- New post-bear market highs all around (less SOX) after an iffy start.
- Stocks try to give up gains post-jobs report but even that dip is used to buy as the latecomers are diving in.
- Jobs report trounces expectations, but that doesn't make it great: more people leave the workforce (pushing that number to a record) than get jobs.
- Denying the facts?: pundits' excitement over market new highs has them slobbering over economic data that is worse than what was reported same time last year, and we know how 2012 went.
- Nine days into the rally, looking for some better entry points this coming week, but even without a test there are still some decent buys out there as liquidity rules.
Up again after trying to throw it away early in the day.
It was jobs Friday and jobs as well as the unemployment rate (7.7%) handily beat expectations. Good news to the headline readers, but the interesting aspect is that futures were up and up big from very early in the morning, hours before the jobs report. When the news came futures jumped then dropped, trading in a choppy fashion into the open but to be fair, holding some post jobs report gains.
Then the market opened, higher of course, and stocks plunged as the morning gains were lost. Poof. We expected some profit taking on a good number and a surge, but not from the opening bell.
It happened so fast, however, that it was out of the system before the crowd really got going. And yes, with the bond market selling off it is clear that retail investors left that building and are pushing and throwing elbows as they try to get through the stock market's doors.
By 10ET the selling ended and that early intraday dip was used as a buying opportunity. Talk about wanting to get into stocks.
Two reversal bars on the low and stocks were off to the upside, jumping back to the early morning futures highs, testing at lunch, and then sprinting to the close in the afternoon. Sellers did return . . . in the last ten minutes of trade, but didn't change the outcome. No harm, no foul.
No harm, no foul, eh Ted? ('Something About Mary')
SP500 6.92, 0.45%
NASDAQ 12.28, 0.38%
DJ30 67.58, 0.47%
SP400 0.87%
RUTX 0.85%
SOX 0.13%
Volume was trending up on NYSE, down on NASDAQ, identical to Thursday, but then NYSE volume faded and they were both down for the session. Breadth not bad, a bit better at 2:1 on both NYSE and NASDAQ.
With the bond market diving, it would seem the holdouts from the twice-burned last generation of retail investors that found refuge in the bond market for years have turned away from debt investing and are now committed to the stock chase. Four years late, but just in time to drive the market absurdly high before it tops.
OTHER MARKETS
Dollar: 1.3011 versus 1.3105 euro. Gained some ground on the euro as you would expect, really ramping in the dollar index, moving to a new rally high.
Bonds: 2.05% versus 2.00% versus 1.94% 10 year. Still in full submersion mode, gapping below the January/February lows. The former retail bond buyers are retail bond sellers. Flee, flee for your lives . . . !
Oil: 91.95, +0.39. Oil actually moved higher for the week, bouncing, sort of, off the 200 day SMA and the 61% Fibonacci retracement. Up but not impressive.
Gold: 1576.90, +1.80. Gold traded sharply lower pre-market, but interestingly gold recovered from its lows and showed a very tight doji, tapping just over the February selloff low. Still looks as if gold is ready to bounce.
THE NEWS
Jobs report gives those wanting it a warm feeling. Great for the stock market, but let's keep a reality check in terms of the economy.
Nonfarm Payrolls, February (8:30): 236K actual versus 165K expected, 119K prior (revised from 157K)
Nonfarm Private Payrolls, February (8:30): 246K actual versus 178K expected, 140K prior (revised from 166K)
Unemployment Rate, February (8:30): 7.7% actual versus 7.9% expected, 7.9% prior
Hourly Earnings, February (8:30): 0.2% actual versus 0.2% expected, 0.1% prior (revised from 0.2%)
Average Workweek, February (8:30): 34.5 actual versus 34.4 expected, 34.4 prior
Certainly looks like improvement . . .
Improvement from where is the question. Compared to Q4 and its GDP of 0.1% as of the second revision as well as the January revision of the non-farm numbers DOWN 38K, yes the number looks better. But are they worthy of the game-changing, economy saving praise heaped upon them Friday?
As they say in the old NFL commercial, you make the call.
The rate of jobs growth is at an 18 month low.
At this rate it will take until 2017 to reach pre-recession levels.
Labor force participation fell to 63.5%, the lowest since 1981. That was a deep recession. Here we are supposedly 4 years out from when the recovery started and jobs participation is at the lows of the 1981 deep recession?
