Evening Briefing for July 19th

* MARKET THEMES FROM FRIDAY'S SESSION: Range bound trade on Friday consolidated the gains during the week, with averages either near or above their May/June highs. The number of stocks making new highs remains below the levels seen in May/June, but several advance/decline lines for indexes, including the NYSE common stocks and the S&P 500 Index, have made fresh bull highs. Themes of dollar weakness, commodity strength, and rising Treasury yields continue to accompany share buying. Here is an excellent summary of the week in the economy and markets.

* OVERSEAS/OVERNIGHT NUMBERS: 1:00 AM CT - Germany, PPI; 7:30 AM CT - Canada, wholesale trade. Earnings: HAL, TXN.

* WORTH READING:

-- Second-guessing oneself in trading; thanks to Jorge for the Spanish language translation and link to the original article;

-- The swine flu story doesn't seem to be going away; Argentina hit hard;

-- Earnings reports are supporting the rise in share prices;

-- Eye-opening look at leverage at banks globally and implications for Europe;

-- The relationship between changes in home prices and share prices; excellent site;

-- Where jobs have been gained and lost in the economy;

-- Reflections on trading options expiration days;

-- Looks as though we may need to extend unemployment benefits further.
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