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All quiet ahead of Fed minutes- European weakness of 1% looks buyable

US futures still largely unchanged ahead of today's Fed minutes while most of Europe has now fallen for a fourth straight day- (following six of seven straight UP weeks) Most of Asia mixed.  Treasuries mildly lower and Dollar trying to inch higher after yesterday's decline to new 3 month lows.  Crude and Gold both marginally lower this am-  Given that Dudley and Lockhart (NY, Atlanta Fed) came out suggesting hikes might be possible, the attention turns to Bullard today along with today's Fed minutes release to get some additional clues.  However, with Fed fund futs showing just a 22% chance of a hike, they'll need to do some major prep work with markets at the Jackson hole meeting next week if this is in fact possible.  Equities have been largely resilient, indicating that this "Dow Dependent" Fed would have a better chance of attempting a hike, but any whiff of volatility would throw this scenario right out the window, as market volatility seems to be on equal footing with Economic data of late in determining the course for normalization-   Technically the trends remain bullish in equities and this minor back and fill for US and European equities isn't at all damaging to the ongoing trend and the path of least resistance remains to the upside between now and late August-  early movers today out of URBN, CRK, MEET, PLCE, while decliners out of LOW, TGT, PLKI, ASML, SO, VNET, CREE-  Early areas to buy dips lie near 2172, then 2168 while on the upside- 2183-5, then 2190-1- Let me know if you have any questions


DAX and most of Europe down around 1% today, but not unusual after the breakout its had, and this pullback should be buyable within the next 2-3 trading days given the long-term breakout and higher momentum after 6 of 7 weeks UP


Retail starting to show a greater influence within Consumer Discretionary in leading and has helped this sector tremendously in the last two months.  Earlier gainers this am in both URBN and PLCE providing some good strength within an ordinarily poor Apparel space for Retailing and this sector continuing to gain ground