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world stock market, us stock market
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6/24/10 Investment House Alerts
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MARKET ALERTS:
Targets hit alerts: None issued
Buy alerts: None issued
Trailing stops: None issued
Stop alerts: None issued
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The Market Video is DIVIDED into component parts: Market Overview, Technical Summary, Economy, and the Next Session. This allows you to choose the segments you are interested in without having to find the segment in a longer video. Click on the link to the portion you wish to view.
MARKET OVERVIEW
TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/MarketOverview.wmv
TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/TechnicalSummary.wmv
TO VIEW THE ECONOMY CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/Economy.wmv
TO VIEW THE NEXT SESSION VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/NextSession.wmv
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SUMMARY:
- No resilience Thursday as economic worries shift to the US as retail results start to struggle.
- Retail results foster the notion, along with May home sales, that the US economy is feeling the heat from Europe's slowdown.
- Jobless claims are lower but consider from what point.
- Durable goods orders down but business investment is still solid.
- Friday to start with downside momentum, but after four days the indices are hitting what should be support.
Worries regarding a slowdown of the US economy on top of Europe weighing on the market.
The market did not have a good day on Thursday. It did not have a good day on Monday, Tuesday, or Wednesday for that matter. Thursday was a little different, however, because there is a concern about the economy. I am not talking about the European economy that dominated the action from April, through all the May selling, into early June; the problem is with the US economy. The jobless claims were down. They fell to 457K from 476K, but that is hardly a good number. This week there was a lot of angst over existing home sales that fell 2.2%, and then the new sales that fell 32.7%. Suddenly the worry is not about Europe it is about the US and contagion from Europe. The ECRI report continues to show a downgrade of the US economy in the future to noticeable slowing. Couple that with the Fed's downgrade of the US economy in its Wednesday release of the FOMC decision, and you can see a consensus building that there may be a double dip in the US. It just depends on how deep the double dip is.
On Thursday the market started lower and it sold off. It tried to shake off the shackles of the selling, it rebounded intraday, but it never got back to the opening level that was over 190. It instead fizzled out at 187 and then sold to a new session low into the close. Very lackluster trade, but there was a bit more volume on Thursday that was not there on the earlier downside days this week. That shows the selling is picking up some momentum. Whereas the selling earlier in the week was just a lack of buying and low volume that accompanied it, the increasing volume on Thursday shows that the sellers were becoming more interested in trying to push the market lower. NASDAQ -1.6%, Dow -1.4%, SP500 -1.7%, SOX -3%, SP600 -1.6%, and NASDAQ 100 -1.6%.
It was downside across the board, but there were a couple of brighter spots though not that bright. Precious metals were stronger and energy was up somewhat, although that sector was extremely mixed. Four down days in a row. Typically in this market, if there are four or so downside days, then there is a bounce. We will see. Maybe it is about done on this selling now, although the charts and the way they closed do not indicate that. Indeed, the SP500 may be heading back toward the higher lows because it is so close right now. It may want to avoid the Christmas rush and get it out of the way. It is at some support and could bounce from here, though at the close it did not have the look of an index that wanted to try it anytime soon. There is the head and shoulders pattern where the right shoulder looks to have formed on the tap at the bottom of the January peak. Since then the market has sold off. It looks like it may try to consummate here, although there is still a tremendous amount of support near the February lows.
Worries about the US economy may have triggered it. There was not only the problem with jobless claims and home sales for the week, but there were some earnings out. BBBY, one of the retail stalwarts, had disappointing guidance and was down. LEN said its orders were down 10%. DRI is the home of Red Lobster among others, and it missed its earnings. That was quite disappointing. NKE was in line and posted its usual strong sales, but the US was just so-so. Most of the action was overseas, and that was a downer for the retail sectors. The retail sector took one of the sharper hits on the session.
Europe was not out of the picture altogether. The US might be the focus, but Greek credit default swaps hit an all-time high. That shows that the fear is high. Credit default swaps are insurance that the other party to a financial transaction will or will not perform. Europe is no longer the "new" news, but it is always in the background. The market looks here and there, in addition to the European story, to find how it will react for the day. Unfortunately for the bulls, Thursday was a reaction to the downside yet again.
