- Good news, bad news faces the market again, and once more the market overcomes a sloppy start to close with gains.
- Gains on Friday, but still status quo after a week of lateral consolidation.
- GDP rises to 5.9% though consumption fails to match expectations.
- Chicago PMI rises nicely as manufacturing continues as the leading sector.
- Existing home sales drop 7.2%, a weak bookend to the 10.2% drop in new home sales.
- Leadership is solid in some sectors, but the old leaders need a lot of work.
- Indices appear to want an upside move to test the January rally peak. Then things get interesting.
Market shakes off weak start, continues weeklong lateral consolidation.
Things were choppy on Friday and in a relatively narrow range once more. Stocks started a bit higher, and the futures faded early before the bell only to rebound, fade, and then chop around through the afternoon. A steady trend higher closed the indices out with gains. It was not much of a gain, but not bad given the adversity the market had to overcome. It was the last day of trading for February, and I want to note that volume was higher on the SP500 and stocks held their range. After the two-week rally off the sharp January to February selling, the market slid sideways to consolidate and test. That is not bad action. It was good action with respect to NASDAQ and the SP600. They rebounded, broke above a resistance level, and then moved laterally to close out the week. SP600 had the same action. It was a solid rally, it broke back above the October peak (and even the late-January consolidation area), and then slid laterally above near support at the 10 day EMA. It is very difficult to find fault with that kind of action. The indices rallied back up to this prior January peak and moved sideways. They could not move past that level, and the indices rolled over. This is a classic point where they could weaken again and fall. When there is a steep correction after a run higher, often the rebound takes the stocks back up just below that level where they test and may ultimately fail. They were not doing that last week; indeed, they overcame adversity to do that.
The SP500 was a bit more problematic. It has not broken above its November and December consolidation range. It tested it, it kissed it last week, but it faded back. It also moved in the lateral range to consolidating the two-week rally off the February low. It is struggling to catch up with NASDAQ and the small caps and put itself in better position to rally back up toward the January peak. It may not catch up with them, but that remains to be seen. Friday and all of last week brought a status quo move, and that is the lateral consolidation after bouncing. The question is whether growth will win out (i.e., NASDAQ and SP600) and move up, or whether the struggling SP500 will dominate the market and weigh it down, pulling it back to the downside. Friday did not provide real answers to that effect, but it did show an important theme in the market last week. The economic data was better in some cases, but it was taxing the market in others. The market continually had to fight to overcome the negative data. On the positive side, the second iteration of the Q4 GDP came out on Friday at 5.9% versus 5.7% expected and originally reported. It was good news, but it was mostly with respect to inventory liquidations. That really did not change, and it cast doubt on whether this can continue in quarters to come. Most everyone believes it will not continue, but that is how a recovery often starts: inventories are written down and written off, and new production takes their place.
The Chicago PMI that came in stronger than expected. Manufacturing continues to improve and provide the backbone to the economic recovery. On the downside, there is still economic data that is weakening. Existing home sales fell 7.2% after an 11.2% decline in new home sales reported earlier in the week. There was very weak consumer confidence reported earlier in the week at 46. On Friday, Michigan Sentiment was not terrible at 73.6, but it did not meet expectations. That is still on the low end of the range for that particular economic report. As bad news tends to come in threes, there was the continuing saga of the European Union and the woes of Greece. On Friday, the Greek prime minister said the worst fears regarding the Greece economy are confirmed. The prime minister said that everything that could possibly be wrong with Greece and its economy is exactly as it was feared. You do not hear that very often. Either he has turned over a new austerity leaf and is trying to be as candid as possible (in an effort to get the unions under control and stop them from striking), or else he just wants to commit political suicide. Maybe it is a bit of both.
The market managed to rally back from this mixture of good and not-so-good data. That is the other theme of the week: overcoming bad news and managing to either rally or hold the lateral consolidation. That is always a positive for the upside. Whenever bad news hits the market and it refuses to go down, that indicates the sellers are done selling and the market can move higher. While the action for the week was good in that respect, there are still hurdles to climb even for NASDAQ and SP600 as the market moves forward.
