Big Picture

Amid the European mess and weak emerging markets, the US has seen The Housing Recovery Strengthen at esoltas.  Both Home Prices and Rents Rise at CNBC.  Auto manufacturing and sales are a strong tailwind at the Detroit News.

The good news continues as The US private economy is growing as the government economy slows at Value Plays.  Further, US Intermodal Volume Hit Record in July at JOC.  This is not the data of recession.

“…we now estimate an upward revision to about 2.5% for Q2 from an original government report of 1.5%.” (First Trust)  Diametrically opposed is David Rosenberg: The Coming Negative Export Shock giving pause at Pragmatic Capitalism.

Further concern:  “China’s export growth collapsed and imports and new yuan loans trailed estimates in July, adding to signs the global economy is weakening…” from Bloomberg.  “China’s crude steel output may fall for the first time in 31 years this year…” in the WSJ.  The world’s largest miners continue to trim capex a billion dollars at a time:  Globe and Mail.

“Real Wages Much Lower Than They Were Four Decades Ago” at Ritholtz.  The unemployment rate for 18 to 19 year olds is 22.2%.  FED

“Stockpiles of the biggest crops will decline for a third year…” at BloombergU.S. Corn-Crop Estimate Cut as Midwest Drought Hurts Yields by BloombergGrain markets may be on verge of final blow-off top by Peter Brandt.

The CRB Index Has Another Date With Resistance at All Star Charts.  Miners to reflate?  Marketwatch

Ten stocks which have payed an uninterrupted dividend more than 110 years and increased their dividend for at least the last 10 years:  Dividend Growth Stocks.

Our current place in the secular bear which began in 2000:  Zeal.  Perhaps the market price low occurred in March of 2009, with the valuation low still years ahead.

No wonder the stock market is such a tough place!  Go Comics