- A more 'old fashioned' expiration with a return of a modicum of volatility, but in the end the market rebounds yet again.
- Sellers show up a bit more on the week as the economic data hit a soft patch.
- Even with some headline headwinds, the market rises, showing the power of liquidity.
- Overall the indices hold the trend, remain in great shape, but more stocks are struggling as the market extends its move.
- Will the unrest in some of the market leaders spread similar to the unrest in world?
Stocks continue the incredible rally, displaying the power of liquidity.
I will start with the SP500 because this was one heck of an impressive rally. It started back in August, rallied into November, had one correction, and then made a long, straight knife to the upside. A nice 45-degree angle rise, showing no signs of wear and tear even as it becomes further and further extended. There is the no way but "extended" to describe what is happening, although we are getting more sessions with sellers showing up. Even when the sellers do show up, as they did on Tuesday and Thursday, the buyers use the opportunities to move in and buy.
Looking at the intraday chart on Friday, it was a return to an old-fashioned expiration Friday with a bit of volatility and a bit of volume. Stocks were flat as a pancake to start. They rallied positive, sold off to negative, and then the irrepressible buyers came back in and bought into the close. President's Day closes the markets on Monday, and I said there might be some profit taking ahead of the three-day weekend. Selling started in the afternoon after the early rally into lunch. We were taking part in that profit-taking as well.
We anticipated there might be some pullback, so we were going to take gain on another rally to the upside. We booked nice gain on stocks such as BC, CAT, NVLS, TROW, and ZOLL. There were lots of great moves out there and a lot of great gain to take. We took it because this market is incredibly extended. It could be even further extended two weeks or a month from now. I don't know if it will break down. I do know that sellers are showing up more and more of late. There are trying to mess with the market a bit, but they have not been that successful. The market did gyrate up and down a bit with a modicum of volatility on Friday (in the real world this is not much volatility at all). Nonetheless, the market continues to the upside.
It was not a great day for stocks. Indeed, not all the indices managed to finish positive. NASDAQ, +0.1%; SP500, +0.2%; Dow, +0.6%; SP600, +0.3%; SOX, -0.4%, NASDAQ 100, -0.2%. It was not a great day, but it was a continuation of the same theme. Sellers are trying to show themselves a bit more, but they have no strength. As soon as the market dips, the buyers move in and drive stocks back to positive. They even threw in a little inverted head and shoulders in the afternoon to give the warning that it would try to rally into the close.
The news was not that great this week. There is the spreading unrest in North Africa, the Middle East, and even in Mexico. On Friday it was fanning out. Jordan was hot again, and we know Bahrain is a problem. There are more issues inside of Iran as the government there vows to kill traitors to the country and is threatening mass executions of protesters. They are not wasting any time this time around. Kuwait is now joining the problems, and they are also spanning out west in Africa all the way to Nigeria. We could see it happen in India, Pakistan there is no telling how far this could go, but the market continued higher.
I noted sellers were coming in somewhat as the US economic data softened. Retail sales did not come in as well as anticipated. Empire Manufacturing was solid but not as good as expected. Import prices rose a lot more than we wanted to see, and that was not a good indication as we have to spend more for our goods and services. Housing starts were fine. Permits were down. They did a flip-flop from the prior month, so we are calling that a wash for now.
The PPI was much too hot with the core rising 0.5% and 1.6% year-over-year. Industrial production and capacity for January were much less than expected. Not positive. Initial claims bounced back over 400K the sub-400K read was too good to be true. The CPI came in hotter than expected at 0.2% versus 0.1% expected. That does not seem like much, but it was also up sharply year-over-year. Prices are no doubt moving up.
The Philly Fed was strong as manufacturing shows it is still the leader just as it was at the start of this recovery. Overall, the news was a bit sluggish compared to the crisp gains we have seen to this point. The sellers tried to use that to push the market back on this soft patch in the data. They were not successful, but they are showing up now. Sometimes where there is smoke there is fire, particularly with a market that looks like this. This is unsustainable, and at some point it will break. We do not know when. We are seeing issues, but there have been issues with this rally several times over the past two months. They start to erode, and then things fall. I will talk about that more later.
