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Registered Investment Adviser Caleb Lawrence 

Despite disappointing data, the major averages enter the final hour with small gains. The June Treasury International Capital Flows or TIC report showed net foreign purchases of securities totaling 34.4 billion for the month. Treasury and Agency bonds and notes remained popular while equities sold off again. The Chinese purchased 44.3 billion net, followed by Turkey 9.4 billion and Saudi Arabia 8.8 billion. The top three sellers were Japan $20.5 billion, the Cayman Islands 12.1 billion, and Mexico $6.6 billion.

Housing starts and permits disappointed in July after both missed expectations. Permits fell 4.1% to 1.223 million units annualized on weakness in multi-family units. Starts dropped 4.8% to 1.155 million units annualized on weakness in multi-family construction as well. This marks a second material weakness in starts in the last 6-months, and a third for permits.

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