Sunday, June 21, 2015

Monday: Existing Home Sales

by Bill McBride on 6/21/2015 08:24:00 PM

First a couple of articles on Greece (this is a key week).

From the WSJ: Greece Pitches Last-Ditch Bailout Plan as Crisis Nears Endgame

From Larry Summers at the Financial Times: Greece is no longer about numbers. It is about the high politics of Europe

Pretty grim.

Monday:
• At 8:30 AM ET, the Chicago Fed National Activity Index for May. This is a composite index of other data.



• At 10:00 AM, Existing Home Sales for May from the National Association of Realtors (NAR). The consensus is for sales of 5.25 million on seasonally adjusted annual rate (SAAR) basis. Sales in April were at a 5.04 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 5.29 million SAAR.

Weekend:
Schedule for Week of June 21, 2015

Oil prices were down over the last week with WTI futures at $59.24 per barrel and Brent at $62.55 per barrel.  A year ago, WTI was at $108, and Brent was at $114 - so prices are down 40%+ year-over-year.

Below is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.79 per gallon (down almost $0.90 per gallon from a year ago).

If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.



Orange County Historical Gas Price Charts Provided by GasBuddy.com