Trade Deficit & Q2 GDP Report

This month's trade deficit, 6.2 billion dollars higher than expected, will really take a bite out of Q2 GDP.

Related ETFs:  iShares Russell 2000 Index ETF (IWM), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Foreign Stocks, U.S. Stocks & Real Estate Prices

Foreign stocks are doing quite a bit better than U.S. stocks. If you just own foreign stocks, you are probably doing OK. But if you have a typical U.S. stocks portfolio that it is not just the Dow Jones, chances are your stock portfolio is worth less today than it was at the beginning of the year which means that the wealth effect that Janet Yellen was counting on to power the U.S. economy its not there when it comes to stocks. And I don`t think its there when it comes to real estate either, because I think real estate prices are off this year.

Related: iShares MSCI Emerging Markets Index ETF (EEM), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P Homebuilders ETF (XHB)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Stock Market: Hidden Weakness

In fact the vast majority of stocks, I think are down on the year. If you look at the Dow, you are talking about 30 stocks, but if you look at the Russell 2000 Index, obviously you have 2000 stocks there and a lot of those stocks are down quite a bit this year, some of them are down more than 10 percent. 

So, just looking at the broad averages does not give you a real picture of what is going on in the stock market because I think most people I would guess, their portfolios are down on the year.

Related ETFs: SPDR S&P 500 Index ETF (SPY), SPDR Dow Jones Industrial Average ETF (DIA), iShares Russell 2000 Index ETF (IWM)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.