A.M. Update

The biggest overnight news is probably the release of a video of captured Russian soldiers inside Ukrainian territory, being called a special op by Ukraine and an accidental border crossing by Russia as Poroshenko and Putin meet in Minsk , Belarus today to try to work out several issues , of course deescalating tensions is on the list whether that's really what either side wants.

Durable Goods had a huge beat at 22.6% on consensus of 8%, however almost all of that was from BA, up 312%. Ex-Aircraft, Durables fell from 3% to .8%, the biggest drop of 2014 as the BA gain is a one off from the air show orders. Transportation was up 74% this month because of BA vs 2.1% in June.

Case Shiller missed as there's a slowdown in the most recent iteration of the housing recovery...

"Home price appreciation continues to unwind as S&P Case-Shiller 20-city adjusted data show a 0.2 percent decline in June following a 0.3 percent in May. Year-on-year, the adjusted rate is plus 8.1 percent vs 9.3 percent in May. Monthly declines sweep 13 of the 20 cities with Minneapolis, Detroit, Atlanta and Chicago showing special weakness.

Unadjusted data, which are followed in this report, show a monthly gain of 1.0 percent that reflects the relative strength of summer months for sales. But the year-on-year rate, where this effect is offset, tells exactly the same story as the adjusted data, at 8.1 percent vs 9.3 percent in the prior month.

Home prices are weakening, based not only on this report but also on FHFA data, also released this morning, and on yesterday's new home sales report as well as last week's existing home sales report. Easing home prices are a plus for sales but a negative of course for homeowner wealth."
Futures are slightly higher for a small gap up, the $USD is pretty much flat in a range so far this week, Gold is up, oil is up and so are treasuries, so pretty much everything is up, defensive or risk on except the USD.