Even the with these headwinds, the market was rising. It is a tribute to liquidity rather than the great business environment that is out there right now. It is not a great environment for business. States still have to find ways to make ends meet. They are in the initial stages of cutting their budgets, and look what has happened in Washington: an AWOL estate government. That is not what the people elected them to do. The people elected their representatives, and they need to represent them like an adult. You do not act like a child when things do not go your way by picking up your marbles and running home. We do not do that in the real world.
The problem we see in Wisconsin happened in Texas in 2010. The minority parties were voted out because the electorate said they are tired of this nonsense. If they continue this, there is going to be a problem. The irony of it is the people in most of the country are behind what the governor is trying to do. He is trying to tell public workers that they have to pay for some of this healthcare cost just like everybody else.
You can understand some of the angst the teachers are having, however, because they cannot go anywhere else. Their pensions at those local school districts are non-portable. If they want to go to a better place, they have to start from scratch. The system is definitely broken, and they are trying to fight for their livelihood. At the same time, the rest of the state feels this is all on their backs and they need help with the cost. There is a tension here that is not going to go away, and we will see it spread across the country.
Frankly, I think this is a good tension. We have to throw off the yoke of the federal government dictating how our school systems works, how healthcare should be used and purchased, and dictating every other aspect of our lives that it is not supposed to be in. That is why we are in all of these problems right now. I hate to paint with such a broad brush, but the federal government is involved in areas it should not be. The founding fathers were smart enough to write the Constitution to keep them out of it. We were too smart for our own good and have circumvented the Constitution. We have not changed things by amendments like we should; instead we are using legislative edict and courts that are too willing to let unconstitutional matters pass muster.
But I digress as always. We have issues approaching, but the market is still moving higher because of that liquidity. Every time there is a dip, the buyers return with enough vigor to keep a steady uptrend in place. Very impressive in a case history of the power of liquidity.
Dollar: The dollar continues to struggle (1.3698 Euro versus 1.3604 Thursday). It rebounded up to resistance, and now it is folding back over and selling. The commodity prices are rising once again. Everything denominated in dollars cotton, corn, wheat, oil costs us more as the dollar declines. At the same time, there is the other pressure from inflation of massive amounts of liquidity. That is driving inflation as well.
We have the double maybe triple whammy of getting crushed by this inflation that comes in many forms. That is why people are rioting in North Africa and the Middle East. They cannot afford food. People in the US are protesting because they are concerned about their future again. They see the writing on the wall. They know that their futures are threatened by what is going on. We have spent decades kicking the can down the road and hoping things would get better. Now we have a problem.
Bonds: Bonds were flat on the session (US 10 year 3.58% versus 3.57% Thursday). They were rallying this week, and there was no reason for them to rally. With inflation and a supposedly stronger economy, they should be selling. They have been trending lower for the most part.
Gold: Gold had a very good week, and it was up a bit more on Friday ($1,389.20, +4.10). Gold broke through the 50 day EMA and has continued up to this next resistance point. There is a shelf of moderate resistance here. Obviously the heavy resistance is the tops spanning November into late December. It is a strong move by gold, driven by fear of what is going on in the world, not to mention inflation.
Oil: Oil was down slightly on Friday, although it tried to rally big time ($86.20, -0.16). Inflation and US dollar are both impacting how oil trades. After getting beaten up in the first part of the week, it bounced off support and is holding in its range. It may still try to trade to the top of its range once more. Oil is definitely a range-trading product right now. It has a range, it breaks out of that range, trades in a new range, and then it breaks again. The one constant is that it is holding very high prices.
Volume. Volume was stronger. NASDAQ volume rose almost 9% to 2B shares. NYSE volume jumped 32% to 1.1B shares. Recall it has traded lower most of the week as the market moved higher. Not a good indication. Does this mean there was buying on the dip? There was, but this is expiration volume. This is more like the old-fashioned expirations, although there was not that much volume. It did pick up on the session along with volatility.
