The cash market today is US$359/M (up 16% from the June 10^th lows of US$310) and the futures market is US$350/M (up 19% from the June 11^th lows of US$294/M). Might we see better U.S. housing starts data for July, due out next Tuesday, August 19^th? (HT: Mark Kennedy)

“Initial weekly jobless claims have been plunging as fewer and fewer folks are laid off, with the four-week moving average of this measure falling to 2006 lows. Steel production is on the rise. Heavy truck sales increased at a 5.4 percent month-over-month rate in July to levels not seen since 2007. Total U.S. vehicle production increased at a 17.2 percent annualized rate in the second quarter, pushing overall production to levels not seen since 2004. If the economy can manage a 4.9 percent expansion in Q3, we’d be looking at the best quarterly performance since 2006.”
– The Fiscal Times, 11 Aug. 2014