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Correction’s End, or is it a Pause?

June 21, 2010 – 5:02 pm

There are three major economic statistics out this week, but the big news today was the announcement of China’s intent to free up the Yuan a little. China ties its money to the U.S. dollar and that is believed to have made China’s exports less expensive than they should be when the dollar was falling. Now that the dollar is rising it makes their exports more expensive. China does what is in China’s best interest so they will loosen the Yuan a little. Their major trading partners are going to have to do better to push China to let their money float like it should and is supposed to as a member of the World Trade Organization.

The three economic stats being released this week are existing home sales, new home sales and the durable goods report. Tomorrow will be the existing home sales report that should be up a little, while the new home sales report on Wednesday should be down sharply.

The stock market appears to be out of its slumping ways but will this mini rally gain traction? Earnings season next month will decide that.

Good Trading
Steve Peasley

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