OTHER MARKETS.
Dollar. The dollar was down slightly, but only ever so slightly. It is not struggling, but it is testing back to the 50 day EMA after a very strong outsized rally up through early June (1.2328 Euros versus 1.2312 Wednesday). A bit of weakness, but the pattern hardly suggests any weakness in the greenback.
http://investmenthouse.com/ihmedia/dxy0.jpeg
Bonds. Bonds sold back just a bit after a nice break higher during the week (10 year US Treasury yield 3.13% versus 3.11% Wednesday). A nice rally in bonds took it right back to the prior peaks, and now they are testing again. We will see if they can make a higher low and break to the upside. If the US joins the parade of economies in question, there is little doubt that bonds will continue to rise.
http://investmenthouse.com/ihmedia/tlt.jpeg
Gold. Gold had another upside session ($1,241.70, +6.90). It was not hugely moving to the upside, but it was not a bad move at all. It is continuing its trend, and it looks ready to rally again and continue putting in new all-time highs after making a higher low above a prior all-time high. That is a bit of fear trade and maybe some inflation worries. Even though the world economies may be slowing, slowing economies typically mean rising inflation. That is against what the Phillips Curve people would have you believe, but a slowing economy typically results in rising inflation nonetheless. Thus gold has the inflation component driving it as well as a fear component. If the US is not able to produce a lot of strong economic output, what do people do with their money? It gets put in US Treasuries and gold because there is also the inflation hedge you can play as well.
http://investmenthouse.com/ihmedia/xgld.jpeg
Oil. Oil was more or less flat ($76.39, +0.04). Not a big move, but after testing back following the nice surge off the bottom of its range, it may be ready to try the move back to the upside again and keep the upside rally to the top of the range in place. It has some resistance. It fell back through the 250 day EMA and has some work to punch through, but nothing indicates it has run out of steam on this rally. It did move up to the bottom of the March range, and it stalled and sold back. It is at the 18 day EMA for two days in a row, and the near support is a perfect place for it to bounce and continue its run back up toward the $83-84 level. Oil does not seem to be in much trouble now, and neither does gold nor US bonds. All of them have a component that investors are interested in now, whether it is based on worry of inflation, economic slumps here and abroad, or a place to get some value when there is not much value in other markets.
http://investmenthouse.com/ihmedia/xoil.jpeg
TECHNICAL PICTURE
INTERNALS
Volume. Volume rose 8% on NASDAQ, up to 1.9B shares. It is moving up toward that average level, and that indicates there is ongoing selling. It rose over 11% on the NYSE to 1.26B. There is more selling action into the market as the volume rises and the market rolls down. That is versus the light volume, closing-up-the-wallet action that drove the earlier losses this week when the buyers simply stopped buying. There is a big difference between buyers putting their wallets on their hip versus sellers coming in and driving the market down on rising volume. It was not huge volume it is moving up toward average and was still below average on the NYSE.
Breadth. -3:1 on both NASDAQ and NYSE. Very clear the sellers were in control but not crushing the market down.
CHARTS
SP500. After tapping the bottom of the January peak on Monday, SP500 has sold off for four straight sessions. It tends to sell off for four to five sessions on the downsides and then moves back up. Here it sold off on four straight sessions without any relief like it has on other pullbacks since the beginning of May. There may be a bit of difference, but the question is whether it has a positive distinction for the bulls or not. SP500 is at an interim support level. Looking back into May even during the May 6th flash crash and all the way back into late January, there is support where it closed. Will it decide to make the run down to the February lows again since it is so close, or will it hold here and try to put in a higher low and move to the upside note that it still can put in a higher low? It had no rest since the bottom, it surged up, and now it is coming back to test. There is support here. It may not last, but we may get a bounce. I can say that the market held somewhat true to the adage about the FOMC meeting: up the day before and down the day after. On Wednesday the market had a hole to dig itself out of after the new home sales came out with an almost 33% loss for the month. That made it difficult for stocks to come back for the rest of the session.
