Yesterday's economic data was a mixed bag. Industrial Production came in at .6% almost doubling expectations. But the midmorning Pending Home Sales came in at -5.6% almost three times worse than expectations. The Home Sales number and some not so good earnings reports took some wind out of the market for awhile, But alas, looking to the bright side, traders decided that the subpar data might solidify Big Daddy's dovish stance. Oil grinded higher throughout the day as bargin hunters came into the market and word of a large decline in Libyan crude exports possibly creating a supply disruption. WTI settled up +.83 at 98.68.
Retail Sales Forecast -.01% Prior 0.2%
PPI Forecast 0.2% Prior 0.3%
Business Inventories Forecast 0.3% Prior 0.4%
Consumer Confidence Forecast 72.6 Prior 79.7
Once again the markets have lots to look at today. Starting with the early numbers Retail Sales will tell the tale of what consumers really think of the economy. PPI and Business Inventories are expected to stay inline but a blip from either can cause a shock. Consumer Confidence could also carry some weight as the FOMC meets today and Wednesday. Big Daddy cares what you think, he really does. Don't forget there will be a total of 144 earnings releases tomorrow also. That should be enough to keep the analysts reading for awhile. Trade Wisely.