Market Commentary
No news is no news today. There is little to no catalyst beyond oil and the market is moving sideways in a tight range, as participants await something they can sink their teeth into.
That will likely come from the Fed's meeting in Jackson Hole which starts tomorrow evening. Yellen's speech Friday morning remains the hot topic of speculation. The dollar is showing continued strength ahead of the meeting, continuing to weigh on gold.
Another barometer of rate hike sentiment, the Financial Select SPDR (XLF), which represents most of the big banks, is up a tick at midday. The XLF is sitting just below its 52 week high.
Oil is a drag today, down 3% as EIA data out today showed inventories building across the board. Crude stockpiles rose by 2.5 million barrels for the week ending August 19th. Gasoline stocks were up slightly vs. expectations of a 1.2 million barrel drop.
Housing data out today showed that existing home sales fell 3.2% in July. Limited supply and high prices are reducing buyer traffic in general, and are impacting first time home buyers in specific.
Weekly mortgage applications dropped 2.1% but volume was solid mostly on refinances which were 45% higher than the same period one year ago.
Comments |
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