The bulls again forced the bears to close positions. The value move high again.
July Building Permits came at 1052K vs. 1000K consensus. Building permits
carry heavy weight in our models because they are a leading indicator of housing
activity.
July Housing Starts came at 1093K vs. 960K consensus.
Inflation stays under control. Core CPI came at 0.1% vs. 0.1% consensus.
