August Housing Starts jumped 2.3% to 745,000, holding steady from the previous few months:
10 A.M. will bring Existing Home Sales numbers for August with the consensus estimates coming in around a 4.55mm annual rate. While lower than previous months, the promise of lower mortgage rates for some time to come may attract more homebuyers in the coming months.
This news really had no effect on the futures as they were flat to up slightly before and after as crude has continued its decline and the EURUSD and gold dip as well. Yesterday's action was tight and the second consecutive day of lighter volume. The low of 1456 broke below the previous day's lows but closed above it. We are now set to open above yesterday's highs but with crude and EURUSD weakness, the 10:30 EIA Petroleum report may set up for some volatility before the market picks a direction.
Wed, September 19, 2012
by David Boland