Thoughts

Look for volume to slow to a crawl as the week evolves.

I am hearing that there is a large non-bank financial takeover in the works.

There is a great deal of discussion that HPQ/PAR would mean a big reduction of jobs. Calm down and do your homework, talking heads. 3Par has a total of 668 employees!

Chicago Fed National Activity Index

Could the soft patch be temporary?

"Led by improvements in production-related indicators, the Chicago Fed National Activity Index returned to its historical average of zero in July, up from -0.70 in June. Three of the four broad categories of indicators that make up the index improved from June, but only the production and income category made a positive contribution to the index in July."

-- Chicago Fed National Activity Index

There has been very little attention paid in the media to the Chicago Fed National Activity Index, which was released earlier in the morning.

Published monthly, this index is a deep, detailed index that has historically had some predictive value.

The Index improved in July from June and could indicate that the soft patch might be brief in duration.