Market comments for Aug. 3rd
Even with yesterday's high on the Dow and S&P 500, we didn't break above the top resistance lines I drew on my previous post on the Dow and S&P 5 year charts on Saturday. Today's data is sobering yesterday's drunken surge in the market. Personal Income came in flat at 0% gain. Personal Spending had no change as well. Factory Orders were down -1.2%, more than consensus estimates of -1.0%. Pending Home Sales were also down -2.6% and -18.6% below June 2009 levels. Expectations were that the number was coming in at -5% for June, so that number was better than expected.
The markets are down about 0.5% after 1 hour of trading now. The big number for the week will be the Unemployment rate for July. Expectations are that Unemployment will rise to 9.6% from 9.5%. Initial Claims also come out on Thursday and expectations are for that number to come in at 460K Claims.
The markets are down about 0.5% after 1 hour of trading now. The big number for the week will be the Unemployment rate for July. Expectations are that Unemployment will rise to 9.6% from 9.5%. Initial Claims also come out on Thursday and expectations are for that number to come in at 460K Claims.
Labels: Factory orders, Pending Home sales, Personal Income, Personal Spending, Unemployment rate
posted by Charles Amico at 7:04 AM
2 Comments:
Charles, I found this interesting:
http://www.zerohedge.com/article/meredith-whitney-even-more-bearish-housing-and-financials
Thor
Thanks as usual Thor. I listened to her and she was quite good. I have seen her many times but was working so I missed her. She is very bearish on the banks and the economy as I am. She pulls her punches some time and I would rather she let it fly, if you know what I mean.
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