The U.S. is on track to show positive Gross Domestic Product (GDP) growth in this current 3^rd quarter.  Many indicators are signaling an economic recovery for example:  Factories are boosting output and U.S. manufacturing is recovering.  Read the full story

I have had the good fortune to travel to more than 40 countries in the last ten years.  I love to experience other cultures, to meet people and to learn about the history of different parts of the world.  I believe that if you are living in the United States today, you are quite fortunate indeed. Read the full story

Monday
Economic Report: New Home Sales

The New Home Sales report for June comes out this morning. Expectations are for a slight increase versus May. While I am still skeptical of a sustained housing recovery, I do think this report will meet expectations. This is partially based on it being the summer selling season, as well as the fact that existing home sales for June also increased.

Earnings Announcements: Honeywell (HON), Verizon (VZ), Amgen (AMGN)

Tuesday
Economic Report: Consumer Confidence, S&P/Case-Shiller Home Price Index

The July Consumer Confidence report is anticipated to show a slight improvement since last month. With the economy showing slightly encouraging signs of a recovery, job losses slowing, and no spike in gas prices, I think this report will meet expectations.

The S&P/Case-Shiller Home Price Index comes out Tuesday as well, and this report will still show a significant decline, but a smaller decline than in the past.

Wednesday
Economic Report: Durable Orders, Fed Beige Book

Durable Orders for June are expected to show another decline, and I don’t see anything convincing me that I should expect otherwise.

The Fed Beige Book comes out on Wednesday, and everyone will be looking at the book to see if there are any signs anywhere of a recovery. If I had to guess, manufacturing will show a slight increase, real estate in some pockets will show improvement while others areas, like New York City, will be getting worse.

Earnings Announcement: Time Warner (TWX), Visa (V)

Thursday
Earnings Announcement: ColgatePalmolive (CL), Exxon Mobil (XOM), Mastercard (MA), Sony (SNE), Dow Chemical (DOW), Disney (DIS)

Friday
Economic Reports: GDP - Advanced

The Advanced GDP report is likely to show another decline in the second quarter. Until consumers can feel comfortable spending money, GDP is going to continue to fall.

Earnings Announcement: Chevron (CVX)

Respectfully,

Christian Hill

You know they are trying to accomplish this ignominious feat. The goal is to keep Americans in an economic stupor. It is working. Read the full story

Crude Oil prices have spiked this month from the $50 per barrel range up to $58.63 a barrel last Friday.  This was the highest level of the year.  Oil is going up as many investors feel that we will soon pull out of this recession. Read the full story

Monday:

Earnings Announcements: BIDU, QCOM

Tuesday:

Economic Reports: Consumer Confidence, S&P/CaseShiller Home Price Index

Consumer Confidence is expected to show an improvement in April, although by a less than impressive amount. The reading is supposed to show an uptick of 2.8 percent, however an increase of 5 percent or more is considered ‘significant’. At this point, I think the economy will take any positive move it can get, small or not. Read the full story

After last weeks surprising housing numbers (building permits and housing starts actually increased) the housing reports this week are now even more unpredictable. Existing home sales are expected to drop by approximately 40k units, but I wouldn’t be shocked if this number actually beats expectations to the positive side and shows a gain. The reason is that foreclosures continue to create tremendous buying opportunities, and at some point, prices get low enough to spur sales.

The New Home Sales report that comes out Wednesday is also expected to show a decline, but I think this one will be a much larger than the 9k units that’s anticipated. With so much cheap existing inventory available, builders moving new inventory face many obstacles. Read the full story