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Commentary for 7/21/2017

Altavest Commentary for 07/21/2017

After a strong week, Asian markets settled mostly lower. The Nikkei 225 fell -0.22% and the Shanghai Composite dipped -0.21%.
The ECB published the Survey of Professional Forecasters which said that “the balance of risks to longer-term expectations remains to the downside.” The rising euro seemed to weigh on European equities. The DAX fell -1.66%. Yields on the 10-yr. Bund sank to 0.503%.
The only “economic report” out today was from Baker Hughes. They reported that the U.S. oil rig count fell by 1 to 764.
Yields on the 10-Year Note continue to drift lower, now at 2.236%. The US$ Index also kept falling. With a weaker US$, August gold moved higher, adding -0.8% to $1,254.90. September crude gave back all the gains of the week and more, closing down -2.5% to $45.77. A Reuters report suggests OPEC output will rise by 145K bpd in July. Note that beginning today we are following the September crude contract.
It was a low volume day. None of the major averages managed to reach new highs, but all are very close. While markets felt “heavy” most of the day, in the final hour, some of the losses were erased and markets closed only modestly lower.

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