Tomorrow's Economic Calendar
- Consumer Price Index – July Time: 8:30 am Forecast: 0.0% overall, 0.2% core
The core consumer price index is forecast to dip to a 1.6% annual gain in July. No inflation anywhere expect in commodities in priced in in equities. Ah, the dichotomy of split narratives. Yes, deflation is not good for the 760x P/E.
- Industrial Production & Capacity Utilization – July Time: 9:15 am Forecast: 0.1% industrial production, 68.1%
The dreaded inventory bounce that just won't happen yet every lower tick is considered a bullish signal because as some guy said earlier on some financial news channel, it is like a water held underwater. What if the water level has declined by 50% bud? Didn't consider that, did you.
- University of Michigan Consumer Confidence – August Preliminary Time: 10:00 am Forecast: 68.5
July numbers were a surprising and disappointing slide. Now that the market is up significantly, the ConCon should leap higher, leading more people to believe that stocks are a conviction buy here, and so on ala Catch 22.
Bottom line, expect all three to be massaged in a "victory for the bulls" kinda way.