Thursday, August 23, 2012

Bonds, Stocks Trend Lower As Correction May Be Forming, Gathering Momentum

This is a midday report, as the author will likely not be available for posting at the regularly-scheduled time, shortly after the markets close. A complete report will be posted at some point, probably in the early evening.

Stocks started the day lower, as expected, after initial jobless claims came in at 372,000 in the current week, beyond expectations and up 4,000 from the prior week.

Other than that bit of news, existing home sales grew at an annual rate of 4.47M in July, after a reading of 4.37M in June.

At the time of this posing, stocks are down broadly, but beginning to pare losses. Regardless, if the Dow closes lower today, it will be the fourth consecutive losing session, an expected development, after Tuesday's "double-engulfing, outside" day.

Gold and silver are sharply higher, with silver up more than $1.00 at the time of this posting.

Dow 13,100.13, -72.63 (0.55%)
Nasdaq 3,065.85, -7.82 (0.25%)
S&P 500 1,407.54, -5.95 (0.42%)
10-Yr Bond 1.67%, -0.05

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