Economic Data

July durable orders fell 4.9%, well below economists' forecasts which called for a 1.5% decline, versus a downwardly revised 1.9% increase a month earlier (from +2.8%), while ex-transportation fell 3.2%...

Mortgage applications fell for the seventh week in 10, dropping 0.7% in the past week, moving to 756.2 from 761.3, according to the Mortgage Bankers Association. The report adds to concerns that the all important consumer support, the housing market, is cooling. The purchase index fell 2.2%, but remains near record levels as interest rates are at historic lows, . Average 30-year fixed rates saw the first drop-off in 7-weeks, as rates fell to 5.78% from 5.79%. The average 15-year adjustable rate popped higher to 5.41% form 5.4% and 1-year ARM's tightened to 4.84% from 4.85%.

SP 500 futures or (SPU5),yesterdays' low is at 1215.50,currently trading near that level pre-market.Next supports at 1210.50 and it's 200 day moving average at 1202.02... If the bull's don't take over this thing still has room to run down.

I will be away for part of the day and be back hopefully around noon to check in on the market. Good Trading to everyone.