Breadth. The advance/decline line was rather boring. It was flat on the NASDAQ, and it was 1.4:1 on the NYSE. Very sedate. It is not telling us anything other than it is harder for the market to keep it going. It is hard to keep putting gain after gain in and keep the kind of energy necessary. That piano on the back gets heavier and heavier, and you have to find more and more buyers. There have not been enough sellers to trip them up. They are starting to show up more, but they have not had the strength to do anything about it. They talk and complain, but they do not have enough strength to push them back.
SP500. The SP500 is heading straight to the upside, approaching resistance. 1364-1370 is a key point from 2007. It has been mowing everything down thus far. It has about 20 points before it hits the next real resistance point, and it could easily make it at the rate it is going. There is nothing to stop it right now. Something will eventually stop it, but it has not found what that will be just yet. World unrest: Who cares? Inflation: Give me a break. You know what ultimately will stop it? When the Fed says it will raise interest rates.
NASDAQ. NASDAQ went nowhere on the day, showing a very tight doji. Does this doji signal the end? No. The other doji did not signal the end either. These are more continuation moves. They have not told us a lot. One thing we do know is that MACD is lagging behind. I am looking at the highs from January. MACD was poking along and trying to make new highs, and they have not even made the attempt on the last rally. The momentum is waning, no doubt, but the sellers have not had the temerity to step up and try the challenge any of the buyers. Those that did got their heads taken off and handed back to them.
SP600. SP600 gained, but it was all in a gap. This is a more interesting gap because it gapped to a doji and it was at the prior high from Thursday. We will see what happens. It is a possibility we get a sell back here. The small caps did lag the move, and then they caught up and actually showed some leadership toward the end of the week. It is hard to argue with the pattern. Rally, long consolidation, and a new rally. Technically you cannot get much better than that.
SOX. SOX was down on the session, dropping almost 0.4%, but it was well above the 10 day EMA and well within the uptrend. I do not see any issues, but there are problems with some individual stocks.
Financial. Financials look just fine with JPM posting a modest gain. GS is holding at the 20 day EMA and bouncing a bit. WFC struggled some, selling on more volume. There is a bifurcation even inside solid sectors.
Industrial. CAT surged to the upside on big volume. We took excellent gain on it. JOYG is running to the upside on volume. CMI is struggling, selling on some volume. This is an engulfing day. It gapped to the upside and then rolled over, swallowing up that prior session on the high and the low. That is an engulfing pattern. It looks like it could move down to this support level.
We are looking at about 104, and the stock is trading at 110. The high on the day was 112. You have roughly 3:1 if you use that high, although the real resistance is up higher. It is not that perfect, but there is a double top in place and a divergence. It is interesting. Within strong sectors there are the strong and the weak.
Technology. AAPL was down sharply. GOOG was up. FFIV was down. RAX is setting up nicely for a gain.
Metals. FCX is diving lower. Copper is struggling. REE was selling hard on Friday. On the other hand, STLD had a great week. It reversed on Friday. We have a little engulfing pattern here, something of a divergent top. It might be good for a play down to this support level, but that does not give you much room. 19.25 from 20.25 is a tough area to make any money on. AKS almost put in its own engulfing pattern as well, trying to reverse a very solid week. We see strength and then turns. Is it just expiration messing around with some good stocks, or is there something more here?
Semiconductors. Semiconductors were down on Friday, but they are strong overall. ARMH had a nice, easy pullback. Look what happens when it makes these nice, easy pullbacks: there is a doji sitting right on the 10 day EMA. No divergence in MACD as it continues to move up with the stock price. SMTC had a good end to the week. After a nice lateral move there was a big gap to the upside. You have to love those kinds of plays. Some people did not think this was so hot, but it just had the right attributes. There was a good accumulation period. We saw what we liked at this break to the upside. It looked like it was ripe, we picked it up, and we are being rewarded thus far.
INTC announced that it will build a big plant in Arizona and hire 4K people. It gapped to the upside with a new rally high. It does not hurt any of the chip equipment makers when INTC says it will spend that kind of coin.
