Doug Kass shares his views every day on RealMoneyPro. Click here for a real-time look at his insights and musings.
Did I Mention I Think We're Seeing Peak Autos?
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* Busy morning for data. July ISM were in line -- but new orders and employment ticking lower.
* Construction and auto sales were weak.
* Personal income was light but spending in line.
* This data have produced a dovish reaction in bonds -- and a turnaround in yields (lower) from early this morning.
* Oil had its comeuppance -- down by -$1.40 a barrel -- snapping a six-day win streak. Though Bloomberg had a report that OPEC production increased in June (as expected) there is no proximate cause but OPEC has another compliance meeting next week.
* Industrial commodities (iron ore, copper, etc.) have weakened.
* Ag commodities are lower, led by corn and soybeans. Fertilizer stocks have followed in a southerly route.
* The powerful rally in financials continued Tuesday despite lower bond yields.
* Tech is rebounding. And so are telecoms, utilities and consumer non-durables.
* Autos are stinking up the joint.
* Earnings-driven rallies in International Game Technology ( IGT) , Archer-Daniels Midland ( ADM) , Owens-Illinois ( OI) , Simon Property Group ( SPG) , Trinet Group ( TNET) , Xylem ( XYL) .
* Earnings-driven declines in Pitney Bowes ( PBI) , Eaton ( ETN) , John Bean Technologies ( JBT) , Mosaic ( MOS) , Under Armour ( UAA) and Extended Stay America ( STAY) .
Position: Long SDS large, short SPY.
Originally published Aug. 1 at 1:57 p.m. EST
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