Big Daddy left the the $85B spigot going for now, but kept the door open to begin tapering before the end of the year. The equities traded higher through the morning hours on a broad base of positive earning reports but couldn't hold the momentum after the annoncement. The Dec S&P contract ended down -6.80 at 1760.60. WTI traded down yesterday after the Crude Inventories report showed a larger than expected build of 4.087M barrels. Again. The market also took a hit after the FOMC gave a weaker assessment of economic growth going forward. Dec WTI settled down -1.43 at 96.77.
Initial Claims Forecast 335K Prior 350K
Personal Income Prior 0.4%
PCE Prior 0.2%
Chicago PMI Forecast 53.5 Prior 55.7
With Big Daddy done for awhile the markets are going to continue to access the data to gauge the economy's limp. We'll see if weak data continues to be 'good news' or if the fundamentals are going to come back into play. Big Daddy meets one more time this year and it's only a few days after the kids in congress are supposed to have put together a spending plan for next year. It could easily become a drama redux. Not to forget, there are still a raft of earnings reports coming out this week also. Trade wisely.