Tuesday, July 07, 2009

Evening Briefing for July 7th

* MARKET THEMES FOR TUESDAY - Continued weakness in stock market, as we move to the bottom of the May/June trading range. Themes of strong U.S. dollar, lower 10-year Treasury rates, and weak commodities continue. Weakness evident in commodity related materials and energy shares, as well as economically sensitive industrial and consumer discretionary stocks. Defensive health care and consumer staples sectors relatively stronger. Summary of the market day here.

* OVERSEAS/OVERNIGHT NUMBERS: 12:00 Midnight - Japan, economy survey; 4:00 AM CT - EU, GDP; 5:00 AM CT - Germany, industrial production; 9:00 AM CT - Germany, Ifo Euro-zone economic outlook.


-- Hedge funds coming back in a new way;

-- A fiscal train wreck in the making;

-- Contraction in credit cards, lending;

-- Excellent economic summary; no bright spots for employment;

-- Interview with Matt Taibbi and more good reading;

-- What traders can learn from Andy Roddick;

-- Reflections on the death of the dollar;

-- Mortgage fraud rampant.