PCE Deflator, More Earnings: Daily Contrarian, July 29
Good morning contrarians! Stocks look to resume their rally after positive earnings from $AAPL and $AMZN

Today’s main economic data release is the PCE deflator, out at 0830. Economists expect a 6.8% increase to the headline figure, which is ahead of last month’s 6.3%. The core figure, which excludes food and energy, is expected to increase 4.7%. That would be identical to last month’s number.

Watch for: A small increase is baked in to the headline figure. So don’t believe any headlines that say it rose “unexpectedly.” But the core figure is more important anyway.

Earnings include $XOM, $LYB, $CVX, $NWL, $CL, $CHD, $PG, and $PSX.

Am monitoring $SWK after it dropped 16% yesterday. More on this in the podcast, available here:
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