Daily Delphi

Post: Friday - Maybe it already has. | Daily Delphi

BlogsPit Talk › Friday - Maybe it already has. January 31, 2014, 6:50 am

7:30AM CT
Personal Income for Dec
Prior 0.2% Forecast 0.1%
Personal Spending for Dec
Prior 0.5% Forecast 0.2%
PCE Prices - core for Dec
Prior 0.1% Forecast 0.2%
Employment Cost Index for Q4
Prior 0.4% Forecast 0.4%
8:45AM CT
Chicago PMI for Jan
Prior 60.8 Forecast 57.5
8:55AM CT
Michigan Sentiment for Jan
Prior 80.4 Forecast 80.0

Today we'll see earnings from MasterCard, Chevron, and Mattel among others. We'll also see the Chicago PMI and Michigan sentiment reports. If the numbers don't impress look for traders to turn their gaze abroad as global uncertainty seems to be taking hold. Turkey may not be in the EU but its currency situation has put a spotlight on the European emerging markets and that ain't good. If selling can start anywhere - maybe it already has. Trade wisely.

Equities rebounded yesterday as traders decided to look on the bright side. There were some strong earnings reports and the advance GDP number came in at a respectable 3.2%. On the darker side, pending home sales came in way under expectations at -8.7%. Another tiny little storm cloud on the horizon could be the emerging-market currency selloff that we've seen this month. However you look at it the S&P settled up +10.00 at 1781.20, the DJIA rallied +109.82 to close at 15848.61 and the Nasdaq vaulted up +71.69 to close at 4123.13.

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