NASDAQ. Volume was higher, although it was not racing higher. It was edging toward average and showing more sellers coming in. The key for NASDAQ was whether it would hold the 200 day EMA and bounce the SP500 up with it, or if it would give it up. Well, it gave it up. It gapped lower and did not even make an attempt to recover it. It is still above this important long-term support range, and that is one it has held for the past ten years. It is holding this year as well. It gets a little lower, bounces back you get the picture. It is all in the same range. The question is whether it continues down and touches this support level or goes on lower. As with SP500, it looks like it is right there and might as well make the trip to get it out of the way. Also four days to the downside is about as big as they have gotten (maybe not the in the terms of total losses, but in terms of the days straight to the downside). Maybe NASDAQ will get to that interim point and bounce as well. Does it matter? It could, but this was not a great break for the bulls since it was a gap below the 200 day EMA, and it never tried to recapture that level intraday. That does not mean it will not do that tomorrow, but there is downside momentum here, and it might move down and test the next support level before it gets a real desire to bounce.
SP600. The SP600 sold down to the 200 day EMA, and it may pull off something of an inverted head and shoulders. If it holds at the 200 day EMA and can start back up, that makes it interesting. It could bounce off roughly the point of its January peak and gain some upside momentum. Strong rally, test back, and a little inverted head and shoulders potentially at the January peak. That has a lot going for it if it can pull it off. For now it is just a pretty picture. It has to actually yield something for it to be a pretty move in terms of our bank accounts.
SOX. SOX had an almost 3% loss on the day. It was looking so good and had a nice pullback with a doji at the 50 day EMA on Wednesday, but it gave it up on Thursday. Looks like it will try to plunk down to the 200 day EMA, and it could hold there and set back up. It is been the poster child for volatility at these levels, but the important point is that the key level at 337-335 has held thus far. That is the long-term support that NASDAQ and SP500 sport as well. If it holds there, it will get interesting. Although they would be much more interesting for the bulls if SP500 had bounced off the doji at the 50 day EMA upside rather than downside.
LEADERSHIP
Financial. JPM was in good shape, bouncing off of this support level. It tapped it on the low and then bounced to cut its losses on a good jump of volume. JPM continues to intrigue me and continues to show excellent relative strength. It looks like it wants to make a break higher despite the weakness in the market overall. MS does not look all that great; it is breaking below a support level on rising volume. It is not a pretty picture if you own MS, but we will see if it is a false break. It may turn right back up and move to the upside a la JPM. It could prove to be interesting.
Technology. AAPL was down with the market, but like how strong it is. There was a base after a strong run from February to April, and it based late April through June. It broke higher a week ago, and now it is testing. A case of the strong getting stronger.
Semiconductors. Semiconductors are still holding up decently. KLIC had a doji at the 50 day EMA after a double bottom at the 200 day EMA. NVLS is pulling back, but on continued below-average volume. Right at support, this is the perfect spot for it to hold and resume after making something of a flag or pennant. LRCX is another stock with a pullback down to near support. Semiconductors may be down, but they are not out.
Retail. Retail had a time of it. BBBY did not have the earnings that people were looking for. It gapped lower, but it did gap to a support level that is something important to note. DRI gapped lower as well when it was disappointing. Retailers are starting to show disappointment after some great runs to the upside that were prompted by very good results. Now they are getting tarnished and selling back. There is concern about what is happening in the future, and when companies cannot provide good guidance, they are taken out and beaten. LULU did not have a bad day with a second doji at the 50 day EMA. It is retail, but it is holding up well. I am looking to see if there is a possibility of it showing a move higher.
Casinos. Casinos showed relative strength on Tuesday. WINN posted a modest gain though it closed way off its high. I am looking at it, but I want to see it hold that move before we would get in. When times get tough, people go to casinos to forget their worries, have some fun, and basically throw the college fund on the craps table. But, hey, the drinks are free. Although you are paying for the most expensive drinks of your life if you are losing at the tables. Nonetheless, in troubled times we tend to drown our sorrows. What better place to do it than Las Vegas? Maybe some upside plays out of the casinos will help us out.
Telecom. MICC mill come is looking good and could deliver an upside buy.
