Today's Economic Data Docket - Inventories, JOLTS, Budget And 10 Year Bond

Several B-grade economic developments on the docket, as well as the first post-downgrade 10 Year bond issuance. Latest monthly QE Lite POMO schedule released today.

9:45: Financial black hole Fannie Mae auctions off $1 billion in 3 month and $1 billion in 6 month benchmark bills.

10:00: Wholesale inventories (June). The June wholesale inventories report may have implications for revisions to Q2 GDP growth.

Consensus: +1.0%; Last +1.8%.
 
10:00 JOLTS (Job Openings and Labor Turnover Survey) (June). The monthly JOLTS report includes data on gross labor market flows, and therefore provides more detail on current job conditions than the timelier payroll report. Jobless claims figures for June suggest that layoffs may have remained somewhat elevated.

13:00: Treasury auctions off $24 billion in 10 year notes, net paydown just $0.431 billion
 
14:00: The US budget balance (July). The CBO estimates that the July budget deficit declined slightly from the same month last year. However, the improvement largely reflects shifts in the timing of payments. According to the CBO, absent those shifts, the budget deficit would have improved by just $4bn relative to last year.
CBO: -$132bn; Consensus: -$-135bn; Last (July 2010): -$165bn.

14:00: New monthly POMO schedule for ongoing QE Lite to be announced. Very small net number expected, as $13-15 billion in total MBS repurchase and bond maturity driven dry powder appears. Very soon this number will rise to over $100 billion per month, but first Bernanke has to get over the foreplay stage.

Comments

[Sudden Debt]

the July budget deficit declined slightly from the same month last year. However, the improvement largely reflects shifts in the timing of payments.

SOMEBODY PLEASE EXPLAIN THIS STRATEGY TO THE GREEKS!

[smore]

OT,  coming soon to the streets of America!

http://www.dailymail.co.uk/news/article-2024001/UK-riots-2011-London-Bir...

It was the "Economic Uncertainty" that made him do it!

[DavosSherman]

One more:  The barbourous metal just moved into the exponential phase.

[snowball777]

a) the standard was barbarous, not the metal

b) a line is not a parabola

[Smiddywesson]

I am not afraid of parabolic prices in PMs.  The rule of thumb not to trade parobolic prices applies to speculation, not the situation we have here.  Gold is not rising because of speculation.

PMs will eventually go vertical and stay vertical for as long as the currency suffers this debasement.

[Cdad]

There is an obvious and deliberate effort underway in the premarket to turn the banks upward.  So as for indicators today, having the FAS up on your screens will be critical in terms of determining if the bounce back continues.

While I hate the banks and would not own one, a continuation of the market bounce will likely come from this group...if it materializes.  And if it does, it should have an equal and opposite reaction in the PMs.  Of course, the half life of this move will be the equivalent of a Mayfly.

Prepare for blood to come from your ears as one criminal syndicate Wall Street banker after another recommends the financials to the sheeple, describing their valuation as "historically cheap."

If a bounce in financials fails, so too will the broader market bounce fail, I suspect.

Thank your for this wasteland, Mr. infinity ZIRP Bernanke.

[Grand Supercycle]

UPDATED S&P500 CHART THAT FORECAST THE CRASH:

http://bit.ly/x618

My long term indicators still warn of USD rally and EURUSD weakness.

[chinawholesaler]

Wholesale Glass
Wholesale Mobile Phone

Wholesale Waterproof Case
Wholesale Clothing
Electroluminescent

Advertising Material
Lunch Box
CD Holde

Sport Items
Wholesale TelePhone
Wholesale USB Products

Wholesale Sticker
Giveaway Material
Wholesale Sticker

Money Bank
Wholesale Glasses
Wholesale Bookmark

Silicone Products
Electroluminescent
Entertainment Supplies

Wholesale First Aid Kit
Bottle Opener
Baby Products Suppliers

Promotional Items
Wholesale First Aid Kit
Safety Suppliers

Bottle Opener
Wholesale Carabiner
Wholesale TelePhone

Industrial Supplies
Wholesale Mp3
Wholesale Glasses

Wholesale Mobile Phone
Wholesale Calculator
Wholesale Pin

Wholesale Puzzle
Safety Suppliers
Men Beauty Care

Safety Products
Wholesale Earphone
Silicone Products

Wholesale Earphone
Medicine Instrument
Wholesale Calendar

Wholesale Stapler