Market Recon Thursday

Good Morning,
                       No joke, that was some rally yesterday afternoon.  Took us about  a third of the way back to where we were…. last Wednesday when the FOMC released their minutes, so let’s not get so carried away.  Global equities are strong this morning, as are US futures markets, meaning that there is at least a chance that the rally has legs…. at least for the early going.  No doubt, it’ll be smooth sailing from now on.  You and I both know that in these volatile times, making prediction beyond your immediate front is sort of like sports gambling.  You think that you know what you’re talking about until you don’t.  Next rest stop’s in 38 miles, you kids OK?  Speaking of kids, any of you take a look at the Shanghai Composite this morning?  That little dandy closed up 5.3% on the day, after being down on the day late in the afternoon.  Looks like somebody jumped in and propped that index up going into the close.  Wonder who? They shut down all of the “speculative” traders.
                       Boy, oh boy…do we have a nice batch of macro on tap for you today.  It all kicks off at 08:30 ET, when we get our second look at Q2 GDP, as well as the weekly report on Initial Jobless Claims.  First to the GDP.  We’re expecting quite an upward revision to the 2.3% that was estimated at last month’s initial estimate.  Projections are that Construction Spending, Business Inventories, and Retail Sales will push this number up into the 3.2% to 3.3% range.  Consensus is for the Jobless Claims print to fall from last week’s 277K to something like 272K.  This item has not been volatile of late, and is starting to lose the trader attention that it used to get.
                       Garnering less attention than some of the other data-points will be July Pending Home Sales at 10am, and the Kansas City Manufacturing Index for August at 11am ET.  Sandwiched by those two, will be the weekly Natural Gas print at 10:30.  That one only matters to those who specifically trade those futures.
                       There are some earnings releases to be cognizant of today.  Before the opening bell, you’ll get numbers from SJM, and TD, and after the close ARO, MRVL, and SWHC all report.  I am flat all of these names.  What makes MRVL interesting is that they postponed this release just last week until today, so let’s find out why.  As far as Fed speak goes, the whole party at Jackson Hole gets cooking today.  The symposium is closed to the press, but you know this crowd…. they can’t help themselves.  They’ll talk to somebody.
                       Mets are still hot.
.
Sarge’s TRADING LEVELS
.
SPX: 1980, 1973, 1955, 1944, 1926, 1907, 1895

RUT: 1157, 1148, 1140, 1132, 1126, 1119, 1110