The Market On Thursday

Good morning. It is raining in upstate NY. I still went out for my morning walk with trusty rain parka and hood. I like the rain and we really need it. Its been a dry season, no one is cutting their grass because it seems to have stopped growing about 6 weeks ago.

At 8:10 a.m. futures are ever so slightly down.

At 8:30 a.m. the government will come out with new recalculated numbers about the second quarter. Usually the recalculations are lower. We start high and work our way down, it makes for better press and helps everyone's feelings.

We have new legislation aimed at censoring China. China is keeping its currency artificially low, thus making American companies, i.e. what remains of American companies, at an unfair disadvantage in the world of commerce. We shall see how this plays out.

CNN: Stocks set to slip at the open

The Commerce Department's third estimate for second-quarter gross domestic product is due out at 8:30 a.m. ET.


The dollar fell against a broad range of currencies, including the euro, the Japanese yen and the British pound.


Crude oil futures for November delivery rose 20 cents to $78.06 a barrel.

CNN: House passes bill aimed at Chinese currency

Lawmakers say China's currency is unfairly cheap and passed a measure Wednesday that opens the door to tariffs that aim to help U.S. companies compete.