Evening Briefing for July 21st

* MARKET THEMES FROM TUESDAY: Continued strength among major averages, with 2250 20-day highs among NYSE, NASDAQ, and ASE shares and 235 lows. We saw stocks retreat from early strength, with the dollar coming off its lows and oil pulling back. The afternoon saw some retracement of that retreat, with particular strength among NASDAQ shares and weakness among the banks. Ten-year Treasury yields pulled back to under 3.50% and gold retreated from its early highs. My Demand/Supply numbers are getting tired; the rally appears to be running out of upside momentum. (Demand/Supply and other indicators will be posted via Twitter prior to Wednesday's open; follow here).

* OVERSEAS/OVERNIGHT NUMBERS: 7:30 AM CT - Canada, retail sales.

* EARNINGS REPORTS FOR WEDNESDAY: BA, DAL, EBAY, LLY, GSK, MO, NTRS, PEP, PFE, USB, WFC.

* WORTH READING:

-- Improvement in leading economic indicators;

-- Prospects for muted growth in developed economies, relative strength in developing nations;

-- Possibility of 17 year bear market, economic perspectives, and much more good reading;

-- Perspectives on the internet as an investment and other worthwhile updates;

-- Will China export its economic model as a creditor nation?

-- Not all boom and bust can be attributed to the economy;

-- A look at four bad bear markets and how this one stacks up.
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