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An early look


Economic Influence: June Factory Orders will be released at 10 am EST and expectations are for a jump of 1.5% vs. 0.4% in the prior period. This is backward looking data and should have less of an impact, especially given recent Durable Goods Orders.

Earnings Influence: With over 400 of the S&P 500 companies having reported, the influence of earnings should be limited to specific stocks and industries instead of having a market wide impact. As for today HSBC, the second largest global bank by market capitalization, reported what is being seen by the foreign markets as solid results and has translated to a bit of strength in the early futures market.

Other Influences and Thoughts: President Bush begins a month long vacation and it seems to make sense. The last two months have brought significant intraday volatility and anxiety with very limited progress - despite the highly anticipated corporate profit and economic releases. Both have shown enough promise to keep the aggressive "it can only get worse from here" sellers at bay, while the limited actual improvement has kept the "it can only get better from here" buyers at bay. With both aggressive sides having been neutralized...well...the market as a whole has been stuck in the narrowest of trading ranges. It seems most expect an ultimate break down from the current range, which is entirely possible. The next move in the market is unlikely to be as important as how you react to it, so have a plan as the summer fun continues to unfold.
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