Leadership has not gone away, but it is suffering some pullbacks. The real leaders are going to hold their patterns and not break down in them. They will just use the pullback to consolidate better and set up a new attempt at a breakout. That is the name of the game with leadership: look for those left standing when things are bad, and you pick up the good ones as the economy starts back up. Typically, they are the same. If they are, you are way ahead of the game as the market starts to rally back if you pick up leaders that will not only rebound and recover what was lost, but will forge ahead and make the impressive gains. Those are the gains you can only get if you play good stocks that really surge with each rally. Will they do it here? The market still has some selling to do overall before it makes a more sustained move upside. Even though they may be leaders and may be solid, we still have to respect what the market is doing and tailor our plays accordingly. That means not expecting so much return from them or not waiting for the perfect scenario before you move in.
THE ECONOMY
Some bright spots in durable goods orders, but the lethargy in the larger part of the economy remains the worry.
Thursday the durable goods orders were front and center. They came in a bit better than expected, only losing 1.1% versus the 1.3% anticipated. That was down from the 3% gain that was revised up in April. If you take out transportation where a lot of the losses were, there was 0.9% gain that was lower than the 1.3% expected as well. That is not the real story; the headlines only tell a fraction of what the going on. Important areas were up, such as computers +2.5%. Machinery was +5.2%. Business investment overall rose again, notching a 2.1% gain. Business investment is the lifeblood of any recovery. The most successful recoveries are those that spur businesses to invest in themselves to buy the equipment and expertise necessary in order to prosper. Whether they get credits for it or however we want to stimulate it, those are the most successful in driving money back into the economy and ultimately creating the jobs we need.
A 2.1% increase when everything else was lackluster is a positive element. Manufacturing, the regional sectors even though there have been minor setbacks in a few regions are still advancing, and that is excellent for the economy as well. It is a good one-two punch having business investment and manufacturing on the rise. The problem is that manufacturing is such a small part of the economy now. Even while manufacturing helped lead us out of the 2001-2002 recession, it could not do it alone. Eventually the other sectors have to pick up. With the housing market rather horribly lagging, it will be harder to get the kind of recovery we have had in the past. We already know that is the case based on the numbers.
They can crow all that want about advances in the numbers and advances in jobs, but there are simply not that many jobs created. All of them are in the government. Not to mention we want to close down the offshore drilling that would put hundreds of thousands of people out of work. Every job we supposedly saved or created turns and gets negated by what the judge called an arbitrary and capricious ruling to take away all drilling from 500 feet or deeper in the USA. Not good in the short term for jobs and not good for us long term in terms of energy costs.
THE MARKET
MARKET SENTIMENT
VIX: 29.74; +2.83
VXN: 29.09; +2.52
VXO: 29.2; +2.97
Put/Call Ratio (CBOE): 1.19; +0.07
Bulls versus Bears:
This past week the bearish number of investment advisors topped bullish advisors. That is a rare event and thus very noteworthy. It falls into our theme that the sentiment indicators have hit extremes and are at levels sufficient for at least a more sustained bounce in the indices.
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: 37.0% versus 38.5%. Still falling even as the market tries to find footing, not an unusual occurrence. A steady slide and down substantially from 43.8%, 47.2%, and 56.0% before that. This move started at a low of 35.6% in February, the lowest it has been since July 2009. 35% is the threshold level suggesting bullishness. After peaking at 53 on this move the bulls lost some nerve, falling to a new low post- July 2009. Once again bulls peaked out near the 50% level. Bulls have bumped at 50ish since late August 2009, falling to 45ish and then rebounding. Hit a high of 47.7% mid-June on the run from the March lows. Again, to be seriously bearish it needs to get up to the 60% to 65% level.
