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world stock market, us stock market
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6/29/10 Investment House Alerts
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MARKET ALERTS:
Targets hit alerts: DIA; SPY
Buy alerts: None issued
Trailing stops: CMG; OSIS; SNDK
Stop alerts: CI; DECK; IRBT; UA
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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 NEXT SESSION VIDEO CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/NextSession.wmv
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SUMMARY:
- China, ECB, Japan, US consumer confidence torpedo SP500 to new 2010 lows.
- Deflation is the buzzword as bonds surge to insane levels. Even gold rises, however, on fears that reserve currencies may not ultimately be the safe haven.
- SP500 50 day EMA crossing over the 200 day SMA to the downside.
- Big head and shoulders pattern suggests downside is the likely path, but sentiment is negative, VIX is tame compared to the last selloffs, and there is some leadership.
- The test of SP500's break to new 2010 lows will tell the tale of the market's near term direction.
Attempt at a higher low is body slammed.
The market may have been set for a potential bounce following the Friday and Monday session, but that would not be the case on Tuesday. Bad news overwhelmed any possible good will left in the market. China's LEI was revised down to 0.3% from 1.7% in May. This index is prepared by the Conference Board a US company that has only been around for two months. However, the massive revision to the downside still triggered a huge selloff in Asia, and it flowed into Europe and the US futures. Stocks were set to open lower, and they certainly did. It did not help matters that the ECB may cancel its program for lending facilities to EU banks. The loans are coming due and are expiring soon, and the ECB says the facilities may not be renewed. That is the fight between the US and the EU: The US wants more and more credit and money printing while the EU wants austerity. That did not help investors either. They do not know which way the important G8 countries are leaning with respect to further stimulus or further clamping down on spending.
Japan did not help. Its unemployment jumped, and its household spending fell sharply. Not good news for the markets of the world, and it easily offset the Case-Shiller household survey that saw a 3.81% change versus the 3.4% expected and the 2.35% increase the month before. California is coming back very well it always does. Even though it has some pretty screwy tax laws and sticks it to ever business out there, it has the magnet of climate and scenery. People keep going there to live, and thus it came shooting back. Miami is still in trouble. The areas of the country that were first to sell off before the household credit was passed are recovering the best because the prices got low enough to make a difference.
It did not help when the US consumer confidence numbers came out halfway into the session. Stocks were already way down having gapped lower, and then the confidence numbers came out at 52.9 versus the 62 expected and the 62.7 reported in May. The market made its second gap of the day on that news and selling off further. It did rebound, but it could not hold the move and frittered everything away. It made sharply lower lows toward the close before a late bounce helped massage the losses somewhat. It did not massage them that much, however. NASDAQ -4%, Dow -2.6%, SP500 -3%, SOX -4.5%, SP600 -3.6%, NASDAQ 100 -4%. That is an old-fashioned butt kicking. Any chance of bouncing was washed away as China and its economic outlook leads the rest of the world around by the nose.
OTHER MARKETS.
The world is worried about deflation once more, but not all of the markets reacted as you would expect under the deflationary scenario.
Dollar. The dollar did what one would expect when the ECB made its pronouncement; it rallied sharply (1.2181 Euros versus 1.2280 Monday). That is a big move. It does not show up much on the DXY0 chart because the yen was stronger, and that mitigated the US move somewhat. The dollar is in excellent shape with a strong rally, testing the 50 day EMA. A small double bottom, starting higher. It looks like the dollar will move higher. It is still a currency of choice and a safe haven when fear arises.
http://investmenthouse.com/ihmedia/dxy0.jpeg
Bonds. US bonds are freaky. They are a safe haven when people are scared, and they are scared right now. I thought 3.1% was low, but the US 10 year Treasury exploded higher on fear (2.95% versus 3.03% Monday). If the economies of the world were doing fine, bonds would not be rallying this much; bonds would be selling because interest rates would be ready to rise. That is not the case. The worry is deflation, and that makes bonds a value. They are surging with the US leading the way as the quintessential safe haven for investors who are afraid of nearly every other economy on the planet.
