Good Morning,
Today is shaping up to be one of those “calm before the storm” trading sessions as market participants gear up for not only month end but also the heavily anticipated Fed speak tomorrow as well as a slew of other economic data culminating in Friday’s NFP release. The Federal Reserve’s two-day bonanza kicks off today as Chairman Bernanke and his cohorts will attempt to get on the same page with this whole quantitative easing fiasco. Until then, we’re left to digest the S&P Case/Shiller Index that showed home prices had the biggest y-o-y gain since 2006 as prices rose 12.2% for the month of May. It is tough to decipher what that seemingly positive number means when one sees an article on Bloomberg titled “The American Dream Erased as Home Ownership at 18-year Low”…but I digress. Consumer confidence numbers are the other flavor of the day and will be released at 10:00 am EST. 2Q GDP and ADP employment figures will accompany tomorrows conclusion of the FOMC meeting. Have a great day!
Tom Hungerford
Heraeus Metals New York LLC
