Happy Mid-week! Stocks reversed yesterday again, this time was back down (had to check) almost 2% in higher volume. My thinking is that after months of tight range trades (good sign) we're now getting severe up/down/up days called 'railroad ties', and that's usually a bad sign.
At any rate this morning's futures are upbeat for stocks here but -1.49% here --and super happy about metals everywhere except where it's being bot & sold. Ah well, we got reports coming in:
7:00 AM MBA Mortgage Index
8:30 AM Export Prices ex-ag.
8:30 AM Import Prices ex-oil
10:30 AM Crude Inventories
--and news:
We're Almost As Rich As 15 Years Ago - David Cay Johnston, The Daily Beast
More Difficult For Poor/Middle Class to Get Ahead - Eduardo Porter, NYT
Friends & Enemies of American Prosperity - Jay Weiser, Weekly Standard
Fewer Foreign Entrepreneurs Need U.S. That's Bad - Vivek Wadhwa, WP
Fed Is Planning for Another Slow Recovery - Narayana Kocherlakota, BBW
Sell in September or You'll Be Dismembered? - Doug Kass, TheStreet.com
The 'Fear Gauge' Could Signal Ugly Times - Mark DeCambre, MarketWatch