(as of 7:15 AM PST)
The often misread durable goods orders report provided a brief lift to the market to start the morning action. A whopping increase of 22% was overwhelmingly the result of a batch of new jet orders for Boeing from the Paris airshow. Extracting the huge aircraft orders number, the durable goods were down .8%, a rather weak showing. All in all it was a wash since the previous month report was adjusted upward by 1%. Trading volume is very light this week and momentum continues to point upward for the traders who are not on vacation. Consumer confidence is at a high not seen since 2007 and is adding to investor enthusiasm. It looks like another good day ahead as the economic recovery picks up speed. Gold and oil are both up moderately while interest rates are stable.
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