Top Takes From RealMoney

4. Pending Home Sales

By Jim Cramer
10:02 a.m. EDT How quickly will the bears immediately discredit this NAR number, even as I have looked at it and it is "clean." It confirms once again that the end of June was the bottom in house price depreciation.

These are impressive numbers. But I know they will be scoffed at like every other one as the housing bears dig in their heels. As someone who guaranteed a loss on any house bought two years ago, I reserve the right to make this point.

No positions.

5. XLE InterETF

By Timothy Collins
9:57 a.m. EDT

Finding two attractive plays in the energy field. We are buying:

Long 1 Direxion Daily Energy Bull 3X Shares(ERX) August 36 put while simultaneously selling 2.1 contracts of the Energy Select SPDR(XLE) August 52 puts, so a 10 by 21 ratio, for a net credit right around 0.30 per ratio.

You can also use the same ratio on the ERX August 34 puts coupled with the XLE August 51 puts for a slightly smaller net credit.

This trade will keep its net credit, and earn possibly more, in an XLE flat to bullish move. There is some risk on a trending, extreme, downside move.

Long ERX puts, short XLE puts.

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