Agriculture. Agriculture stocks were down. MOS had an engulfing pattern, but it is tough to play it. The 50 day EMA that acted as support on the-pullback is really close at hand (less than five clicks). At the price of these options, it is hard to make any money on that play. AGU had a tough day as well. It was heading down to try its 50 day EMA as well. POT is struggling, coming back to the 20 day EMA. These may set up little ABCD patterns and bounce back. We will have to see. It shows there is some unrest even among the leaders. You saw some good-moving metals that reversed sharply on Friday. Some great agricultural stocks are turning over hard. There is a split in technology.
Retail. Retail looks solid. ZUMZ is working laterally at a nice shelf of consolidation over the 50 day EMA. It may give a bounce. ANN is trying to do the same. Volume is kicking up. It may be expiration volume, or maybe there is something else there. We will see if it makes the break. EAT is setting up a triangle or pennant here. It is tightening up and looking decent. LULU is moving laterally in a tight range as well.
Retail overall looks good. The financials overall look solid. Then there are splits in a lot of the other sectors. Leadership is still solid, but it is having a harder time of it. That makes sense when you have a market that has run as hard as this one. It is harder and harder to find those buyers to come in and keep pushing the leaders to the upside. Nonetheless, we keep seeing good setups. You can be torn between getting worried about stocks starting to break down versus the stocks that are still setting up for good upside moves.
VIX. Volatility is holding at the low levels it hit over past month and a half, but also note it was bouncing up and down intraday. It was very volatile intraday the past three sessions. Looks like it has happy feet; it is nervous and wants to make a jump. That is just one thing we are watching. It suggests that the market may be ready for a pullback. Not to mention that long, 45-degree line it has drawn as well.
VIX: 16.43; -0.16
VXN: 17.9; -0.32
VXO: 14.37; -0.72
Put/Call Ratio (CBOE): 0.92; +0.2
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market, then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market does not have the cash to drive it higher.
Bulls: 52.2% versus 53.4%. Even as the market rallies bulls are cautious, not rushing higher. With their uncertain steps, bulls are still below the 55.1% hit a month back and the 58.8% high on this leg. Still at a high level in a string of high readings but below the 5 year high at 62.0. Fading back from the level considered bearish, i.e. where so many are in the market and believe it is going up that the ammunition to send it higher runs low. This is where you start to be careful and watch for breakdowns, but there is also a lot of liquidity being pushed into the market and that can continue the move despite excess bullishness. The crossover level at 29% bulls is long gone, but it did its job. The high on the last leg was 56.0% after starting at 35.6% on the low in February, the lowest it has been since July 2009 . . . until this last leg. 35% is the threshold level suggesting bullishness. Again, to be seriously bearish it needs to get up to the 60% to 65% level.
Bears: 19.6% versus 23.3%. Bulls fell but bears plunged. The rise is over as they fall to levels hit a month back. Well below the 28.3% in September, back at the level where they dallied for a month in December and January. The 37.7% peak at the height of the crossover is well in the rearview mirror but bears remain well below the 35% level, above which is considered bullish for the market overall. Hit 18.7% on the low in April. Hit a high of 27.8% level on the prior leg in February. For reference, cracking above the 35% threshold considered bullish. Hit a high on the prior run at 47.2%. For more reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.
Stats: +2.37 points (+0.08%) to close at 2833.95
Volume: 2.054B (+8.7%)
Up Volume: 1.095B (-94.98M)
Down Volume: 974.364M (+227.324M)
A/D and Hi/Lo: Advancers led 1.06 to 1
Previous Session: Advancers led 1.48 to 1
New Highs: 250 (+35)
New Lows: 16 (-11)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
Stats: +2.58 points (+0.19%) to close at 1343.01
NYSE Volume: 1.161B (+31.76%)
Up Volume: 569.029M (-29.087M)
Down Volume: 566.554M (+295.582M)
A/D and Hi/Lo: Advancers led 1.39 to 1
Previous Session: Advancers led 1.88 to 1
New Highs: 388 (-283)
New Lows: 16 (-231)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
Stats: +73.11 points (+0.59%) to close at 12391.25
Volume DJ30: 230M shares Friday versus 130M shares Thursday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
The market is closed on Monday for President's Day. We start on Tuesday with the Case/Shiller and a little consumer confidence. Those are always important to get a lay of the land. Confidence is expected to rise, but it is still at pathetic levels. We are just above the levels of flat-out recession.
