Monday I look for housing prices stable to uppish, Tuesday slight new home plus, crude down Wed initial claims MEH, orders slightly down with most of the down in transportation, GDP flat, with housing sales pending up slightly for Aug and income Thursday up a hair.
Not exactly a 2% up week market wide IMHO, and for gold and silver, MEH headquarters.
With QE3 the big gun in a room for two stale weeks, we are stuck with just as stale world wide figures an anchor around the market's neck.
Well at least we have the election to look forward to.
Hmmm. NOW I'm really depressed.
Sep 25 9:00 AM Case-Shiller 20-city Index Jul - NA NA 0.5% -
Sep 25 10:00 AM Consumer Confidence Sep - NA NA 60.6 -
Sep 25 10:00 AM FHFA Housing Price Index Jul - NA NA 0.7% -
Sep 26 7:00 AM MBA Mortgage Index 09/22 - NA NA -0.2% -
Sep 26 10:00 AM New Home Sales Aug - NA NA 372K -
Sep 26 10:30 AM Crude Inventories 09/22 - NA NA 8.534M -
Sep 27 8:30 AM Initial Claims 09/22 - NA NA NA -
Sep 27 8:30 AM Continuing Claims 09/15 - NA NA NA -
Sep 27 8:30 AM Durable Orders Aug - NA NA 4.1% 4.2%
Sep 27 8:30 AM Durable Orders -ex Transportation Aug - NA NA -0.6% -0.4%
Sep 27 8:30 AM GDP - Third Estimate Q2 - NA NA 1.7% -
Sep 27 8:30 AM GDP Deflator - Third Estimate Q2 - NA NA 1.6% -
Sep 27 10:00 AM Pending Home Sales Aug - NA NA 2.4% -
Sep 28 8:30 AM Personal Income Aug - NA NA 0.3% -
Sep 28 8:30 AM Personal Spending Aug - NA NA 0.4% -
Sep 28 8:30 AM PCE Prices - Core Aug - NA NA 0.0% -
Sep 28 9:45 AM Chicago PMI Sep - NA NA 53.0 -
Sep 28 9:55 AM Michigan Sentiment - Final Sep - NA NA 79.2 -
Futures at MEH. silver off a half buck, and the Urine peeons have tucked Two TRILLION euros under their belt for the rainy day we all expected momentarily in Europe for three years now.
I'm ready for my closeup Mr, DeMille.
The general market has the blahs, because somebody noticed the Aussies, dependent on exports to China, took a hit, their currency is fading, so, the dollar is stronger, and now silver is off almost
2 %. Today's anticipatory pop in the wake of tomorrow's alleged "good new" housing story will have to develop soon, or the daytraders will win again.
Prepare for more malaise.
Looks like the close up I was ready for has been usurped by bickering at the Merkel/France level about who does what when, which turns the markets once again into sushi. Of course the proper thing to do when country leaders squabble about bullchit is to sell all your silver and gold for more worthless paper currency.
I think this makes the fourth week where lead financial analyst stories were talking about weakness and taking some off the table on the way to a pullback. We have the financialistas in the media business making a guess down in the past four weeks, and if they keep it up, the slightest disturbance in the force has even the pros left trading heading for the exits in self fulfilling mode.
End of week, the Greeks come up with the remainder 2.5B in cuts, to qualify for a handout (never mind fix anything, just qualify to get inflation spiking currency degrading bailout money) and when that can gets kicked down the road, watch what happens.
If they're headlines attracting at investors that look to stories like contestants in some global whackamole contest--pop city. If off the table because of whatever hits the fan, they'll hardly be mentioned.
You're supposed to invest accordingly. The first preparedness I would recommend is drinking huge quantities of caffeine laced with five hour energy splashes inbetween.
Then you can jump around all over the place.
The game is understate and over-perform, but with the home builders on a tear, run up too soon too fast, even if we get good numbers in the first housing numbers we'll see this week at 10AM tomorrow, the big homebuilders are poised for a small sell off. Bigger disappointment's, fudheddaboudit.
In the meantime, the clock is bearing heavily down upon the smiley faces out there, and folks are rushing to get off the table in anticipation of their self fulfilling anticipation.
I think I will buy more Russell 2000 at the close and average down. Since silver is about two thirds my portfolio in some guise, I will dabble elsewhere.
With China word this morning about "stimulus", and Merkal's statement about go slow with the "unionization" of financial oversight of Europe, hinted as an unintended consequence is there will be some kind of union, under the flush of this admittedly MEH news, this morning we get a litmus test on the health of housing. I don't know why we look to new housing with the glut of already owned new homes awaiting the market, but we may show an uptick in prices, or that prices have not gone down--we are at the end of the traditional buying season. That would provide a gentle swell under the market. The way that works is somebody yells "swell" on the exchange and off we go for a mildly up day. As in "isn't that swell?" See how that works?
Interrzo says throw away the canned corn, a Europe based study has shown it grows rather lethal and disgusting tumors in rats when farmers use Round-Up--a rather interesting ingredient that is spread from treated crop to untreated crop so profound the Supreme Court has said all farmers owe royalties to Monsanto, whether they use the product or not. Skip the "organic aisle" there's no place to hide now. (Stick to peas I guess.)
Now that might solve both our Social Security problem over the next 20 years, and makes universal health care in the wake of all genetically altered food products positively financial genius since we'll all be growing cancerous tumors in leaps and bounds. If we could come up with the $20 Trillion for the Healthcare "program". What's that you say? I can't hear you above the sound of Ben's printing presses at full throttle.
Today we see if your house will double from $400K to $800K allowing you the 80/20 loan to value you need to refi at these low rates in five short years. Don't forget to take out plenty of equity, you know how badly the economy needs you to buy useless chit! And frankly, when your salary buys 50% less, you'll really be grateful.
See you at opening bell.
Case Shiller got scooped three minutes early at 9:57--somebody must be worried as the housing prices reported to in July were higher--based on my view the housing prices will snug up again in August--but you'll have to wait for that one.