Last week was a light week for economic reports during which positive reports outweighed negative reports.

The positive reports were:

1. Weekly jobless claims came in at 255k, the lowest reading since 1973!

2. Existing home sales rose 3.2% in June to an annualized rate of 5.49mm, the fastest pace in more than eight years.

3. Mortgage applications rose 1% week over week.

And the negative reports were:

1. Refinance applications fell 0.5% week over week.
2. Pending home sales came in at 482k, below the 548k expected.