Existing home sales are coming out, and they will be very important for the week. That is 80% of the market, and we have to see how they are doing and what the home inventories are. We also have initial claims and durable orders. Then the new home sales come out. They will be important as well because they typically require new furniture and all the other things that go in a new home.
Friday brings Michigan Sentiment and the GDP second estimate. It will be curious to see if it will bump up. Those imports and exports all play into that. We cannot put too much into this. I would suggest that 3.3% is likely overstated. Unrest over the weekend will also factor in. I am not talking about overseas necessarily; I am talking about Wisconsin and other states where they have to make some tough decisions.
Next week we come back from a holiday, and you always have to be somewhat concerned about that. Markets can change over holidays, and we have seen it many times in the past. This market is potentially at an inflection point. It has had a long run. There are stocks having more trouble now than in the past. Not that they are breaking down, and not that we are seeing the market struggle overall. The indices are still moving up, and they are made up of individual stocks. Just as there is concern that the unrest in the world will continue to spread, I wonder if the issues seen in a few of our stocks are going to grow and spread as well. Will we see these great stocks start to fall over? That is a big story that would be the changer for this uptrend.
Our game plan is to be very careful and watch for in your ear like Shoeless Joe Jackson tells us. We have a lot of plays to the upside right now. That is one reason we were taking nice gain off the table all week, and especially on Friday. We were banking more big gain to put in our hip pocket. If that one in the ear comes, we will be ready to get out of the way. If it comes down the middle, we will hit it.
That means we will continue to look for good plays. There are still great setups out there. If the market continues to shrug off the inflation problems and the unrest overseas, we will not sit in the background and watch the market continue to moves. No, sir, we will be in there just as we have been all along. We will take our cuts and drive those big fat ones coming down the middle into center field. Maybe we will not hit home runs on these although it sure looks that way with the returns. We will be happy with singles and doubles; those will drive in a lot of runs.
The point is we will continue to look for opportunity because the trend has not changed. You cannot look at the chart of SP500 and say that you have to fear that. It is a love/hate relationship right now because it has gone so far and you do not have as many great entry points. With that kind of trend, it is tough going if you try to short this with no reversal and test back to give a good entry point. That said, we will be ready. We have the Boy Scout motto in mind. I participate with the Boy Scouts quite a bit, and I have a son who will be an Eagle Scout at age 14. I am very proud, and I want to always be prepared as well.
We will watch for that downside. If the opportunities set up and they are starting to we can take advantage and make money. We have gotten our heads chopped off on a few of them, but we look at them as hedges. If the market turns over, we will make good money on them. We have WHR right now. It had a bit of an up day on Friday, but it has been heading lower for us. There are others that will be heading down. NTGR looks like it will roll over for us. Maybe we should have been in on it today. We will get it early on Tuesday if we need to, and we will look for more of these. We will have them in our back pocket. Maybe in our hand, too, ready to fling them out there.
It is a time to be cautious. It is not time to load the boat on any one play because markets in transition can be very tough. You can be surprised at how the market continues to move higher, but sometimes you see your account suddenly whittling back somewhat. We look a bunch of gain, so that will help. You can understand that if a few of these areas start to erode and do not recover, it starts to have an impact. That is why you take gain on the way.
In any event, the old game plan is to continue taking advantage of the trend in place and to be ready for changes. Opportunity presents itself in many ways now, and we will be ready. You cannot have long uptrends last forever, as FFIV showed. Have an excellent weekend and a great President's Day. Remember those truly great Americans that started this country.
Sometimes we seem to use them like punch lines instead of understanding how truly great they were. If we could capture some of that greatness in our lives and put that example out for everyone else, just think how fantastic we would be. We could recapture the spirit of patriotism, the entrepreneurial spirit, and our individuality. We could pull ourselves up and make this country great by ourselves without having to look to big government.
The government did not build this country; we did. We need to take it back and make it great again. By being a success in the stock market, you are taking charge of your life. If you take charge of your life, you do not need to look to the government. Ron Paul has asked if you would pay 10% just to get the government off your back. Every year, 10% of what you make is just a kind of toll to go about living in the country with no other benefits or services. You benefit naturally from the infrastructure, the defense, and the things the government is supposed to do under the Constitution, but you would not participate in Social Security, Medicare, etc.