Dollar. The dollar struggled on Friday. The dollar was trading in the 1.36-1.38 range, and the dollar rallied sharply last week. When economic times got concerning and there were fears concerning Europe, the dollar rallied. It is still a safe haven, and it was driven it below 1.36 Euros. It bounced back on Friday (1.3616 Euros versus 1.3554 Thursday). Against a basket of currencies, it closed flat, but it is still in a nice uptrend. The dollar may come back to test, as it has done periodically, but there is nothing negative with respect to where it is right now. Indeed, it broke over an important resistance level, tested it, and rallied further last week. The dollar remains strong, rebounding from that long selloff. That is aiding us with respect to inflation because as the dollar strengthens, oil becomes relatively cheaper for the US. We are no longer importing as much inflation with every barrel of oil.
Oil. Oil traded in a range, just as stocks did last week. It was moving laterally after its two-week rally. It posted up below the November peaks, which is a resistance range, and it moved laterally to close out the week. It did manage to gain on Friday ($79.57, +1.25), but it was a widely varied week. Oil is approaching the top of its overall trading range and getting more volatile as it does so. That would be understandable given the mixed data coming out from Europe, the US, and other parts of the world. Demand levels are falling in Europe and the US. While they are still strong in China, India, and other BRIC countries. Oil is bouncing up and down, but note how it is bouncing in the top part of its range. It is not breaking out and does not look like it will threaten a breakout anytime soon. However, the higher low suggests it may attempt the top of the range once more. There is still demand out there. With the US growing to 5.9% GDP in Q4, I would expect oil to hang in there because we are still the largest consumer of oil on the planet.
Gold. Gold had a decent day on Friday. It is also trading in a range, moving laterally all week. It struggled, falling on Wednesday and almost giving up its breakout over its down trendline running from December into early February. It did hold that level, tapped it twice on Wednesday and Thursday, and gapped higher on Friday ($1,118.30, +11.20). It was a very strong move on the gold index to close out February. It is holding its breakout, but that does not mean it has resumed the uptrend. It looks favorable to do that, although it looked favorable to do that a week ago, and again as it tested. It is mired in its own breakout over the trendline and is having trouble getting back up.
Bonds. Bonds were rallying to end the week. The 10 year closed up (3.62% versus 3.64% Thursday). It was over 3.7% earlier in the week. It was a dramatic drop in bond yields as bond rallied. Why are bonds rallying? Ben Bernanke has said The Fed is going to have to raise rates and that is always the first step. They start talking about it before they can do it. Moreover, they made their first test run of a rate hike, raising the discount rate by 25BP two weeks ago. That tells everyone that The Fed is starting to take the necessary steps to move us back into a tightening mode. He is telling bondholders to get out of bonds over the next several months, yet they were not doing that last week. Worries about the economies and Europe are still pushing investors into US bonds. It is still a safety move despite our debt.
Bond investors, despite the Bernanke warnings, are not that sanguine about the economic future for the US. Much of that has to do with what is going on in the EU. Even though credit default swaps on US corporate debt are coming down faster than they are on European debt, there is still concern that the US is potentially facing a double dip, similar to what Europe is heading toward right now. We do not have the pull out of the recession we wanted. GDP was up at 5.9%, but this is not that strong of a recovery. It is not the recovery of Q3 in 2003 when the economy surged 7.4% and there was a massive explosion of new businesses in the United States. There are not that many new businesses being created when you look at the state rolls and filings with respect to LLCs, sole proprietorships and limited partnerships. They are not expanding the way they were in 2003 not even close. Small business continues to struggle, and it is not getting any relief despite the President's claims that he is a fierce advocate of small business. He is not. His policies are not benefiting small businesses, and it will get worse with healthcare and other issues that the Obama administration will continue to push (cap and trade, etc). There are problems out there and the bond market is acknowledging that. It is not ready to sign off on the 5.9% GDP gain as the indication that the recession is over.
Breadth. Flat at -1.1:1 on NASDAQ and + 1.6:1 on NYSE. Again helped by the small and mid caps.
Volume. Volume was down slightly on the NASDAQ, falling to 2.1B shares. It rose almost 9% on the NYSE to 1.2B shares, moving and staying above average on the NYSE. There were some positives there, but it was mainly the end-of-month volume as positions were moved around before March started. March is the last month of the first quarter, so we could potentially see new money put into the market to start next week.