89.3M people are not in the labor force, a record.
More people left the workforce than jobs created: 236K non-farm versus 296K moving out of the labor force.
Only 58.6% of US citizens are working versus 60.6% when President Obama took office versus the 20 year average of 63%.
Yet, even with so few working, there are four applicants for every job even with a record number of workforce dropouts.
Long-term unemployed rose 90,000 and up 1M since June 2009 when the recovery officially began.
The economy remains 3M jobs below where it was at the prior peak. In real terms, factoring in population growth the deficit is almost 10M.
January and February 2012 jobs created: 311K and 271K
January and February 2013 jobs created: 119K and 236K
A 'better' report with year over year data falling and all of the other issues in the report? Hate to be a downer, but spin is spin and reality is reality.
'Denying the Facts.' Good to see economic pundits are as loony as Senator McCain.
Rick Santelli put it well following the February jobs report amid the afterglow from the likes of Austan Goolsbee and Jared Bernstein: are we that far down in the hole that we can't normalize rates after this "great" jobs report? The answer is no we can't because yes we are.
A subdued Rick Santelli takes on the economic soothsayers.
The glowing reports about the February jobs report would make you think we have hit nirvana. There was talk that now the Fed's liquidity, juicing as some call it, is spilling over into the economy, and the jobs report is some proof of that. After the close Friday I even heard one analyst from Cabot saying that to not accept the jobs report and other economic reports of late as proof of recovery is to 'deny the facts.'
Whoa there oh respected and praiseworthy giants from the pundit class. Just what facts? As seen in the discussion of the jobs report, jobs to start 2013 are WORSE than the start of 2012.
ISM? January was lower than last January (53.10 versus 53.70). February posted a beat year/year, but the reads from early 2011 to the fall of that year easily trumped the current data. Heading in the wrong direction, not the right direct.
The same can be said for regional reports. New York PMI was -7.78 in January versus 12.12 in 2012. February turned positive to 10.04, but that was a far cry from the 18.31 from February 2012.
GDP growth is a mixed batch at best. 0.1% Q4 versus 4.1% Q4 2011.
So at the risk of being accused of living in denial, I will simply note that the vast majority of the recent data points classified as 'clearly showing recovery' are BELOW the levels hit at the same time 2012.
So we are guaranteed a recovery this time with subpar data points compared to year over year reads and with companies guiding lower for the current quarter and 2013? Yes it may look better given we are coming off a flat at best Q4 GDP, but that does not automatically chalk these gains up as guarantors of an economic recovery, boomlet, or whatever you want to call it.
What makes these numbers that are lower than the year over year numbers better this time? What dynamic has changed to elevate worse numbers to better numbers? The trend is AT BEST mixed. The trend since 2010 is lower as that year was the peak in the recovery. Is it merely time?
Play it Sam. Play 'As Time Goes By.' (Casablanca, one of the best of all time)
The Answer: the belief that weaker data is better data smacks of euphoria over the market coming to life in a big way as retail investors finally make their way to the stock market, clearly giving up bonds as bond yields spike. Many of these pundits likely don't even KNOW the data is worse because they never check, just shoot from the hip.
Indeed, the pundits appear almost amorously aroused by the stock market moves, and as is sometimes the case, they are not thinking with the right . . . well let's just say they are not thinking clearly. Lower data is not better data unless you are looking for continued free money in the form of Fed liquidity. Indeed in 2011 and 2012 worse data led to worse economic times. Seems simple. It may be different this time, but that is always a tough argument. The clearer explanation is getting too emotional over data that is better because things were so bad in Q4. They are failing the first part of Casey Kasem's motto: keep your feet on the ground.
TECHNICAL SUMMARY
INTERNALS
NASDAQ
Stats: +12.28 points (+0.38%) to close at 3244.37
Volume: 1.596B (-3.86%)
Up Volume: 1.02B (-80M)
Down Volume: 543.16M (-20.18M)
A/D and Hi/Lo: Advancers led 2.11 to 1
Previous Session: Advancers led 1.53 to 1
New Highs: 258 (+66)
New Lows: 10 (-2)
S&P
Stats: +6.92 points (+0.45%) to close at 1551.18
NYSE Volume: 628M (-0.63%)
A/D and Hi/Lo: Advancers led 1.99 to 1
Previous Session: Advancers led 1.46 to 1
New Highs: 585 (+182)
New Lows: 55 (+17)
DJ30
Stats: +67.58 points (+0.47%) to close at 14397.07
BREADTH: Improved even more to 2:1 on both NYSE and NASDAQ. Good to see and of course aided by the small and midcaps putting in gains in excess of 0.8%.
