Daily Delphi

Post: Wednesday - Looking for a strong open. | Daily Delphi

BlogsPit Talk › Wednesday - Looking for a strong open. April 16, 2014, 6:50 am

7:30 AM CT
Housing Starts for Mar
Prior 907K Forecast 935K
Building Permits for Mar
Prior 1018K Forecast 990K
8:15 AM CT
Industrial Production for Mar
Prior 0.6% Forecast 0.6%
Capacity Utilization for Mar
Prior 78.4% Forecast 78.9%
9:30 AM CT
Crude Inventories for 4/12
Prior 4.030M
1:00 PM CT
Fed's Beige Book for Apr

The major averages finished the session on a modestly higher note, but not before heavy selling pressure sent the Nasdaq Composite +0.3% for a test of its 200-day moving average. The equity indices notched their lows just after 12:00 CT and spent the next three hours in a sharp rally back into the green.

Nearly all Asian markets ended the session with gains. The Nikkei was up 3%. European indices are up and rising in midday trading. Overnight China reported that its economy grew at an annual rate of 7.4%. Although still indicating a slowdown, the number is stronger than economists had predicted and traders are acting accordingly. Google, IBM and American Express all report earnings this afternoon. We'll also hear from Fed Chairwoman Yellen today, as she is scheduled to speak at the Economic Club of New York. Trade strong.

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