NASDAQ. NASDAQ again posted a modest gain, but the main factor here is the range trade a week of moving laterally after the two-week rally. It managed to hold the November and December consolidation, and that is a positive. Volume remained above average as it moved laterally, testing lower and bouncing up. That can indicate that buyers are stepping in at this key support level, picking up stocks. It would suggest that NASDAQ could bounce higher and test the lows in the January lateral move, which would be near 2275.
SP600. SP600 had the same action. It reached lower intraday, bounced back, and held in a tight, lateral range. It is also holding above the October peak. It is at the lows in the lateral January consolidation. It was at an inflection point earlier in the week, where an index or stock will test and then fall back again after rebounding from a first significant correction. This will be the big test for the SP600 and NASDAQ if it rallies to that level next week. Will they turn back down at that point, sell off, and give a larger correction? That has happened many times in the past, and we will just have to see if it happens here.
SP500. SP500 is unable to break out above the significant November and December range. NASDAQ broke it and has held, and SP500 has failed to break it and has fallen back. It is still inside of the range that runs from 1100-1105. This is a jumbled area for the SP500. People like to pick out the 1100-1105 area as a significant level, and it is. There are many highs and lows in this range as well. Some of them are at 1085 where it has held many times and bounced back. Indeed, it sold back to 1086 on Thursday and snapped back from there. That will be a key level as well. The November and December peaks are an important level as is 1085. A break either way above that is a positive, and below that is a negative. Even if it breaks above this level, it is still going to have to test to move through the January peak. If it makes this breakout, that will be the inflection point for SP500 as well. NASDAQ is almost there, and SP600 is there right now. That will determine whether this market moves higher or corrects. Until then, it is banging around in a range. We are trying to play short-term trades up and down that range using stocks that are well positioned to move up or down. We do not want to play stocks that are in this jumble and do not have definite patterns or momentum going. I have been trying to put plays on the report that are very solid patterns whether upside or downside and not ricocheting back and forth inside of a trading range. The problem is that these trading ranges are narrow, and that makes it more difficult to play.
Healthcare. Healthcare looks good across the board. MDZ has a nice cup-with-handle pattern, a breakout, and a test. SCLN had a big run and a selloff, but it has based and formed a nice flag pattern. HUM is trying to make a break off this nicely formed pennant pattern. AET is trying to rally off the 200 day EMA. HOLX is making a nice breakout on good volume. Across the board, healthcare has good patterns. That is an example of finding good patterns to the upside or downside that can make us money. Those are the ones we are focusing on, rather than those that are bouncing around in a trading range.
Transportation. KSU is in a nice pattern. A cup, it broke higher, it has tested. It was surging on Thursday, it came back some on Friday, but it is still holding. If it makes the break higher, it is ready to run further.
Auto Parts. Auto parts are doing well. TEN has a nice cup-with-handle pattern and is breaking higher. BWA has rallied, consolidated with a double bottom, broke out, and is testing again. It looks ready to make the break back to the upside.
Retail. Retail continues to look strong. ANN is surging higher on strong volume, hitting a new rally high. PCLN started back up on Friday after an excellent test of the gap higher on earnings. JOSB broke a downtrend, rallied, bounced back up, and it is consolidating laterally, looking to make a break higher as well.
Steel. MTL is not that great of a pattern. High, tried to double bottom and did rally, but it sold off and gapped lower. It is trying to hold at a key support level. It may do that, but it is not a great pattern. We might get a trade out of it, but it is an iffy proposition right now. AKS has a similar pattern, though it broke below its support levels and is now bouncing back up to them. Whether you are looking at metals, most industrials, or energy, the patterns are not as solid. Those areas led nicely in 2009, but then started to struggle over the past few months and have suffered. They have broken down their patterns and are now in the process of trying to rebuild them, though they are not there yet. Many of them are just jagged patterns, as you can see with AKS. Is neither in a good position to move upside nor one that would give you confidence to move into. That is what is happening with a lot of the older leadership. It has to consolidate again, but the bases have not set up yet. On the other hand, healthcare and auto parts have set up good bases and look as if they could continue higher and become leaders to the upside.
