Daily Delphi called the MSFT close within 2¢ and YHOO within 1¢ yesterday. Tell your friends. We need more forecasters. We'll only get better from here.
7:30 AM CT
Housing Starts Sep Forecast 915K Prior 891K
Housing Starts Oct Forecast 920K Prior NA
8:00 AM CT
Case Schiller 20-city Index Forecast 13% Prior 12.8%
FHFA Housing Price Index Prior 0.3%
9:00 AM CT
Consumer Confidence Forecast 73 Prior 71.2
Today traders are going to have the opportunity to see two months worth of Housing Starts data and the release of the Case Schiller composite home price index. The reports will have an added significance because of yesterday's weaker than expected Pending Home Sales. The housing market has been a big boon for the stock market so any signs of weakness could be problematic. Traders will also be watching Consumer Confidence for any positive readings going into the holiday season. Trade strong.
Yesterday saw the NASDAQ top 4,000 for the first time since September 2000, the Dow log another record closing and the S&P hit a new all time high. Who's gong to be the last guy in? In Germany they're talking about lowering interest rates, in Japan they're talking about what negative savings rates could do for an economy and the Iranians want to play nice with the world. The markets seems to expect a season of goodwill and cheap money. All that feel good talk was set off a bit by the lower than expected Pending Home Sales. (Data) The report came in at -0.6% vs expectations of 1.0%. For those of you keeping track that's the fifth consecutive monthly decline. Gold and oil both stayed on the defensive with the fear premium being less and less important and the possibility of Iranian oil hitting the market early next year.