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The Mortgage Bankers’ purchase index was released at 7:00 AM EDT, and there was a week to week decrease of 3.3% last week, showing continuing weakness in the housing market since the second financial stimulus program for home sales came to a close at the end of April.

At 8:30 AM EDT, the Durable Goods Orders report for April will be released.  The consensus is that there was a gain of 1.5% from March, which would continue the positive trend in this metric,.

At 10:00 AM EDT, the New Home Sales report for April will be released.  The consensus is that 425,000 new homes were sold last month, which would be an increase over March, but was expected as the housing tax credit expired at the end of April.

At 10:30 AM EDT, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update after a negative week for oil prices.

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