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Post: Wednesday - The rally may resume now. | Daily Delphi

BlogsPit Talk › Wednesday - The rally may resume now. February 12, 2014, 6:50 am

TODAY'S ACTION
6:00 AM CT
MBA Mortgage Index for
Prior 0.4%
9:30 AM CT
Crude Inventories for 02/08
Prior 0.440M
1:00 PM CT
Treasury Budget for
Prior $2.9B Forecast -10.0B

Unexpectedly strong January trade data out of China pushed Asian and European stocks higher for the sixth day in a row. The data showed a 10% surge in Chinese exports. Lookout for a revision down the line, though. Economists warned that the report may have been distorted by over-invoicing and the Lunar New Year holiday. On the US calendar there isn't a lot to look at today. The Treasury will release its monthly budget statement at 1:00PM ET. On the corporate front Cisco will release quarterly earnings after the bell. Also, today the Senate is expected to vote on raising the US debt limit. Trade strong.

TUESDAY RECAP

Yesterday the US markets rallied after Fed Chairwoman Janet Yellen made it clear that monetary policy isn't likely to change much under her guidance. In her testimony before the House Yellen said the Fed would continue reducing stimulus as the economy continues to improve. She also said that recent troubles in the emerging markets presented no real risk to the US economy. The markets had an additional boost after the House voted to raise the debt ceiling for another year.


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