Daily Delphi

Post: Thursday - The Santa Claus rally has begun. | Daily Delphi

BlogsPit Talk › Thursday - The Santa Claus rally has begun. December 19, 2013, 6:50 am

7:30 AM CT
Initial Claims
Forecast 334K Prior 368K
9:00 AM CT
Existing Home Sales
Forecast 4.98M Prior 5.12M
Philadelphia Fed
Forecast 4.5 Prior 6.5
Leading Indicators
Forecast 0.7% Prior 0.2%

After yesterday's relief rally it looks like traders are ready to let the bull run. Today we'll see the always volatile initial claims and the more relevant existing home sales and Philly Fed reports. The markets have waited along time for Big Daddy to start tapering and seem pleased with not only the amount of the taper but the guidance Mr Bernanke gave in his last scheduled press conference as Fed Chairman. If Wednesday's trade is any indication it could be a long prosperous run up to the end of the year. Trade strong.

Big Daddy finally pulled the trigger and a 2 year budget bill finally cleared congress. Not a bad day to watch policy makers in action. The markets responded positively to the Fed plan to reduce its stimulus package. The plan will reduce Fed purchases by $10B form $85B to $75B a month. After that Big Daddy will continue to reduce purchases in measured steps until finished at the end of 2014. Both the S&P and DJIA soared to record closes.

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