Equities continued marching to the beat, closing up for the third straight week. Friday's economic data was mixed as Durable Goods came in at 3.7%. That was in-line with expectations but ex-transportation the number actually declined. The final Michigan Sentiment number was revised down to 73.2. The mixed data and the slew of positive earnings reports last week were good enough heading into the coming week's FOMC meeting. Crude oil and gold both enjoyed the show with both closing in positive territory. Although it should be noted that front month WTI logged its first weekly close below $100 since late June of this year.
Industrial Production Forecast 0.3% Prior 0.4%
Capacity Utilization Forecast 78% Prior 77.8%
Pending Home Sales Forecast -1.5% Prior -1.6%
This is week three of earnings season and the number of reports out will peak this week. Those releases should continue to guide the equity trade. Industrial Production will also be worth watching as traders try to decide what the economy is really doing. Big Daddy will be meeting on Tuesday and Wednesday of this week. Although the the market expects the spigot to keep flowing any rumors or innuendo could shake things up. Trade Strong