Daily
Market Color
8/29/2012
Today’s Economic Reports & Headlines
Second
quarter preliminary GDP data for the US was in line with analyst’ estimates,
revised up to 1.7% from 1.5%, US equities opened flat on the news
Pending
Home Sales will be released at 10:00am today; the street is expecting a 1%
increase
Overseas,
Germany will be releasing their consumer price index numbers and Italy will
issue their retail sales numbers
According
to the ECB, deposits at private banks in Spain decline by a record 74 billion
Euros in July, this is the biggest decrease since 1997
Trades
Treasuries
remain strong heading into Jackson Hole on Friday; I’m speculating that
treasuries may have a strong rally within minutes of the J-hole conference,
similar to the Euro before and during the ECB policy announcement and
subsequent press conference. So, I intend to stay in my treasury position
during J-Hole and trade accordingly with the intraday sentiment
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