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Post: Friday - Brutal weather the culprit, again. | Daily Delphi

BlogsPit Talk › Friday - Brutal weather the culprit, again. February 21, 2014, 6:50 am

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TODAY'S ACTION
9:00 AM CT
Existing Home Sales for Jan
Prior 4.87M Forecast 4.73M

Overnight the Asian markets closed mixed to slightly up and the European markets are narrowly higher. This morning we'll see the existing home sales data for January at 9:00AM CT. Market consensus is looking for a slight month over month decline. But not to worry it's been a brutal winter. It seems that the bulls are intent on keeping February's rally going so investors may be willing to ignore the number if it comes in weaker than expected. Trade wisely.

THURSDAY RECAP

All the data came in inline yesterday except the Philly Fed which took a dive - it came in a -6.3 vs expectations of 7.4. That's the lowest level since February of 2013 and the first negative reading since May of last year. Investors took the news with a shrug and continued to blame the brutal winter weather for any economic woes. TheS&P ended the day within 10 points of an all time high and the Dow and Nasdaq were also winners.


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