Wall Street was in for yet another round of lackluster trading and mixed earnings and economic reports this week, while investors braced themselves for Federal Reserve’s policy-setting committee statement on Wednesday. In economic news, pending home sales declined 0.4% in June, while the S&P/Case-Shiller 20-City home-price index rose 12.2% in May on the year versus the 12.4% uptick analysts were expecting. The Conference Board reported its consumer-confidence index falling to 80.3 in July, slightly below analyst expectations of 81.5. Meanwhile, U.S. GDP came in above expectations, rising 1.7% in the second quarter, though the overall pace of growth remained lackluster [see 25 Wild ETF Charts From 1H 2013].
Below, we highlight seven insightful articles circulating around the financial space this week:
- Is the market headed for a correction? Not quite yet, but soon (Pretzel Logic’s Market Charts and Analysis)
- 12 must read quotes from Gerald Loeb (StockTwits 50)
- Russian potash firm breaks up one of the world’s largest marketing cartels (agrimoney.com)
- Is now the time to buy municipal bonds? (Financial Sense)
- Europe’s economy is still worse off than it was in 2009 (Quartz)
- A closer look at PE ratios around the globe (Musings on Markets)
- Commodities are breaking down (TheArmoTrader)
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Disclosure: No positions at time of writing.