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Post: Tuesday - Yesterday was a rally for world peace. | Daily Delphi

BlogsPit Talk › Tuesday - Yesterday was a rally for world peace. March 18, 2014, 6:50 am

7:30 AM CT
Housing Starts for Feb
Prior 880K Forecast 900K
Building Permits for Feb
Prior 937K Forecast 950K
CPI for Feb
Prior 0.1% Forecast 0.2%
Core CPI for Feb
Prior 0.1% Forecast 0.1%

Yesterday's rally in the world markets wasn't a sign that things have gotten better in Ukraine or China or anywhere for that matter. Yesterday's rally was because nothing got worse over the weekend. The overwhelming vote in Crimea to leave Ukraine is worrisome but investors have decided that as long as no one is firing missiles and nobody's troops are marching, too far, then things can't be all bad. Call it a peace dividend sans any real peace.

Overnight the Asian markets followed the US to higher ground but European markets are declining in morning trade. Traders will have some good data to look at today. Housing starts are expected to show a month over month rise of about 20K and the CPI is expected to come in at 0.2%. Before the bell we'll see earnings reports for Hertz and DSW. After the close Oracle, Adobe and Pacific Sunwear will be reporting. Today is also the first day of a two day FOMC meeting. It will mark the first Federal Open Market Committee gathering under Chairman Yellen's leadership. Investors are expecting a continuation of policy and a $10B cut to the monthly bond buying program. Probably the most important factor today will be how long traders can ignore the pressure cooker that is Ukraine. Trade wisely.

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