http://investmenthouse.com/ihmedia/tlt.jpeg
Gold. One would think gold would rise in inflationary times and fall during deflationary times. It was up. It was not a big move after all it was down 17 clicks on Monday. It did bounce on Tuesday ($1,242.70, +4.10). It was up even with fears of deflation and is continuing its nice trend higher. What is that all about? It comes down to fear, and investors are wondering whether the big economies of the world will be there. People are buying US bonds and dollars, but they are also buying gold because they are worried about what will happen in the US. After all, the President is pushing more credit around the world. More stimulus, more money printing, and more of the nonsense. The idea is that you somehow cure credit problems by creating more credit. That is like curing an alcoholic by giving him more booze. You will kill the alcoholic. Makes you wonder what they are thinking in Washington. It makes no sense, and it is why people are worried. They are buying gold even though it is an inflation hedge and not a deflation hedge.
http://investmenthouse.com/ihmedia/xgld.jpeg
Oil. Oil was down. China is slowing down, the EU is in trouble, and Paul Krugman says the US may be entering its third depression. I will say that the bond market is disturbing. You do not need as much oil if the "big user" countries will not need it. Oil dropped sharply on Thursday after bumping into the bottom of the March range where there is resistance. It hit the new line, stalled, and with this news it started sharply lower ($75.94, -2.31). A country will not need the black stuff if it is not that productive economically.
http://investmenthouse.com/ihmedia/xoil.jpeg
TECHNICAL PICTURE
INTERNALS
Volume. Volume exploded. It moved back above average, up 51% on NASDAQ. NYSE moved back above average as well, up 73%. The sellers took over and were dumping stocks.
Breadth. Breadth was negative at -8:1 on NASDAQ and -7:5:1 on the NYSE. Things were negative, and investors were rattled and selling stocks as fast as they could. It was not explosive downside volume. It was a rise in trade showing that the sellers where tightening their grip on the market, although you would expect stronger volume really pushing stocks lower given the magnitude of the price losses. It was above average, but it was not exploding higher by any stretch. Still enough for concern because the sellers are in control.
CHARTS
SP500. There are a couple of important things to note. Number one, the SP500 made a new closing low and intraday low for 2010. It has broken below the February low as well as the late May and early June lows. There has been a breakdown of support. Number two, the 50 day EMA has crossed over the 200 day EMA. That is always a key move. If it crosses over, that typically means the 200 day EMA stops its advance and starts to flatten out. Then we see what happens with this test. If the SP500 rallies back up, it can continue to advance and the 50 day EMA will right itself. If the 50 day EMA comes up on the test and fails, things could get ugly.
NASDAQ. Very similar picture, although it has not broken to new 2010 lows. It undercut the May and June lows but is still above the February lows. It gapped lower, and that took it through very important support. As a matter of fact, it opened at that very important support at 2185 and sold off from there. Now it is at the bottom of the range where it will either hold or fold a lot of that depends on what the SP500 does. Both SP500 and NASDAQ can be said to have a head and shoulders in place, and a much larger one that spans all of 2010 thus far. Those at the top of a long run tend to be more accurate in foretelling a selloff than those that occur after a short run higher.
SP600. SP600 was down 3.6%. It is also at prior lows, but not for the year, and it is in better shape than the other indices. It has undercut its January range altogether, but it is still above the low hit in June. It can salvage something here, but no one is really counting on that to happen.
SOX. The SOX is down at very important levels. It has not come close to making a new low for the year, and it is bouncing along where it triple bottomed earlier. Now it is trying it again.
On SP500, the 50 day EMA crossed over the 200 day EMA and we just see others indices playing around at the lows. What does that mean? Often when there is a break below a key level, everyone says that is a breakdown. It is a technically important move, and it always has been. Over the last couple of years there is something of a phenomenon, however, with the false breakdown. There is a break lower that fosters more selling because people figure it has broken the support and you can stick a fork in it. It can bounce, but they assume it will head lower. They sell, and then there is a quick bounce up to test. That bounce up to test is where you want to pay attention. Do not short on the break. We are already shorting SPY and DIA way up from the June peak. What we want to do is watch the selloff and the quick bounce back up. That tells the tale.
One of two things can happen. You can get a test back up that fails and then rolls back over. That is when you short because then the indices will head lower. That is when we want to move in with more SPY shorts, DIA, and then pretty much every other stock set up similarly that we can play to the downside. Then we will probably get a severe downtrend that will last quite some time. That will indicate the economy is heading lower as the bonds market is trying to tell us and that the stock market will of course lead the way down. The second scenario is the false bottom. It breaks down, it rallies back up, and then it keeps going back up. Why would it do that now? There is no reason for it to do that at all. The economy is probably in the toilet, there is a big head and shoulders there are a lot of reasons it should not do it. Everyone is negative on the financial stations, and those telling us to buy are in the minority. They are being drowned out in the cacophony of "We are all going to hell a hand basket." That might be the case, but when the sentiment is so negative and things have been so bad, we can get a reversal.
