7:30 AM CT
Initial Claims Forecast 333K Prior 336K
Trade Balance Forecast -38.5B Prior -38.8B
Productivity Q3 Forecast 2.0% Prior 2.3%
10:00 AM CT
Crude Inventories Forecast 1.0M Prior 1.577M
Today is the first day this week the markets have some economic data to look at besides earnings. Traders will also be listening intently as Janet Yellen the dove explains her vision for Big Daddy and the free money solution. (That's a good band name) Her hearing begins at 10:00 AM ET and will give the markets something to think about as she treads the fine line of defending the policies of the recent past without committing to much to the policies of the future. That will be quite an accomplishment as the Senate republicans taunt and jeer. Trade wisely.
Yesterday saw the S&P rally, oil hold its own and gold tread water. The Dec S&P contract hit fresh all time highs yesterday as it settled up +13.60 at 1778.70. Meanwhile the DJIA made a new all time high for the 36th time this year. All the bubbly jubilation in the equities helped support the energies and metals. Dec WTI managed to overcome all the supply and demand issues from Tuesday's trade and settled up +.84 to close at 93.88. Gold posted it third loss of the week, down a modest 2.8.