(As of 7:30 am pacific)
It’s a similar
start to trading today as the market continues its lackluster week. The
markets are trading in a narrow range again this morning with stocks swinging
between modest gains and losses. Some
positive reports continue to indicate that the housing market is
recovering. Housing starts slipped
slightly in July, but building permits for new construction rose to 4 year
highs, indicating the housing recovery still has some legs going in to the second
half of the year. The number of people
applying for jobless benefits edged up slightly in the most recent week, but
the 4 week average, which smooths out seasonal oddities, fell to its lowest
level since late March. Jobless claims are hovering in the
360,000-370,000 range, levels still considered very high. The Philly Fed manufacturing report showed
activity slipped this month. Europe is
quiet today, practically mirroring the trading patterns seen on Wall St. It is eerily quiet throughout global
markets. Volumes are thin, and investors
seem undecided on which direction the market is going. With lots of activity scheduled for September
with central bank policy meetings, investors seem content to ride out this
quiet August before taking action. Oil
and gold are flat today and the dollar is mixed. Interest rates on the 10 year treasury are
down. It looks to be another quiet day
today.
