| Last | Change | Percent | |
| S&P Futures | 1346.3 | -5.4 | -0.40% |
| Eurostoxx Index | 2246.9 | -12.2 | -0.54% |
| Oil (WTI) | 86.57 | -0.5 | -0.61% |
| LIBOR | 0.455 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 83.63 | 0.285 | 0.34% |
| 10 Year Govt Bond Yield | 1.46% | -0.03% | |
| RPX Composite Real Estate Index | 184.1 | 0.3 |
RIP Barton Biggs
Markets are weaker this morning on disappointing retail sales data. June retail sales fell 50 basis points in June while the Street was expecting a 20 basis point rise. The 10-year continues to grind higher,with the yield now at 1.46%. Mortgage backed securities are up small. A lot of market heavyweights report earnings this week with Johnny John, Coca-Cola, Intel, Honeywell, Yum, Amex, Ebay, IBM, and Google, among others.
Citigroup beat analyst expectations with a $1.00 per share second quarter earnings report. Revenues were weaker than expected. Book Value increased to $62.21. The stock is up about 2.5% pre-open.
The NY Fed's Empire State Manufacturing Survey showed an uptick in July. Manufacturer Optimism remains on the positive side, but is lower than earlier this year. Input Prices fell.
Reuters has a dour outlook on the housing market, suggesting we may be in for a lost decade with house prices. They cite the usual litany of problems with the housing market - immobile underwater homeowners, heavy debt burdens, a lousy job market - but they ignore how fundamentally cheap housing is right now. And that is why prices are stabilizing - eventually a market gets so cheap it cannot be ignored. And that has happened in housing.
Taxmageddon: The game of chicken is on.
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