You know what line I would be standing in. I think you would be in that line with me because of the kind of people you are. You are taking hold of the reins because you are stock market traders who know what you are doing. That is where all of the founding fathers were, and that is where we need to be, too. Have a great weekend. I know I got up on the soap box, but I think it was somewhat important. Enjoy yourselves and I will see you on Tuesday.
Support and Resistance
NASDAQ: Closed at 2833.95
2862 is the 2007 peak
2825 is the 2007 closing peak.
The 20 day EMA at 2780
2762 is the February low
2735 from late 2007 interim peak
2729 is the 127% Fibonacci extension of the August 2010 run
2725 from July 2007 interim peak
The 50 day EMA at 2713
2688 is the recent January low
2676 is the January 2010 low
2593 is the November 2010 high
2580 is the November 2010 closing high
2569 is the November gap up point through the April 2010 peak
2550 from May and June 2008 peaks
2540 is the gap up point from early November
2535.28 is the April 2010 intraday peak
2530 is the April 2010 closing peak
2518 is interim peak from April 2010
2511 is the lower range of the November gap up point
2482 is the recent October peak
2460 is the November 2010 low.
The 200 day SMA at 2438
S&P 500: Closed at 1343.01
1364 is the March 2007 low
1370 is the August 2007 low
1325-27 is the March 2008 closing low and the May 2006 peak
The 20 day EMA at 1316
1313 from the August 2008 interim peak
The 50 day EMA at 1284
1278 is the 127% Fibonacci extension of the August 2010 run
1275 is the January 2010 low
1227 is the November 2010 peak
1220 is the April 2010 peak
1185 from late September 2008
1174 is the May 2010 high, 78% Fibonacci retracement of April peak
1173 is the November 2010 low
1170 is the prior March 2010 high
The 200 day SM A at 1165
1156 is the Sept 2008 low
1151 is the January 2010 peak
1133 from a September 2008 intraday low
Bottom of the January 2010 consolidation 1131 to 1136
1129 to 1131 is the June and August 2010 peaks
Dow: Closed at 12,391.25
13,058 from the May 2008 peak on that bounce in the selling
12,110 from the March 2007 closing low
The 20 day EMA at 12,135
11,893, from March 2008 closing low
11,867 from the August 2009 high and peak on that bounce in the selling.
The 50 day EMA at 11,858
11,734 from 11-98 peak
11,452 is the November 2010 peak
11,258 is the April 2010 peak
11,205 is the April closing high
11,100 from the 7-08 low
10,963 is the July 2008 low
10,920 is the recent May high
The 200 day SMA at 10,906
10,730 is the January 2010 peak
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
February 22 - Tuesday
Case-Shiller 20-city, December (09:00): -2.4% expected, -1.59% prior
Consumer Confidence, February (10:00): 67.0 expected, 65.6 prior (revised from 60.6)
February 23 - Wednesday
MBA Mortgage Index, 02/18 (07:00): -9.5% prior
Existing Home Sales, January (10:00): 5.23M expected, 5.28M prior
February 24 - Thursday
Initial Claims, 02/19 (08:30): 410K expected, 410K prior
Continuing Claims, 02/12 (08:30): 3900K expected, 3911K prior
Durable Orders, January (08:30): 3.0% expected, -2.3% prior (revised from -2.5%)
Durable Orders ex Transports, January (08:30): 0.6% expected, 0.8% prior (revised from 0.5%)
FHFA Housing Price I, December (10:00): 0.0% prior
New Home Sales, January (10:00): 310K expected, 329K prior
Crude Inventories, 02/19 (11:00): 0.86M prior
February 25 - Friday
GDP - Second Est., Q4 (08:30): 3.3% expected, 3.2% prior
GDP Deflator - Second Est., Q4 (08:30): 0.3% expected, 0.3% prior
Michigan Sentiment - Final, February (09:55): 75.1 expected, 75.1 prior
By: Jon Johnson, Editor
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