Equity Futures are down this morning:
The Dollar is up slightly and bonds are up strongly.
Very little in the way of economic data today, just the MBA purchase index. Here’s what Econoday has to say:
HighlightsTomorrow is the Philly Fed, Leading Indicators, and Jobless Claims. Existing Home Sales will wrap up the reports on Friday.
MBA's purchase index rose 3.9 percent in the Aug. 14 week for a third straight gain (index levels not provided). The refinance index rose 6.9 percent. The report said the refinance index has been swinging back and forth in line with changes in mortgage rates while the purchase index has been moving gradually upward. Mortgage rates swung lower in the week with 30-year loans down nearly 25 basis points to an average 5.15 percent.
Since there’s not a lot of data this morning, I thought I would share a lot of Hot Air and exactly how much heat the idiot bought and paid for politicians are beginning to take from the public… Barney Frank, what a piece of work:
The headline on Bloomberg said that China entered a “new bear market.” That’s right, down 20% from its 2009 peak already. Who would’ve guessed? And look around, who was it that just last month was touting their markets? Pay attention to the “experts,” if they do not talk about bubbles and risk, it’s probably because they don’t see them or they are paid not to.
The /ES is down in the 980 area this morning… 970 is support and there is the next lower pivot at 961. McHugh actually was calling yesterday’s rebound a small wave 4 and is thus looking for a wave 5 down, but he is unsure of the degree. Right now I believe that we’re just going to have to be patient and watch the deflationary forces remove the excesses, hopefully those forces will be strong enough to remove the likes of Barney Frank!
Eagles – Wasted Time: