7:30 AM CT
Employment Cost Index Q3 Forecast 0.5% Prior 0.5%
Just like yesterday not much in the way of news today. The equities will be watching as Home Depot and Best Buy release their quarterly earnings. There may also be some caution after yesterday's late session comments by Carl Ichan. Mr Ichan said he believes that the equity markets could be headed for a big drop and that some companies earnings are a big mirage brought on by cheap money not strong management. Trade wisely.
The markets started strong yesterday but ran in to headwinds late in the session. Early on traders were still reveling in the after glow of last week's trade. The Chinese reform measures (Third Plenum), Yellen's dovish dance with congress, a strong round of earnings reports, and the less than stellar but non threatening economic data brought traders to the pits ready to buy yesterday morning. By mid day there were rumbles that Big Daddy's decision to delay tapering might not be a forgone conclusion. Charles Plosser of the Philly Fed said "I believe that labor markets have substantially improved from a year ago and that we should begin to wind down these asset purchases." That sort of killed the buzz and set off a round of profit taking after a strong start.