Daily Delphi missed the Oil settle by 3 tics and the FB settle by 6 tics yesterday!
7:30 AM CT
Empire Manufacturing Forecast 3.6 Prior 1.5
8:15 AM CT
Industrial Production Forecast 0.2% Prior 0.6%
Capacity Utilization Forecast 78.4% Prior 78.3%
9:00 AM CT
Wholesale Inventories Forecast 0.1% Prior 0.5%
Lots to look at and lots to listen to today as the pundits and prognosticators tell us the implications of Janet Yellen's testimony yesterday. Last months Empire Manufacturing report showed that business conditions held steady but today the markets are looking for some improvement. The IP and Cap U numbers will also give traders some guidance as to how much strength the US manufacturing base is gaining. Trade Wisely
The markets watched with apparent pleasure yesterday as Yellen testified before the Senate Banking Committee as to how she would run the show at the Fed. The Dec S&P continued its march to the moon settling up +9.00 at 1787.70. Gold traders also liked what they heard and pushed the December contract to a fresh weekly high. December Gold closed up +17.9 at 1286.2. December WTI came under pressure early after the EIA crude inventories report showed a larger than expected build of 2.640M barrels. Initially the contract traded to a new five month low but managed a strong midsession rally closing down only -.12 for the day.