There was overhead supply, and the market sold off sharply and cleared out a lot of it. It bounced, and people saw it start to roll over. Those that bought in the April peak started to sell. They thought that was as high as it would get, and it sold off. That got rid of some of the overhead supply from April. Then it chopped back and forth for three weeks and that got rid of some more. It rallied to the bottom of the January trading range and started to roll back over, and that got rid of more of the people who bought in April. Now we are back into the lows and it is breaking down. That is getting rid of more of those sellers because they figure the bottom has broken out.
We could very well be heading to hell in a hand basket. It could sell, bounce back, and stall. The point is that there is a lot of negativity. VIX has already spiked much higher, but it is not nearly as high as it was back in May and June. There is not as much of that type of anxiety or anticipation of further selling. We will just watch what the market does. If it sells off quickly, rebounds, and fails, then we will short more and get rid of most of our upside plays. Then we will short it to the downside and see what happens. If it breaks back to the upside, we will let our upside rebound. We will play some of the strong stocks that can rally quickly, and use them to make some money. Then we will see what happens when it gets back to the January level if it rolls over or not. It is a new game at that point, and we will reevaluate it. The point is to watch and let it tell you what it will do. Sell off, rebound, and fail: Short it. Sell off, rebound, and break back through it: Play some longs. It will let us know.
LEADERSHIP
Technology. AAPL was hit hard. Monday it had good news about the iPhone 4G, but it did not do much. Nice set up for a break higher, but it sold down to the gap point on Tuesday. This is an important point for AAPL. It is a market leader and will tell us a lot about what the market will do by what it does at this level and down to the gap up point that it has tested before. SNDK is a leader. It gapped lower, but it is holding its trendline. We will see how it fares. AKAM was downgraded. It gapped lower. It sold, but it is at its trendline and the 50 day EMA, moving higher. It will tell us a lot about the market's future.
Industrials. The industrial sector got the crud scared out of it. GDI was looking very good, but it sold off sharply on Tuesday. JOYG was also looking good, but it gapped below the 200 day EMA on heavy volume.
Energy. Energy continues to struggle. APA gapped lower. Now it has at some prior lows, so maybe it will hold and can set up a new range. I do not know who needs energy if the major economies in the world are slowing down? CVX is at a new low. It gapped down and is not looking strong. Will there be a false breakdown? I want to keep an eye on it and see how it responds.
Financial. JPM gapped back down but is holding the lows. We will see if it can bottom here as well. FITB gapped lower, but it was not a huge selloff. Still in its pattern. A nice rise, cup with handle.
Retail. Retail was the stalwart of the market for nearly all of 2010. CAKE gapped below the 200 day EMA, gapped below strong support. False bottom or break down? We will see. They look like breakdowns and everyone is convinced that is what it is. At least DRI did not collapse any further. It is holding at the 200 day EMA. BBBY gapped below a support level. Not good, but is it a false breakdown? Does not look like it, but that is what the interesting about the phenomenon. LOW gapped lower and looks like it is in a continuing downtrend below the 10 day EMA. Does not look good for retail.
Market Leaders. This is a category of leadership stocks that have been outperforming all other stocks in the market. We have had options on these leaders and still have some; we took some off today just to preserve some gain. CMG gapped lower, below its 50 day EMA and this near-term trendline we have been playing. It broke below that, so we decided to see how it tests and pick it back up when we have the chance. We have sold off the options on it, so now we will see where the stock will bottom so we can pick up some more. SNDK is at its trendline. AKAM is at its trendline and 50 day EMA. AAPL is at its gap point. NFLX is under a little pressure but still in its uptrend. We will see if we can get back in. FIV is still in its uptrend, and I am looking for more opportunity on this strong stock. This is what you do when they are selling. All these stocks are in good position despite the market already being crushed down in May. Major changes, major selloffs, and yet these stocks are still strong. Are they going to break down as well? If the market continues down and cannot get back up, they most likely will. If the market is going to give a false breakdown and go back up, they will not do that. Ultimately a killer bear market will take down all the leaders. Right now it has not; indeed, there has been a bolstering of the leadership ranks over the past few weeks. Now comes the lick log. We preserved some gain on some positions today and did not want to take the chance. We will watch if they can set back up. If they do, we will be ready.
