocks and was leaving out a lot of gain right there when I was pretty sure the stock would break out and go higher again. Why was I waiting and missing that part of the gain? I adjusted my buys and when I see it hit that support and see it close higher or that it is going into the close higher and will hold the gain, that is when I move in. If I am a day late and miss it, I do not panic. I can just buy it the next morning if it continues higher.
If I am on top of it and see it bounce and see it will close higher into the close - preferably with a volume kicker behind it to show that buyers are pushing it up - that is great. I will buy it then because I have it right off of the support level so I have a very clear, bright line with respect to my stop point and that gives me a good risk/reward point. If it bounces and makes the move I want it to, I make a bunch of money. If it breaks down and goes through the resistance and do not bounce up and close over it, I am out and I do not lose much money. That way I have my winners make a lot more money than my losers lose, and that makes a lot of sense. Sometimes it takes a long time to figure that out, but it works really well. When you can have maybe six to seven winners out of ten and they are in the 2:1, 3:1, or 4:1 category versus negligible losses on the downside, then you can see how it starts piling up. That is what you want to do as an investor and trader.
You do not have to win every trade. A lot of people get hung up on their percentage - I was once a perfectionist and wanted to win every trade, but that can be a detriment. When you realize that you can miss some trades and not sweat over it because you know your winners will make you a lot of money, then that is very empowering. When you get to that point it makes you a completely different investor, day trader, swing trader, or whatever you are. It frees you emotionally to go after the trade and trade WELL, versus trading just to make money. We are all in this to make money, but if you can do it with the goal of trading well, then you will be much better for it. Do you think Tiger Woods goes out there because he is going to get a $40M endorsement if he wins? That is not why he is out there. He is out there to play well and win, and the rest of it comes. If the batter goes up thinking he has to hit 350 in order to justify his salary, then he is not going to do it is he? You have to play with the goal of playing well, and you have to trade or invest because you want to do it well. I digress here - I am not just talking about the market or economy, but it is very important. You can be a great economist or a great market pundit while being a lousy investor. You have to meld them all. You are very broad and well rounded if you are a good investor or trader because you understand why things move the way they do, but you also know when to get in and out of the market and know that it does not necessarily correlate to what we are taught or what everyone else thinks. If it was, everyone would make money.
I hope you did not mind my explanation of how we do things. As one last example, today we had a power outage. A huge storm came through right at the end of the session with ten minutes to go, and it knocked out the power. The generator kicked on, but the internet is down so we had to switch over to our other back up internet system. We were up in no time at all, but I had an alert in the system that came in late. That was LPX and it is one that I did not get - none of us got it here until after the market closed. We do not buy our positions until after the alert comes to us, and we are the very last ones on the list so every one of you gets a shot before we do to buy these things. LPX finished higher, but am I panicked out about it? No. I was going to buy it at the end of the close, but I can buy it tomorrow morning. Hopefully, it will not gap higher on me, but if it does gap higher, I bet I can still get a decent trade on it if it comes back and tests, so all is not lost. I may have to let it go, however, and I will not lose sleep over it. There are a lot of fish to fry out there, and even though the market looks like it will head down, there are great upside plays.
Tomorrow, if we get a little more upside then I will be buying LPX. It does not seem logical since the market is going down, but this looks like it will go up. There are always plays that go contra to the market. They are going contra to the market just recently and are now ready to move, and we will take some chances because we have a great risk/reward position on that. That really helps when your entry point is right. Tomorrow if we get that upside, we will also look to the downside because I do not think we are going to get the market back up through the bottom of the August consolidation. If it does, that changes the ball game a little and we will roll with it. Either way, we will make good money. I hope that explains a bit more how we approach things.
I hope you are having a good week. It is hard to wake up on Monday and get that kind of punch, and I know my prognosis is not great with respect to more upside, but that does not mean we will not make money. As a matter of fact, we will likely make a lot of money really quickly. Have a great evening and I will see you tomorrow.
Support and Resistance
NASDAQ: Closed at 1955.92
Resistance:
1962 is the bottom of the August 2009 range.
The 18 day EMA at 1963
1984 from late September
2010 from the Thursday peak
2015 is turning out to be near term resistance
2099 is the mid-September low
2169 is the March 2008 double bottom low
Support:
1947 is the October gap down point
1897 is the October post gap intraday high.
The 50 day EMA at 1892
1880 is the June peak
1862 is the July peak
1786 is the November intraday high
1780 is the November 2008 closing peak
1773 is the May intraday peak
1770 is the mid-October interim peak
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 1646
S&P 500: Closed at 989.67
Resistance:
992 is the August 2009 consolidation low
The 18 day EMA at 988
The November 2008 peak at 1006
The August intraday peak at 1018
1050
1106 is the September 2008 low
Support:
956 is the June intraday peak
The 50 day EMA at 954
944 is the January 2009 high
935 is the January closing high
932 is the July peak
930 is the May peak
919 is the early December peak is bending
899 is the early October closing low
896 is the late November 2008 peak
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
The 200 day SMA at 875
866 is the second October 2008 low
857 is the December consolidation low
Dow: Closed at 9217.94
Resistance:
9387 is the mid-October peak
9625 is the October closing high
10,365 is the late September low
Support:
9088 is the January 2009 peak
8985 is the closing low in the mid-2003 consolidation
8934 is the December closing high
8878 is the June peak
The 50 day EMA at 8869
8829 is the late November 2008 peak
8626 from December 2002
8588 is the May high
8581 is the July peak
8521 is an interim high in March 2003 after the March 2003 low
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
8315 is the February 2009 peak
The 200 day SMA at 8313
8307 is the April 2009 intraday high
8221 is the May 2008 low
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
August 17 - Monday
Empire Manufacturing, August (08:30): 12.08 actual versus 3.00, -0.55 prior
Net Long-Term TIC Fl, June (09:00): $90.7B actual versus $17.5B expected, -$19.8B prior
August 18 - Tuesday
Housing Starts, July (08:30): 581K actual versus 599K expected, 587K prior (revised from 582K)
Building Permits, July (08:30): 560K actual versus 577K expected, 570K prior (revised from 563K)
PPI, July (08:30): -0.9% actual versus -0.3% expected, 1.8% prior (no revisions)
Core PPI, July (08:30): -0.1% actual versus 0.1% expected, 0.5% prior (no revisions)
August 19 - Wednesday
Crude Inventories, 08/14 (10:30): +2.52M prior
August 20 - Thursday
Initial Claims, 08/15 (08:30): 553K expected, 558K prior
Leading Indicators, July (10:00): 0.6% expected, 0.7% prior
Philadelphia Fed, August (10:00): -2.0 expected, -7.5 prior
August 21 - Friday
Existing Home Sales, July (10:00): 5.00M expected, 4.89M prior
End part 1 of 3
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