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Registered Investment Adviser Caleb Lawrence

The major averages enter the final hour about even, unable to build on yesterday’s gains despite generally positive news. Retail sales advanced .6% in July, May and June were both revised up. Gains were fairly broad based with the exception of Gasoline, Electronics and Appliances as they all declined.

The New York Fed regional Index jumped 15.4 points in August to 25.2 on strength in new orders and employment. The inflation proxy, prices paid advanced to 31.

Import and export prices snapped a pair of declines advancing .1% and .4% respectively in July. On a year ago basis export prices advanced .8% while import prices gained 1.5%, both far below the Fed’s desired 2% target.

Business inventories increased for a 2nd month in June with a .5% gain. Led by improvements in retail and wholesale inventories for a second month.

The TIC or Treasury International Capital report comes out after the close will take a look at that tomorrow.



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