Retail Sales Data - July

Okay then!  Falling inflation AND a strong consumer (with an *asterisk for Home Depot's SSS sluggishness, which might be a function of a soft patch in housing and home improvement), which is the best or the worst of both worlds (depending on what your focus is)... 

The bond market has a big frown on it at the moment, reacting to a "no-landing" scenario that the Fed might just have to "deal with" starting in September (jawboning to begin at the Jackson Hole meeting at the end of August), coupled with a resurgence of the Bond Vigilantes, who could be saddling-up to force the Government to STOP SPENDING!!! Benchmark 10-year YIELD has popped to a pre-market high at 4.27%...

As for ES, it continues to circle the 4475/80 area, just above key support from 4470 down to 4460...  And we move on...