The so called FANG stock get hammered again to begin the week, on mixed data of little significance sending the major averages into the final hour with modest losses. Over valued and over leveraged markets once again show that they are dangerous places to be. Incidentally the same applies to Real Estate, particularly overheated coastal markets.
Pending home sales snapped a pair of losses in June with a .9% gain. On strength in the Northeast and South, the Western region advance for a second month. That said this series has been on the soft side for some time now with 6 consecutive year ago negative figures. The West came in particularly weak falling 5.6% from a year ago as buyer enthusiasm wanes.
The Texas Manufacturing Survey fell 4.2 points in July to a still very strong 32.3. Price data slipped but remains high the rest of the details were unremarkable.
Agricultural Prices increased 1.7% in May on strength in Commercial Vegetable, Meat Animals, Dairy, Grains and Hay. On a year ago basis this series is down 3.9%.
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