Quick Overview

• If the US government defaults it would go into default not because it can't pay its bills – like Greece – but because it won't.

• U.S. housing starts in June rose nearly 15%.

• IBM's Q2 revenue rose 12 % to $26.7 billion. That topped $25.4 billion, the average estimate of analysts.

• (FT) As Riyadh increasingly becomes a hungry oil consumer, supply from the world’s biggest producer will ease.

• KO reported earnings of $1.17 for Q2, ahead of estimates -- new high on the move.  
• Romanians recover 64 stolen missile warheads.
• U of I specialists say a state average corn yield in the mid-to-low 150's might be expected this year, compared to last year's 168.7 yield.
• Construction output in the euro zone dropped by 1.1 percent in May
• The IMF urged policy makers to take further actions to contain the sovereign debt crisis in the euro area, warning that a spread to the core euro countries could cause "major global consequence." (Too Obvious)
• I know of tops, double tops, triple tops, but very very few quadruple tops. Probably taken out.
• Chinese leading indicator  rose 0.5 % to 155 in May.