VOLUME: Down on both NASDAQ and NYSE, considerably below average on NASDAQ. As noted before, they both got the volume when they needed, i.e. when they broke to new rally highs.
THE CHARTS
SP500. Nice break higher after two lateral sessions, still moving higher in the channel. Volume might be sliding, but the momentum is pushing SP500 to the top of the channel. The financials helped out the large caps this past week. Whatever works.
NASDAQ. Gapped upside to a new rally high and even filled the gap with that quick morning dip. Volume is weaker to end the week, falling below average Thursday and Friday. Weakening but not stopping NASDAQ. Now can it try for a new all-time high? Sure - - in another 1900 points. Just riding higher for now on the back of GOOG.
DJ30. Another day, another new high. This is the one whipping everyone into a froth as it moves higher on low, below average volume. Doesn't seem to matter; liquidity is driving it higher and higher.
SP400. Finally a new post-bear market high again, and of course that pushes the midcaps to an all-time high as well.
Russell 2000 small caps: Gapped to a new post-bear market high with more authority. The small caps have caught up.
SOX. Edging a bit higher but no new post-bear market high here, just following along. No issues, at least nothing that the others don't have, e.g. lower MACD.
SUMMARY: Nine days into the rally off the 50 day EMA, new post bear market highs for the indices we follow except SOX. MACD is lower on the new price highs but it is turning upside, trying to follow the indices. Money is pushing into the market and stocks are again proving they can rally farther than you would think. Not the best risk/reward at this point but the market is finding leadership from a lot of areas. It may want to come back and test some this coming week but already some leaders took a breather and are in position or darn close to break higher once more.
LEADERSHIP
Big names. GOOG is already in a nice lateral move and setting up for the next move. AMZN ditto. AAPL might even put in a move of its own. EBAY showed a doji with volume, perhaps ready for an ABCD move.
Financials. Mixed but really added to the SP500 gains for the week. C is at a new rally high with a strong move off the 50 day EMA. BAC was rejected from a new high but looks decent. MA looks a bit sloppy but V is still setting that handle for a new upside break.
Industrial machinery. DE still trying to set a move off the 50 day EMA. Decent but there are better patterns. CAT is still working at its 200 day SMA. Trying but not making the move with the rest of the market.
Semiconductors. KLAC still solid, BRKS in a flat consolidation. Others bounced on the week, e.g. XLNX, but could not take out the prior highs. Improved but not a big leader category.
Energy. Stepping up a bit more with HAL continuing higher off the 50 day in services. OII in the same group looks interesting as well. DO may try a 200 day SMA bounce in offshore drilling. NBL in the independents bounced off its 50 day EMA. Improved as a group.
Drugs/Healthcare. Still testing the recent moves and setting up again, e.g. SNSS, NKTR. ARAY may try to come off its 2 month selloff as MACD is rising. CELG is running higher yet again.
Retail. LULU looks ready to bounce a la DECK. PII appears ready to resume the upside in its channel.
THE MARKET
SENTIMENT INDICATORS
VIX: 12.59; -0.47
VXN: 13.72; -0.51
VXO: 11.62; -0.37
Put/Call Ratio (CBOE): 0.9; +0.07
Bulls versus Bears
The strange case of a market rise and yet lower and lower bullishness. After hitting a peak of 54.7% 5 weeks ago, bulls have faded with each gain in the market. The skepticism of the run that started over a month back was fueled by the late February sharp decline, and the recovery this past week has not changed animal spirits much. The bears were more sanguine, holding at 21.1% for the fourth out of five weeks. They appear uncertain about the move but not ratcheting up their worries. This is something of the old wall of worry, and that, in the world of sentiment and its inverse indicators, a good thing.