THE MARKET
MARKET SENTIMENT
VIX. The VIX gapped higher and moved back into the 30's. That is considered a high range, but note that SP500 sold to a 2010 low price-wise. On the VIX, it is nowhere near as it was as it made the early May and later May lows. That is a "positive" in that the VIX is not exploding higher as the market hits new lows. It could indicate it is already sold out, and I will talk about that in detail in the technical picture.
VIX: 34.13; +5.13
VXN: 35.02; +5.65
VXO: 33.11; +6.05
Put/Call Ratio (CBOE): 1.1; +0.31
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: 41.1% versus 37.0%. Market sells off while bulls rise. Typical inverse relationship. Not a dangerous level but on the rise. Fell 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: 31.1% versus 32.6%. Of course bears fell as well as the market fell, again the inverse relationship. Solid rise from the mid to upper 20's, now waffling some. 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: -85.47 points (-3.85%) to close at 2135.18
Volume: 2.756B (+51.24%)
Up Volume: 78.422M (-741.709M)
Down Volume: 2.635B (+1.629B)
A/D and Hi/Lo: Decliners led 7.96 to 1
Previous Session: Decliners led 1.43 to 1
New Highs: 11 (-33)
New Lows: 190 (+114)
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: -33.33 points (-3.1%) to close at 1041.24
NYSE Volume: 1.604B (+73.31%)
Up Volume: 26.571M (-342.41M)
Down Volume: 1.575B (+1.032B)
A/D and Hi/Lo: Decliners led 7.45 to 1
Previous Session: Decliners led 1.2 to 1
New Highs: 79 (-25)
New Lows: 147 (+95)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: -85.47 points (-3.85%) to close at 2135.18
Volume DJ30: 291M shares Tuesday versus 164M shares Monday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
WEDNESDAY
On Wednesday there is warm up data. ADP employment report is the warm up for the Friday jobs report. We will see how ADP private payrolls rose or fell. They are expected to rise 61K, improvement over the prior month. I hope so. Chicago PMI is expected to fall slightly to 59, but that is still solid. I hope it is that high or better the economy needs to improvement. Again, that is a warm up for the ISM that comes out on Thursday. That is the national employment report, and it is expected to be at 59 as well.
If I talk about what the market is going to do, I have to look at the scenarios that will play out. There is the break by the SP500 to a new 2010 low. That can result in a "piling-on effect" where sellers pile on quickly after the break. They rapidly push it down a bit lower before the rebound to test the prior support levels (the February, May, and June lows). It will come back and test them, and that is the key move. If it fails and continues down, we would play more SPI, DIA, and find other stocks that are ready to move downside and play them in what could be continuing downtrends. It could also be a false breakdown and it could reverse and come back through looking as solid as can be and bounding higher. Those rebounds are often strong. I cannot put any odds on that right now. I would say they lean toward more selling and a failure of a test based on what the bonds market is doing, and what the gold and currency markets are doing.
I also give credence to the head and shoulders pattern that has set up for the entirety of 2010. It is after a long run in the markets off the March 2009 low. Long run, a base, and a topping pattern that is roughly 1/3 of the entire run to the upside. You cannot ignore that. If I were to state the probabilities of further selling, I would say they outweigh the possibility of a false breakdown that reverses and rallies significantly to the upside (i.e., toward the January peak). The odds of that are much more remote given the recent action, but the market is a fickle thing. It is emotion driven, and there is a lot of negative emotion now. Enough that it could have run its course.
The VIX is not as high as it was when the market sold off to these levels. Now the market is lower and the VIX is not as high as it was in May and June. That is significant. How significant, we will find out. There are still more leaders than there were back in the May and June lows. There are more solid leaders. How they test back will tell a lot of the tale as well.
For now, we have to be in a "wait and see" pattern. See how the market comes back and tests this break to a new 2010 low by SP500. NASDAQ, SP600, and the SOX have not made the breakdowns. Maybe they will hold, and maybe not. I have been looking for hold possibilities, and it just has not happened. Again, you have to put the emphasis on the potential for more downside as outweighing the potential for any significant upside. We have to watch and take what the market gives, using its move to our advantage. If we seen upside that breaks back in a false breakdown, we let plays run to the upside. When we stall out, we can get rid of them and maybe play some downside. We can also look to play some of the leaders I talked about that will hold up because they have not broken down. If the market reverses and shows us a false breakdown, you know they will run back up. We would take that covey of high-quality stocks that are still in decent shape and use them to our advantage for a rally back to the upside.
