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China is showing a descent rise in car sales as auto production rose 12.9%. The automaker industry in China has to deal with rising costs and labor tension as strikes by parts suppliers put up a fight. China has beaten the United States in sales due to tax cuts and subsidies given to citizens to switch to more fuel efficient vehicles. HSBC announced some pretty significant numbers this morning. The Bank of Hong Kong announced a pretax profit of $411.1 billion up from $5 billion last year at this juncture.

Bankruptcies and foreclosures are still issues as June’s numbers showed California, Utah, Colorado, and Idaho had a significant increase. Foreclosures have been rising in these states as well as Arizona, Florida, and Nevada. The AP Index is a measurement that is used to calculate this stress level. Numbers from 1-100 are assigned to unemployment, foreclosures, and bankruptcies. The higher the number the more stress that state is experiencing.

The market is soaring this morning on earnings announcements. The S&P was up over 14 points to 1113.00 and the DOW was up over 120 points to 10540.00. Last week it was mentioned that the S&P was passing technical levels and that there was significant room on the upside. Unfortunately this move happened in pre-market trading.

The social mood seems to be different than how the market has been acting, meaning investors and consumers seem to be cutting back on spending and the overall outlook on unemployment, foreclosures, and bankruptcies has been leaving a bad taste in people’s mouths. The big question is can this be used as a guide for another bear market?


Chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.

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