7:30 AM CT
Initial Claims Forecast 335K Prior 339K
PPI Forecast 0.0% Prior -0.1%
9:00 AM CT
Philly Fed Forecast 8.0 Prior 19.8
Leading Indicators Prior .7%
With yesterday's selloff after the FOMC minutes traders will put some emphasis on the always volatile Initial Claims. The Philly Fed release will also be in the spotlight today as it's considered a strong indicator of economic growth. It seems that the markets are on the defensive this week as they look for reasons why Big Daddy won't turn off the spigot. Trade wisely.
Yesterday's early economic data was solid and pushed the equities higher. Retail sales came in at 0.4% and existing home sales showed 5.12M. Both were better than market expectations. Deere and Co and JC Penny also had strong earnings reports that helped elevate the market. But alas, the 1:00 PM FOMC minutes showed that perhaps Big Daddy really is ready to call last call if the employment situation continues to improve. That information sent the Dec S&P contract to a new five day low and down nearly 25 points from it's morning high. The Dec contract closed down -5.50 at 1779.70.