These are serious times. Our administration wants to foster the same programs that helped lengthen great depression many years beyond what it should have been. That is also what cause continuing malaise in the 1970's and has kept this recovery as one of the lousiest recoveries the US has had in quite some time. We are going with demand-driven stimulus only, and history shows that simply does not do the trick. We are an economy that is driven by entrepreneurs and the creation of new technologies. Look at the PC revolution that started in the United States. Look at AAPL and what it has done with the entertainment industry and how that has changed much of the technology industry. It has fostered thousands of company offshoots built around that technology. We need to push for the kind of stimulus that encourages risk taking and entrepreneurs to develop new technologies. Putting money in people's pockets to buy underwear and toilet paper does not do that. But that is me on the soap box. What we need to do is watch how the market returns back to the upside for the test, and the test will tell the tale and will move from there. Have a great evening.
Support and Resistance
NASDAQ: Closed at 2135.18
Resistance:
2155 is the March 2008 intraday low
2167 from the July 2008 intraday low
2168 is the September 2009, intraday peak
2169 is the March 2008 closing low (double bottom)
2177 is a low from March 2008
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.
2205 is the November 2009 peak 2210 (from September 2008) to 2212 (the July 2009 closing low)
2245 from July 2008 through 2260 from late 2005.
The 200 day SMA at 2253
2275 - 2278 from the February 2008 and April 2008 lows
2273 to 2282 marks bottom of January 2010 lateral peak
The 50 day EMA at 2288
2292 is a low from January 2008
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:
2100 is the February 2010 low
2024 from November 2009
2020 to 2005 from the Q4 2009 peaks
S&P 500: Closed at 1041.24
Resistance:
1044 is the October 2008 intraday high AND the February 2010 low
1070 is the late September 2009 peak
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 50 day EMA at 1110
The 200 day SMA at 1112
1114 is the November 2009 peak
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:
1040 is the May 2010 low
1020 is the bottom of the late summer 2009 consolidation
946 from June 2009
Dow: Closed at 9870.30
Resistance:
10,120 is the October 2009 peak
10,285 is the late December consolidation peak
The 200 day SMA at 10,360
10,365 is the late September 2008 low
The 50 day EMA at 10,373
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:
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 28 - Monday
Personal Income, May (08:30): 0.4% actual versus 0.5% expected, 0.5% prior (revised from 0.4%)
Personal Spending, May (08:30): 0.2% actual versus 0.1% expected, 0.0% prior (no revisions)
PCE Prices, May (08:30): 0.2% actual versus 0.1% expected, 0.1% prior (no revisions)
June 29 - Tuesday
Case-Shiller 20-city, April (09:00): 3.81% actual versus 3.4% expected, 2.35% prior (no revisions)
Consumer Confidence, June (10:00): 52.9 actual versus 62.0 expected, 62.7 prior (revised from 63.3)
June 30 - Wednesday
ADP Employment Chang, June (08:15): 61K expected, 55K prior
Chicago PMI, June (09:45): 59.0 expected, 59.7 prior
Crude Inventories, 06/26 (10:30): 2.02M prior
July 01 - Thursday
Continuing Claims, 06/19 (08:30): 4510K expected, 4548K prior
Initial Claims, 06/26 (08:30): 458K expected, 457K prior
Construction Spending, May (10:00): -0.9% expected, 2.7% prior
ISM Index, June (10:00): 59.0 expected, 59.7 prior
Pending Home Sales, May (10:00): -10.5% expected, 6.0% prior
Auto Sales, June (14:00): 4.0M expected, 3.9M prior
Truck Sales, June (14:00): 5.1M expected, 5.2M prior
July 02 - Friday
Nonfarm Payrolls, June (08:30): -100K expected, 431K prior
Unemployment Rate, June (08:30): 9.8% expected, 9.7% prior
Hourly Earnings, June (08:30): 0.1% expected, 0.3% prior
Average Workweek, June (08:30): 34.2 expected, 34.2 prior
Factory Orders, May (10:00): -0.7% expected, 1.2% prior
End part 1 of 3
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