Mel's Blog

Today marks the sixth anniversary of 9-11, a day that will forever remain in infamy.  We shall never forget.  Many of you were with me through that very difficult time - and as challenging as the current market may appear, we only need to look back to that terrible time to gain perspective and count our blessings.   

Once again, the economic calendar is thin, but at 11:00am ET, Fed Chairman Ben Bernanke will be speaking in Germany, and the financial markets will be listening. 

Today's only economic report, the Balance of Trade for July, was reported at -$59.2 Billion, a slightly greater deficit than consensus estimates of -$59.0 Billion.  The July trade deficit between the US and China was the second largest on record.

Bonds remain near the best levels of the year, but are facing a tough ceiling of resistance from an overbought state.  Without an impetus to push Bonds through this tough ceiling, Bonds may take the path of least resistance, and drift lower.