Bulls: 44.2% versus 46.3% versus 48.4% versus 52.6% versus 54.7% versus 54.3% versus 53.2% versus 51.1% versus 47.8% versus 46.8% versus 45.7% versus 43.6% versus 39.3% versus 37.2% versus 38.3% versus 43.6. Over the September 2012 level. Last time the market hit that level SP500 corrected 9% over the next two months. Background: Undercut 35%, the threshold for bullishness, in early June. As noted, hit 34% in early June. It did its job and the market is on the rally. Hard drop to 34 from 39.3% as economic reality and a choppy stock market hit. Off the 55+ level hit in late February. That was the highest level since April and May of 2011, the peak of the post-bear market high. 35% is the threshold level suggesting bullishness. To be seriously bearish it needs to get up to the 60% to 65% level.
Bears: 21.1% versus 21.1% versus 22.1% versus 21.1% versus 21.1% versus 22.3% versus 22.3% versus 23.4% versus 24.5% versus 24.5% versus 23.4% versus 25.5% versus 27.7% versus 27.7% versus 28.7% versus 27.7%. Summary: Over 35% is the threshold to be really be a good upside indicator. For 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.
MONDAY
The big news on the jobs report is out and it was widely perceived as very good news. It was, at least in terms of 2013 and Q4 2012, as the economy is recovering out of that sharp slowdown to end 2012. As for the macroeconomic picture, it is not that great as the numbers are lower year over year (not only in the jobs report) and more people dropped out of the labor pool than got jobs. High praise indeed.
The point is, some big news is out of the way. It was palatable to the market, even evoking some excitement. Earnings season, even though it just ended it seems, has a month before it gets into warnings season. The Fed is squarely on board even with 7.7% because Bernanke and company said it would take until 2015 to get unemployment down to 6%, apparently even if everyone leaves the workforce in wholesale numbers to take advantage of all of the benefits out there a person can get versus having to work for it.
Sad truth is, you can do darn little and have as much disposable income as someone working and making $69K per year and receiving no benefits. That backwards incentive is one of the problems as to why the economy is not recovering. If there is no incentive to work then a person is less likely to work, taking benefits that tap those who are working and creating. Ultimately, as Margaret Thatcher so famously put it, this kind of socialism fails because it runs out of other people's money. Too bad Greece, Spain, Italy and others, including the UK, did not listen.
I miss the iron lady. I am sure the UK does as well.
But I digress. There is news this coming week with retail sales, industrial production, and some regional PMI's (okay, just one), and there no doubt will be more from China and its efforts to withdraw liquidity and fight its own version of the currency war as well as from Europe and its ongoing hapless struggles. On a relative basis, however, it will be hen scratch compared to the recent calendar.
So the market is on its own. It has from here to QEternity despite the jobs report, it has a diving bond market shooing out the last retail investors, and it ahs those retail investors looking at the stock market as a bus that is leaving the station. Thus you get the kind of move that actually accelerated on Friday a bit as stocks continue to find money on each dip. As seen Friday, that can be an intraday dip given the surge off that initial gap and flop.
Seems everything is in gear for a continued move higher as even after 9 days of this particular rally leg there are still stocks setting up to lead the next move. That is the effect of money continuing to move into the market: leaders are already off to the races so money looks for other areas to move into. The funds try to buy slowly so you still see stocks that are not on the retail buyer's hot list setting up patterns. They break higher and a new wave helps push the market. As long as the money comes, wave after wave of different areas hit. Even now some 'names' everyone likes that led earlier are consolidating a bit for a new move even as the market rallied, e.g. GOOG and AMZN. Thus you see household names moving as well as the not so well known.
What could be more perfect right? I guess not much. But, that is when you need to be a little cautious as the late Casey Kasem used to say at the end of his American Top 40 broadcast: 'keep your feet on the ground but reach for the stars.' Not bad advice and he obviously followed it himself. Translated into market terms, realize this is a liquidity rush. The Fed has led it for years and finally the twice-burned generation of investors that swore off stocks after 2000 and 2008 have no choice: massive declines in bond values and associated losses force them out of that market to look for retirement funds. All that is making any return is . . . stocks. So here they come again, hoping the third time is the charm. Don't fear the reaper, right?
The Blue Oyster Cult classic
Well, they may have to dance with stocks again, but that doesn't mean don't have a healthy respect for this action. Corrections can still come, but as we noted just before that sharp February drop and as it started, these liquidity driven markets can sell sharply and on high volume just as happened in February, and then bounce right back. We cited Thanksgiving 1999 in that historic NASDAQ run to over 5000 as an example. This run may not have that kind of power, but the money is there and the response to the selling was the same: buy more please.