Please see Economy Video at the following link:
VIX: 19.5; -0.6
VXN: 19.78; -0.74
VXO: 19.16; -0.35
Put/Call Ratio (CBOE): 0.88; -0.15
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 doesn't have the cash to drive it higher.
Bulls: 41.4%. Significant jump in bulls, rising from 35.6%. 35% is the threshold level below which suggests bullishness. After the move bulls moved up. Perhaps this lateral market consolidation will be enough to send the indices back up. After peaking at 53 on this move the bulls lost some nerve, falling to a new low post- July 2009. Once again bulls peaked out near the 50% level. Bulls have bumped at 50ish since late August 2009, falling to 45ish and then rebounding. Getting close to the 35% level that is the threshold for what is considered a bullish climate. Hit a high of 47.7% mid-June on the run from the March lows. Again, to be seriously bearish it needs to get up to the 60% to 65% level. Dramatic rise from 21.3% in November 2008, the bottom on this leg. This last leg down showed us the largest single week drop we have ever seen, falling from 33.7% to 25.3%. Hit 40.7% on the high during the rally off the July 2008 lows. 30.9% was the March low. In March the indicator did its job with the dive below 35% and the crossover with the bears. A move into the lower 40's is a decline of significance. A move to 35% is a bullish indicator.
Bears: 23.3%. As with bulls, a significant change in bears, falling from 27.8%. That indicates more overall market bullishness. Of course it comes after the rally, but at least the market is hold the gains with a consolidation. Down from 26.1% the prior week and 22.2% before that. Over 35% is considered bullish for the market, so still a ways off even though bulls are falling to a bullish level. Continuing the rise from 16%ish on the lows this leg where it held for several weeks. Peaked near 28% in November, falling short of the 35.6% hit in July 2009. For reference, cracking above the 35% threshold considered bullish. Hit a high on this run at 47.2%. 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.
Stats: +4.04 points (+0.18%) to close at 2238.26
Volume: 2.146B (-2.29%)
Up Volume: 1.172B (+357.317M)
Down Volume: 1.007B (-475.164M)
A/D and Hi/Lo: Decliners led 1.16 to 1
Previous Session: Decliners led 1.32 to 1
New Highs: 100 (+19)
New Lows: 11 (-5)
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: +1.56 points (+0.14%) to close at 1104.49
NYSE Volume: 1.247B (+8.85%)
Up Volume: 734.639M (+189.283M)
Down Volume: 497.273M (-87.11M)
A/D and Hi/Lo: Advancers led 1.65 to 1
Previous Session: Decliners led 1.06 to 1
New Highs: 210 (+64)
New Lows: 18 (-5)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
Stats: +4.23 points (+0.04%) to close at 10325.26
Volume DJ30: 282M shares Friday versus 242M shares Thursday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
Next week is the start of March, and you will often see new money put to work as a month starts. Not only does the wind blow in March, but it typically is an upside month for the stock market. In other words, the probability is that March will be a positive month. That would mean that the consolidation that is happening in NASDAQ, SP600, and even SP500 would resolve to the upside and maybe get a breakout over this January consolidation range. That is going to be the big question as the market moves forward. Will it be able to get up to that level, in the case of SP500? If it does, the question is whether it will be able to move through, or whether it will go into a larger correction as you typically see after a nice trend higher. There is that deeper correction, a recovery attempt, and then a fall down to an even deeper and lengthier basing period. That is what this is right now a basing period. The economy is on the mend. The Fed is still being loose with money even though it says it will tighten. We are looking at a recovery period, but it is just a slow lethargic recovery. Thus, a basing process after the big 70% run in the stock market since the March 2009 low seems to be the most likely course of action. It is difficult, if not impossible, for the market to move 70% and then correct modestly over a four-week period only to resume another big upside move.
