As for the economy today there are quite a few announcements, here is the
schedule:
• 8:30am Jobless Claims – There was an increase in jobless claims this week.
• 9:45am Bloomberg Consumer Comfort Index
• 10:00am Existing Home Sales
• 10:00am Philadelphia Fed Survey
• 10:00am Leading Indicators

In the stock market today the S&P 500 is up 0.67% as well as 10-year treasuries at
1.33%. Crude oil is up 1.47% while the dollar is down 0.34%.

Regarding the stock market the topic everyone won’t stop talking about is the Libor
scandal. Barclays and numerous other banks were found to be fixing the rates. But
other than fine the companies what can the government do? Bernanke says it is up
to the FSB find a solution.

Make sure to check out our Webinar on Sunday, 22nd and follow us on Twitter
@keeneonmarket!

It appears that earnings sentiment has changed after the first week of earnings. Markets were timid going into last week, and started to chart new positive territory after some better than expected earnings. Could rallies such as today’s be too impulsive? When is the Euro crisis going to be priced in?

David Cornes holds a degree in economics from the University of Montana.

Natural Gas futures rose with the country’s temperatures gaining 12.6 cents to $2.9220. WTI crude futures continued their rise, gaining a modest 15 cents to $89.37. Gold futures fell with EUR/USD futures, falling $16.30 to $1573.20 and 24 pipps to $1.2273 respectively.

David Cornes holds a degree in economics from the University of Montana.

The Hang Seng had another big slide today dropping 1.1%. Securities were among out-performers as
Haitong Securities gained 1.6% and Hong Yuan Securities jumped 6.1%. Chinese power companies,
unlike Japanese, had gains on the day after China’s regulatory commission decided to open the power
sector to private investors, Datang Power added 2.5%. The Index was held back by poor real estate data
showing home prices flat in June after 8 months of decline, to end hopes of policy support. Poly Real
Estate dropped 4.9% and China Vanke lost 3.8%.

Strong earnings reports are right now enough for Europe to begin the day up ignoring the Asian markets.
The FTSE is currently up .2% after positive results from Europe’s banks as Credit Suisse adds 5.5% and
Nordea adds 2.2%. US Firms Goldman Sachs and Coca-Cola’s strong numbers report overnight also
helped prop the European market.

European Construction output comes in at +.1% for May compared to the previous month of -3.7%.

UK unemployment showed a nine-month low of 8.1% with the Olympics helping to create jobs.

Commodities are starting out the day with Gold, silver, natural gas and crude all flat at the moment, the
biggest mover being gold down .33%.

Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market.
Comments can be directed to ryghcw19@uww.edu

The S&P 500 is back up today at 0.74% while 10-year treasuries are both down 1.97% and 0.28% respectively. The dollar still holds strong at 0.30% increase. Bank of America announced their earnings today and beat the streets expectations. The bank said it made 19 cents per share second quarter. The profits are partly due to decreasing reserves to cover bad loans, the bank expects more customers to repay loans on time. Make sure to check out our Webinar this Sunday, 22nd and follow us on Twitter @keeneonmarket!