Zeev's Turnips Patch-No Politics (ZEEV)

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14:25 ET Mortgage apps off sharply: warning on housing : Barrington Research comments on the 24.3% decline in mortgage applications for the week ended July 25. According to firm, at the current level, the composite index is below the year ago level for the first time in over a year. While Barrington does not see an actual housing bust unless rates rise substantially in the near-term, firm believes that in this age of short investor time horizons, housing-related stocks could come under pressure with further rises in mortgage rates and declines in mortgage activity. Notes that the plunge in refinancing activity is obviously a negative for banks and other financial institutions that have been major beneficiaries of the preceding boom.

14:10 ET Beige Book detail : The Beige Book reports 'somewhat stronger growth' amid increased optimism. Manufacturing activity edged higher despite weak capital spending as several Fed districts reported increased plans for investment. Consumer spending was termed 'lackluster' as the housing sector reaped the rewards of low interest rates. Prices (outside of energy) and wages were little changed. Commercial lending remained weak as mortgage demand rocketed higher. The Richmond Fed compiled the reports which are consistent with the slightly improved economic reports. Please see our Bond Ticker page for the Summary Text of the report.