Bears: 32.6%. Continuing its steady climb as the 39.9% from last week was revised lower to roughly 31.5%, so no crossover yet with bears topping bulls, but still approaching that rather rare occurrence. Solid rise from the mid to upper 20's. Fell to 18.7% on the low. Hit a high of 27.8% level on the prior leg in February. Over 35% is considered bullish for the market; definitely at the lower end of the scale. Peaked near 28% in November, falling short of the 35.6% hit in July 2009. 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: -36.81 points (-1.63%) to close at 2217.42
Volume: 1.972B (+7.96%)
Up Volume: 240.141M (-466.539M)
Down Volume: 1.803B (+650.382M)
A/D and Hi/Lo: Decliners led 3.06 to 1
Previous Session: Decliners led 1.18 to 1
New Highs: 17 (+10)
New Lows: 95 (+30)
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: -18.35 points (-1.68%) to close at 1073.69
NYSE Volume: 1.261B (+11.6%)
Up Volume: 110.442M (-382.038M)
Down Volume: 1.144B (+522.501M)
A/D and Hi/Lo: Decliners led 3.28 to 1
Previous Session: Decliners led 1.14 to 1
New Highs: 74 (+11)
New Lows: 64 (+16)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: -145.64 points (-1.41%) to close at 10152.8
Volume DJ30: 244M shares Thursday versus 195M shares Wednesday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
FRIDAY
There will be a bit of economic data on Friday. There is the third and final Q1 GDP estimate expected to hold at 3.0%. We will see. It has become a crapshoot of late, and maybe that is why the casino stocks are doing better. The government estimates of what is happening in the economy have become varied, and people are somewhat confused by them. Supposedly we are creating jobs, yet ever week we have 450K new people signing up for unemployment benefits. Those are new people not continuing claims. There is a big dichotomy in the numbers. There will also be the Michigan Sentiment. That is a private poll, and we will see what it comes out with. You have to take the private where you can get it because it seems to be more accurate most of the time.
As for the market, after four downside sessions, it is at some interim support. It is getting into that range that has held and bounced it back up. It did so in February, May, and early June. It closed right on the top of that range, so it will start getting to a level that will want to bounce it from here. We will see. A higher low could be put in and send it higher, and a lot of people are jumping on this. The sellers are taking their shot to the certain extent because they got the tap at the January peak range and then it started to fade back. We will see what kind of bounce we will get. There is a lot of support here. Of course, if it breaks that, that would be significant. If it holds and bounces higher with a higher low we do not want it to go all the way back down necessarily that shows more strength. There is a better chance of moving to the upside. The momentum is obviously downside, there is no question about that. It is downside on most all of the indices with NASDAQ gapping below its 200 day EMA on Thursday and closing at the session lows. The path of least resistance is still lower, but SP500 and even SP600 are getting into levels of support where you would start looking for them to try to make a bounce to the upside after the four days to the downside.
Do not get too engaged with this on Friday. If there is a rebound off this level from Friday, it is not necessarily a great signal heading into Monday. You would not want to bet the farm on it. There are a couple of plays and a few stocks that are very strong and showing good upside momentum still. It would be worth it. There are always a few worth the risk, especially as you get down to a support level and start looking for a bounce. After four days down, you start looking for support to hold. It may get a little lower, but Friday would not necessarily be the day to do a lot of buying or selling. Just let it get to support levels where it should get interesting again and try to make the move higher.
If a bounce from here fails, you can anticipate further selling at that point. With any bounce that stalls at this point, you should probably start unloading more of your upside positions. Given that the indices are back to a support level and at a point where they could start to bounce, you can start looking for them to do that. See if they do bounce versus just panicking and moving out. Typically we will get a bounce at this point. If it fails, then you can move out. You will know at that point that it looks like things will go lower and can lighten up your upside plays. You can pick up some downside as a bounce back up starts to fail and cannot take out this prior highs or the 200 day EMA. That is when you want to move into more downside and lighten up the rest of our upside or a significant portion of it that is lagging.
On Friday I will still look at a few potential plays if they hold up and potential downside if there is some opportunity. It is not my favorite day to move in and buy anything because anything can happen over the weekend. There is the event risk to deal with. We have downside firmly in place now for this week, and it has to try to break it before we can get too excited. Mondays after there has been selling like this can continue to the downside before you put in something of a reversal attempt to bring the indices up off of this support level. Remember, these are key support levels that have held many times during the last ten years not during 2008, mind you, but that was an aberration. After it recovered from that selloff, the support levels are there and trying to hold. I will be watching whether any good stocks that still have relative strength and good momentum show something that is worth picking up a few positions on. Have a great evening. Maybe tomorrow will be a good day for everybody.
