New home sales took a beating in July coming in at 394k. The markets were looking for 485k. That's a 13.4% drop month over month - the worst since May 2010. June was also revised down by 42,000 to 455k. Alas, not all was lost. All the major indexes ended in positive territory for the week. Why not, it looks like Friday's sorrowful home sales may give the Fed pause as they look for an opportunity to tapper.
7:30am CST Durable Orders Forecast -4.5% Previous 3.9%
The markets like to rock and roll on this leading indicator. A downward revision from June and a spot on July report could slow the Fed's slowdown even further. -You be the judge.