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Two Ways: Durable Goods in the Spotlight


Strengthen your portfolio in good times and bad.

Durable Goods Likely Up in July

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!
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No positions in stocks mentioned.

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