Support and Resistance
NASDAQ: Closed at 2217.42
Resistance:
2245 from July 2008 through 2260 from late 2005.
The 200 day SMA at 2251
2275 - 2278 from the February 2008 and April 2008 lows
2273 to 2282 marks bottom of January 2010 lateral peak
2292 is a low from January 2008
The 50 day EMA at 2300
2319 from the September 2008 peak
2320 to 2326.28 is the January 2010 high
2324-2370 is a range of resistance from early 2008
2382-2395 from 2008
2412-2415 represents a series of peaks and lows in 2007, 2008
2434 is the May 2010 high
2453 is the August 2008 peak
Support:
2205 is the November 2009 peak 2210 (from September 2008) to 2212 (the July 2009 closing low)
2185 to 2195 represent support points for years: December 2004 peak, July to October 2005 consolidation, January, March and July 2008 lows, and October 2009 peak.
2177 is a low from March 2008
2169 is the March 2008 closing low (double bottom)
2168 is the September 2009, intraday peak
2167 from the July 2008 intraday low
2155 is the March 2008 intraday low
2100 is the February 2010 low
S&P 500: Closed at 1073.69
Resistance:
1078 is the October range low
1084 to 1080 (September 2009 peak)
1101 is the October 2009 high
1106 is the September 2008 low
The 200 day SMA at 1112
1114 is the November 2009 peak
The 50 day EMA at 1116
1119 is the early December intraday high
Bottom of the January 2010 consolidation 1131 to 1136
1133 from a September 2008 intraday low
1151 is the January 2010 peak
1156 is the Sept 2008 low
1170 is the prior March 2010 high
1174 is the May 2010 high
1181 is the April selloff low
1185 from late September 2008
Support:
1070 is the late September 2009 peak
1044 is the October 2008 intraday high AND the February 2010 low
1040 is the May 2010 low
1020 is the bottom of the late summer 2009 consolidation
946 from June 2009
Dow: Closed at 10,152.80
Resistance:
10,285 is the late December consolidation peak
The 200 day SMA at 10,353
10,365 is the late September 2008 low
The 50 day EMA at 10,414
10,496 is the November 2009 high
10,609 from the Mid-September 2008 interim low
10,730 is the January 2010 peak
10,920 is the recent May high
10,963 is the July 2008 low
11,100 from the 7-08 low
11,205 is the April closing high
11,734 from 11-98 peak
Support:
10,120 is the October 2009 peak
9829 is the September 2008 closing high
9918 is the September 2008 peak
9855 is the early September peak in its lateral range
9835 is the late September 2009 peak AND the February 2010 low
9774 is the May 2010 intraday low
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
June 22 - Tuesday
Existing Home Sales, May (10:00): 5.66M actual versus 6.10M expected, 5.79M prior (revised from 5.77M)
FHFA Housing Price I, April (10:00): 0.8% actual versus 0.1% prior (revised from 0.3%)
June 23 - Wednesday
New Home Sales, May (10:00): 300K actual versus 430K expected, 446K prior (revised from 504K)
Crude Inventories, 06/19 (10:30): 2.02M actual versus 1.69M prior
FOMC Rate Decision, June 23 (14:15): 0.25% actual versus 0.25% expected, 0.25% prior
June 24 - Thursday
Durable Orders, May (08:30): -1.1% actual versus -1.3% expected, 3.0% prior (revised from 2.9%)
Durable Orders ex Tr, May (08:30): 0.9% actual versus 1.3% expected, -0.8% prior (revised from -1.0%)
Initial Claims, 06/19 (08:30): 457K actual versus 460K expected, 476K prior (revised from 472K)
Continuing Claims, 06/12 (08:30): 4548K actual versus 4580K expected, 4593K prior (revised from 4571K)
June 25 - Friday
GDP - Third Estimate, Q1 (08:30): 3.0% expected, 3.0% prior
GDP Deflator, Q1 (08:30): 1.0% expected, 1.0% prior
University of Michigan Sentiment, June (09:55): 75.5 expected, 75.5 prior
End part 1 of 3
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