Evening Briefing for August 16th

* MARKET THEMES FROM FRIDAY - A late rally in stocks turned a weak day into a range bound one, as we moved back into the prior day's range. We're currently retracing much of that rally in Globex trade, reflecting weakness in Asia and falling commodity prices. 10-year Treasury yields have also fallen below 3.6% after getting close to 4% last week. At last week's highs, we saw significant divergences in the new high/low stats, supporting the thesis that we're seeing a topping process. The weakness on Friday was accompanied by particular weakness in oil and raw materials stocks; emerging market stocks continue to also act weak.

* OVERSEAS/OVERNIGHT NUMBERS: 4:00 AM CT - EU trade.

* EARNINGS: LOW

* WORTH READING:

-- Recent updates from Trader Mike, including the math of gambling;

-- Excellent review of the market week;

-- Weak consumer spending could extend for years;

-- FDIC losses greater than during S&L crisis;

-- Interesting look at leading economic indicators across economies;

-- Which countries have weathered the economic crisis best?

-- Foreclosures on the rise;

-- Part-time employment on the rise, unlike in past recessions.
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