Dangerous but profitable run, holding the tiger by the tail. It will have its ups and downs, but what you do in this market is look at some good stocks that keep getting money thrown at them, e.g. GOOG, AMZN, PII as part of what you buy along with less well known stocks that have great patterns and can return you large percentage gains. These may be less well known stocks but they are not unknown dogs either. Money is seeking returns. Some will stay with the stodgy slow movers. Some will stay with the big names. A lot will seek what are considered 'undervalued' areas and push them up. We identify those buy looking at bases in stocks that didn't move as much as the early leaders or stocks that sold down to key support in trading ranges and are showing signs they want to move. These last groups can yield very larger returns, nicely augmenting the big name gains we make.
So, even after 9 days up you look for opportunity. Friday we were not chasing because there were stocks still setting up, some big names such as GOOG and AMZN, and they suggest there could be some anti-climatic action this coming week, a bit of softness before a new move. That of course allows them to finish setting up and then when they make the move, everything goes again. We just need to be ready with good plays in hand when that happens.
Support and resistance
NASDAQ: Closed at 3244.37
Resistance:
3280 is the upper channel line for the November 2012 to present uptrend
3321 from April 2000
3401 is the May 2000 closing low
Support:
3227 is the April 2000 intraday low
3197 is the September 2012 post-bear market high
3171 is the October intraday high
The 50 day EMA at 3143
3134 is the March 2012 post-bear market peak
3130 from some January 2013 lows
The 2011 up trendline at 3121
3104-3112 from August and mid-October peaks.
3101 is the August 2012 high
3090 is the mid-March interim high
3076 is the late April 2012 high and the 1/2013 low after gapping higher
3062 is the December 2012 prior peak
3042 from 5/2000 low and several other price points
3024 is the gap point from early May
The 200 day SMA at 3022
3000 is the February 2012 post-bear market high
2999 is the bottom of the August 2012 consolidation
2988 is the July 2012 high
2977 to 2980 is the bottom of the late October 2012 consolidation, July 2012 peak
2962 is the April 2012 low
2950 is the mid-April closing low
2942 is the mid-June 2012 high
2900 is the March 2012 intraday low
2858 is the late July 2011 peak
2847 is the mid-May 2012 low
2838 from the July 2012 lows
S&P 500: Closed at 1551.18
Resistance:
1556 from July 2007
1576 from October 2007, all-time high
Support:
1539 from June 2007
1531 is the recent high
1499 from January 2008
The November up trendline at 1498
The 50 day EMA at 1496
1475 is the September 2012 high
1471 is the October 2012 intraday high
1466 is the September 2012 closing peak and rally closing high
1440 from November 2007 closing lows
1434 from early November 2012
1433 from August 2007 closing lows
1427 is the August 2012 peak
1425 from May 2008 closing highs and the October 2012 low
The 200 day SMA at 1418
1408 is the late October 2012 range closing low
1406 is the early May 2012 peak
1402.22 - 1400 is the closing low of the August 2012 lateral consolidation
1378 is the February 2012 peak
1375 is the early July 2012 peak
1371 is the May 2011 peak, the post-bear market high
1363.46 is June 2012 high
1359 is the April 2012 low
1357 is the July 2011 peak
1344 is the February 2011 peak
1340 is the early April 2011 peak
1332 is the early March 2011 peak
Dow: Closed at 14,397.08
Resistance:
Now 9% above its 200 day SMA, still leaving DJ30 room to run before it gets too top heavy on this run and has to test.
