Two Ways: Durable Goods in the Spotlight
Strengthen your portfolio in good times and bad.
Durable goods order data for the month of July are due out at 8:30 AM EST by the Commerce Department. Economists are expecting orders for big ticket items to grow by 3% as the auto industry benefited from the government's "Cash for Clunkers" program. The number previously fell by 2.2% in June. According to the Associated Press, there were some signs of strength in that month with orders for cars and auto parts increasing 1.5%. Also, June orders' for non-defense capital goods (excluding aircraft), a gauge of business investment, rose a second consecutive time by 2.6%.
From the Bull Pen: Nat gas bulls are watching these figures of durable goods and industrial production because industrial is the key demand sector. Nonetheless, one can look to Anadarko Petroleum (APC). A pullback to $52 support (where the stock had a triple top breakout) could be an opportunity. One can fade (read: buy) the weakness into that level with a sell stop below.
From the Bear Cave: As a rising tide will lift all boats, the opposite is also true. Safeway (SWY) near gapfill and the 50 day moving average ($19.50) may be a downside opportunity. For those playing it, remember to set your buy stop.
Quick Check Around the World
Asian trading closed with the Nikkei 1.36%, India 0.52%, Hang Seng 0.10%, Shanghai 1.78%, and Taiwan -1.32%.
Across the pond, we see the FTSE -0.56%, CAC -0.35%, DAX -0.63%
As of 8:00 AM EST, S&P Futures are trading -1.75 to 1024.00 and Nasdaq futures are -1.25 to 1635.25.
A Look at Commodities
Over in commodities, crude oil is trading -0.10 to 71.95 while gold is +2.20 at 948.20 this morning. Silver is -0.450 to 14.27 and copper +0.850 to 286.45.
The dollar index is +0.2300 to 78.5250.
On the Radar
8:30 Durable Orders: 3.2% cons. -2.5% prior.
8:30 Durable Orders ex transportation: 1.0% cons. 1.1% prior.
10:00 New Home Sales: 390 k, 384 k prior.
10:30 Crude Inventories
Click here for the full trading radar
Happy Hump Day! Good luck!
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter