*and the futures are reacting accordingly. Chinese market slide is also helping. And a few of our own stocks earnings reports are less than stellar. The dollar is also going up so commodities and metals will be hit. But if the gangsters keep WFC above $23, then a much needed major sell off will not take place.
Durable Goods... "There Goes the Optimism" Edition
Remember last months jump in durable goods (that turned out to be a jump only in aircraft)? Well, looks like it wasn't so sustainable (or as large as first thought). Reuters details:
New orders for long-lasting U.S. manufactured goods fell more sharply than expected in June, notching their biggest decline in five months as demand for communications and transportation equipment slumped, a government report showed on Wednesday. The Commerce Department said durable goods orders fell 2.5 percent, the largest drop since January, after rising by a revised 1.3 percent in May, previously reported as a 1.8 percent surge. This was worse than market expectations for a 0.6 percent decline. Orders had advanced for two straight months.