The stock market indices had a strong session until midday, when they pulled back and rolled over into the close just like they did the last two days. It’s amazing that the patterns are very similar.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, but couldn’t gap up, and then a strong rally got them up to new rally highs for this year. They then rolled over into the close just as they did in the last couple days.
Wednesday, August 8
07:00 MBA Mortgage Purchase Index
08:30 Nonfarm Productivity – consensus 1.4%, prior -0.9%
08:30 Unit Labor Costs – consensus 0.4%, prior 1.3%
11:00 Fed to purchase $1.5b-$2b in 25 to 30-year range
1:00 Treasury selling $24b in 10-year notes
01:30 AUD Home Loans
04:30 JPY Bankruptcies
06:00 EUR German Trade Balance
09:30 GBP BoE Inflation Report
22:45 NZD Unemployment Rate
23:50 JPY Machine Orders
12:30 Germany to sell EU4b 10-yr notes
Alpha Natural Resources (ANR) EPS -32c
Ralph Lauren (RL) EPS $1.77
News Corp (NWSA) EPS 32c
Monster Beverage (MNST) EPS 61c
There were no important economic releases on Tuesday. On Wednesday we will get the oil inventories.