Daily Delphi

Post: Thursday - Lots of good news, just a little gain. | Daily Delphi

BlogsPit Talk › Thursday - Lots of good news, just a little gain. February 27, 2014, 6:50 am

CALENDAR
7:30 AM CT
Initial Claims for 02/22
Prior 336K Forecast 335K
Continuing Claims for 02/15
Prior 2981K Forecast 2975K
Durable Orders for Jan
Prior -4.2% Forecast -1.1%
Durable Goods ex-transportation for Jan
Prior -1.3% Forecast -0.6%

WEDNESDAY RECAP

Equities ended up slightly on lots of good news. New home sales jumped almost 10% in January to come in at 468K - way above expectations. That marks the report's best performance since 2008. Retailers also painted a rosey picture with their earnings reports. Target, Barnes & Noble, Abercrombie & Fitch and even JC Penny all rallied after they released their numbers. With all that good news the market could only manage a okay day with okay volume. The dilemma seems to be that February's sideways trade near the highs has put the bulls on the sidelines for awhile. Maybe we need some weak numbers to kick the rally back into gear. If you were watching, gold took a beating yesterday courtesy of Bank of America's declaration that it's time to sell. The April 14 contract fell -14.7 to settle at 1328.0.

TODAY'S ACTION

Today we get a look at the always volatile initial claims report and durable goods. If you remember last month's durable goods report dropped by -4.3%, way worse than anyone expected. Today we're looking for a drop between 0.0% and -1.1%. That information doesn't bode well for growth so the markets will probably blame any weakness on the brutal winter weather. Could be just the bad news traders need to start the rally back up. Then again maybe not. Trade strong.


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