A couple of factors pushed equities up on the day. Empire Manufacturing came in well under expectations at 6.3 and Larry summers withdrew his name from consideration for Fed chairman. The markets seemed to look on the withdrawal as hawk falling from the sky. Fed Vice Chair Janet Yellen seems to be the frontrunner and market watchers consider her taper talk much more dovish. Together the slack data and changing of the potential guard gave traders hope that maybe the tapering can could get kicked down the road a bit.The proof will be in the pudding. Oil had a slow grind down today as Syria fades from the limelight. Libyan port worker strife continues to provide some price support.
7:30 AM CT
CPI Forecast 0.2% Prior 0.2%
Core CPI Forecast 0.2% Prior 0.2%
Anyone hoping for low or no tapering will be watching these numbers today. This is the last day before the Fed announcement on Wednesday at 2:00PM ET. Taper lite seems to be priced into the market but if these numbers come in too far off expectations it could have some traders rethinking their positions. Trade well.