23 August 2010

SP 500 September Futures; Gold Daily and Weekly Charts: Silver Weekly Chart



SP 500 Futures
@ 11 PM EDT

Existing home sales tomorrow at 4.6 Million consensus. Refis are progressing so quickly the NY Fed is growing concerned about its shrinking MBS portfolios that it took over from the banks. As refis are done the mortgages leave the pool.

US GDP second estimate for Q2 on Thursday 27 August. Consensus is for 1.4% versus the first estimate of 2.4% and a chain deflator of 1.8%. If the deflator deviates lower from this figure then it might to 'enhance' a bad GDP figure. Watch inventories as well.



Gold Daily Chart

It is options expiration this week (26 August) at the Comex for the precious metals.



Gold Weekly Chart



Silver Weekly Chart