by Bill McBride on 7/08/2012 10:26:00 PM
Sunday, July 08, 2012
This will be a light week for economic data.
• At 8:45 AM ET, the LPS Mortgage Monitor for May will be released. This report provides monthly data on the mortgage market, especially on delinquencies.
• At 3:00 PM, the consumer credit report for June will be released. The consensus is for credit to increase $8.5 billion..
Also, at 11:55 AM, San Francisco Fed President John Williams will speak on the economic outlook.
The Asian markets are red tonight. The Nikkei is off 0.75%, and the Shanghai Composite is off 0.5%.
From CNBC: Pre-Market Data and Bloomberg futures: the US futures are mostly flat.
Oil: WTI futures are up to $84.89 (this is down from $109.77 in February, but up last week) and Brent is at $97.69 per barrel. According to a formula from Professor Hamilton, the price of Brent would suggest gasoline at around $3.28 per gallon (the current national average price is $3.36) so gasoline prices might fall a little further.
• Summary for Week Ending July 6th
• Schedule for Week of July 8th
A couple of questions for the July contest (to be released later in the week):