Support:
14,198 from the October 2007 high
14,149 is the February 2013 high
14,022 from 7-07 peak
The 50 day EMA at 13,806
13,692 from 6-2007 peak
13,668 from 12-2007 peak
13662 is the October 2012 intraday high
13,653 is the September 2012 high
13,557 to 13,662
13,413 from the late September 2012 low
13,300 to 13,331 is the August 2012 post-bear market high
13,297 is the April 2012, prior post bear market high
The 200 day SMA at 13,195
13,058 from the May 2008 peak on that bounce in the selling
13,056 is the February 2012 high
12,716 is the April 2012 closing low
12,524 is a range of support from early 2012 and summertime 2012
12,391 is the February 2011 peak
12,369 is the left shoulder low from May 2012
12,284 is the October 2011 peak
12,258 is the December 2011 peak
12,110 from the March 2007 closing low
12,094 is the April 2011 low
12,035 is the June 2012 base low
The June 2011 low at 11,897 (closing)
11,734 from 11-98 peak
11,717 is the late August 2011 peak
Economic Calendar
March 5 - Tuesday
ISM Services, February (10:00): 56.0 actual versus 55.4 expected, 55.2 prior
March 6 - Wednesday
MBA Mortgage Index, 03/02 (7:00): 14.8% actual versus -3.8% prior
ADP Employment Change, February (8:15): 198K actual versus 150K expected, 215K prior (revised from 192K)
Factory Orders, January (10:00): -2.0% actual versus -2.2% expected, 1.3% prior (revised from 1.8%)
Crude Inventories, 03/02 (10:30): 3.833M actual versus 1.130M prior
March 7 - Thursday
Challenger Job Cuts, February (7:30): 7.0% actual versus -24.5% prior
Initial Claims, 03/02 (8:30): 340K actual versus 350K expected, 347K prior (revised from 344K)
Continuing Claims, 02/23 (8:30): 3094K actual versus 3100K expected, 3091K prior (revised from 3074K)
Trade Balance, January (8:30): -$44.4B actual versus -$43.0B expected, -$38.1B prior (revised from -$38.5B)
Productivity-Rev., Q4 (8:30): -1.9% actual versus -1.6% expected, -2.0% prior
Unit Labor Costs -Rev., Q4 (8:30): 4.6% actual versus 4.2% expected, 4.5% prior
Natural Gas Inventories, 03/02 (10:30): -146 bcf actual versus -171 bcf prior
Consumer Credit, January (15:00): $16.2B actual versus $12.8B expected, $15.1B prior (revised from $14.6B)
March 8 - Friday
Nonfarm Payrolls, February (8:30): 236K actual versus 165K expected, 119K prior (revised from 157K)
Nonfarm Private Payrolls, February (8:30): 246K actual versus 178K expected, 140K prior (revised from 166K)
Unemployment Rate, February (8:30): 7.7% actual versus 7.9% expected, 7.9% prior
Hourly Earnings, February (8:30): 0.2% actual versus 0.2% expected, 0.1% prior (revised from 0.2%)
Average Workweek, February (8:30): 34.5 actual versus 34.4 expected, 34.4 prior
Wholesale Inventories, January (10:00): 1.2% actual versus 0.2% expected, 0.1% prior (revised from -0.1%)
March 12 - Tuesday
Treasury Budget, February (14:00): -$205.0B expected, -$237.7B prior
March 13 - Wednesday
MBA Mortgage Index, 03/09 (7:00): 14.8% prior
Retail Sales, February (8:30): 0.5% expected, 0.1% prior
Retail Sales ex-auto, February (8:30): 0.5% expected, 0.2% prior
Export Prices ex-ag., February (8:30): 0.5% prior
Import Prices ex-oil, February (8:30): 0.2% prior
Business Inventories, January (10:00): 0.4% expected, 0.1% prior
Crude Inventories, 03/09 (10:30): 3.833M prior
March 14 - Thursday
Initial Claims, 03/09 (8:30): 350K expected, 340K prior
Continuing Claims, 03/02 (8:30): 3103K expected, 3094K prior
PPI, February (8:30): 0.7% expected, 0.2% prior
Core PPI, February (8:30): 0.2% expected, 0.2% prior
Current Account Balance, Q4 (8:30): -$112.3B expected, -$107.5B prior
Natural Gas Inventories, 03/09 (10:30): -146 bcf prior
March 15 - Friday
CPI, February (8:30): 0.5% expected, 0.0% prior
Core CPI, February (8:30): 0.2% expected, 0.3% prior
Empire Manufacturing, March (8:30): 6.5 expected, 10.0 prior
Net Long-Term TIC Flows, January (9:00): $64.2B prior
Industrial Production, February (9:15): 0.4% expected, -0.1% prior
Capacity Utilization, February (9:15): 79.4% expected, 79.1% prior
Michigan Sentiment, March (9:55): 77.8 expected, 77.6 prior
By: Jon Johnson, Editor
Copyright 2013 | All Rights Reserved
Jon Johnson is the Editor of The Daily at InvestmentHouse.com
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