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Post: Friday - Keep on talkin'. | Daily Delphi

BlogsPit Talk › Friday - Keep on talkin'. February 28, 2014, 6:50 am

CALENDAR
7:30:AM CT
GDP 2nd Estimate for Q4
Prior 3.2% Forecast 2.6%
GDP - Deflator 2nd Estimate for Q4
Prior 1.3% Forecast 1.3%
8:45AM CT
Chicago PMI for Feb
Prior 59.6 Forecast 55.0
8:55:AM CT
Michigan Sentiment for FEB
Prior 81.2 Forecast 82.0
9:00:AM CT
Pending Home Sales for Jan
Prior -8.7% Forecast -1.0%


THURSDAY RECAP

Big Mama talked and the markets heard what they wanted to hear. Yellen told the Senate Banking Committee that the unusually harsh winter may be the reason for the soft economic data as of late but it's too soon to be certain. She also said the Fed will continue reducing its bond buying program but is willing to reconsider if the data doesn't prove to be weather related. That was enough to send the S&P to a record closing high as the Dow and Nasdaq posted healthy gains also.

TODAY'S ACTION

Overnight Asian markets were mixed with Australian and Japanese stocks moving lower and other indexes up. European markets are trading mixed on quite trade. Today traders will have plenty of economic information to digest. First will be the release of the Q4 second estimate of GDP which is expected to be revised down to 2.6%. Then before 9:00 AM the Chicago PMI and Michigan sentiment will be released. Any of these numbers has the potential to move the markets. After yesterday's move above some recent technical resistance in the S&P investors may be expecting to close the week out with a bang. Trade strong.


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