Evening Briefing for July 28th

* MARKET THEMES FROM TUESDAY'S TRADE: Once again we saw stocks close within their multi-day trading range after breaking Monday's low and then rebounding in the afternoon. Oil and gold prices turned lower on the day, and the U.S. dollar closed stronger vs. the euro. Ten year Treasury yields fell, but closed off their lowest levels. Small cap shares showed relative strength; energy stocks were weak on the day. We saw 1698 stocks make fresh 20-day highs against 176 lows, a drop in new highs from recent peaks. Both upside (Demand) and downside (Supply) momentum were weak, as is typical in a range environment. I'll update indicators tomorrow before the open via Twitter.

* OVERSEAS/OVERNIGHT NUMBERS: 1:45 AM CT - France, PPI; Germany, CPI; 6:50 PM CT - Japan, industrial production.

* EARNINGS: CCE, DAI, HMC, SNY, SO, TWC, TWX

* WORTH READING:

-- Live chat session I'll be offering tomorrow;

-- Jim Rogers on a collapse in China's share prices;

-- Perspectives from Jeremy Grantham and other good reading;

-- Very interesting view of professional investor sentiment;

-- A look at the Fed balance sheet and inflation and much more;

-- Defending high frequency trading;

-- Views on technical trading methods.
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