Today's Market Commentary:

RATES INCREASE AS MONEY MOVES INTO STOCKS

Mortgage interest rates increased this past week as money moved from bonds into stocks. The Dow Jones Industrial Average is currently at 8,707, up over 550 points, supported by stronger than expected earnings from Goldman Sachs and Chase. Earnings overall have generally been better than expectations. Economic data of note included the June Producer Price Index (PPI), a measure of prices at the wholesale level, which increased 1.8% on expectations that it would increase 0.8%. Core PPI, excluding food and energy, increased 0.5% on expectations that it would increase 0.1%. The June Consumer Price Index (CPI) increased 0.7% and core CPI increased 0.2%. Both readings were inline with expectations. June Retail Sales increased and were in line with expectations. June Housing Starts and Building Permits were much better than expected, up 3.6% and 8.7% respectively.

Crude Oil Futures are currently trading at $63.06 per barrel, up over $4 per barrel on the week. The Dollar has weakened versus the Euro and has strengthened versus the Yen on the week.Next week look toward Thursday's weekly jobless claims and Existing Home Sales along with Friday's Consumer Sentiment Index as potential market moving events.