Even though the GDP is expanding, there are enough roadblocks to keep it from being a great recovery. The logical course of action is a further basing period. That might be the logical course of action, but often the market does not do what we think would be logical. Nonetheless, we have to watch for that as the market continuing higher. Indeed, it likely will try to continue higher next month with NASDAQ rallying up toward the January lows. I say that because of the consolidation this past week where the market overcame negatives almost on a daily basis and continued to hold the range. With that kind of tenacity over a key support level, we would look for it to continue up and test the next level as the minimum move it would make on the next bounce. Again, with NASDAQ as well as SP500 and SP600, that will be a key point and a potential inflection point for this correction from January to early February as well as the relief bounce experienced in response to that correction.
Economic data is well stacked for the week. There is nothing scheduled on Monday, but that does not mean nothing will happen. New money could be put in the market, we could hear something over the weekend with respect to Greece or Spain ( or Portugal or Ireland or Italy). There is always that potential, as well as income and spending. That leads to the inflation number with the PCE. We will have the ISM manufacturing index, the Challenger jobs survey, the ADP employment survey, and ISM services. Then there is continuing claims, productivity, factory orders will be important especially after durable orders this week. They were very solid, but it was all on orders of Boeing aircraft. That is not necessarily a bad thing, but I would like to see the orders spread out over more industries. There will be a full plate of economic data next week as the indices take on the January peaks.
While the market is in this in between range, we will continue to look for the solid patterns that are not jerking around in a trading range. That does not mean we will ignore trading ranges. If there is a range that has a large enough span, we can play that to the upside and downside when a stock or the index gets up to that level and looks like it will come back down. Most of what we are seeing right now have been narrow ranges over the past couple of weeks, so we are looking mainly at patterns whether they are auto parts, healthcare, or in retail. Those look solid for upside plays. We have other stocks in other sectors on the report as well, but we have to find the right range to take advantage of those. This is a choppy period; it is not a steady uptrend. There was the trend up, a break down from that trend, a larger correction, and a relief bounce. We are still in no-man's land. For instance, NASDAQ is over key support, but it is still below key resistance and is right in the middle of them. This is more difficult to invest and trade in. We are looking for great stocks in great positions to move into because they can deliver nice gains. They are not trapped inside of a range subject to the whims of the market. Stocks trapped in a range right now are trading with the market because the market is trapped in a range. That could be good or bad, but with the market bouncing back and forth each day inside the range, it is very difficult to trade a narrow range. Therefore, we have to avoid them for now and wait until a trend sets up for them meaning a break higher or break lower. I will be watching very closely to see if NASDAQ gets up into the 2275 range. From there all the way up to 2325, it has a key test ahead of it. If SP500 gets up as well and breaks out over the November and December peaks, it will also have an important test ahead of it. We do not want to be caught in plays that are trading on the range because gaps can kill you inside of a narrow range, especially if there is a breakdown of that range.
We still have plenty of action ahead of us. The market still has not tipped its hand. It looks like it wants to try higher toward the January peaks, given the action this last week where it shook off the bad news, held over support, and kept trying to make the move higher. With that in mind, we will look for a break to the upside. If it comes, we will play it with good stocks and see what happens. If we get the breakdown, we will be closing up our upside plays that are problematic and looking to play more downside. Have a great weekend.
Support and Resistance
NASDAQ: Closed at 2238.26
2245 from July 2008 through 2260 from late 2005.
2273 to 2282 marks bottom of January 2010 lateral peak
2275 - 2278 from the February 2008 and April 2008 lows
2292 is a low from January 2008
2319 from the September 2008 peak
2320 to 2326.28 is the January high
2324-2370 is a range of resistance from early 2008
2382-2395 from 2008
2412-2415 represents a series of peaks and lows in 2007, 2008
2453 is the August 2008 peak
2210 (from September 2008) to 2212 (the July 2009 closing low)
The 50 day EMA at 2211
2205 is the November 2009 peak
2191 is the October 2009 peak
2177 is a low from March 2008
2169 is the March 2008 closing low (double bottom)
2168 is the September 2009, intraday peak
2167 from the July 2008 intraday low
2155 is the March 2008 intraday low
2143 is the October 2009 range low
2099 is the mid-September 2008 closing low
2070 is the September 2008 intraday low
2060 is the August peak
The 200 day SMA at 20522055
2048 is the early October 2009 closing low
2015 from an early August 2008 peak
S&P 500: Closed at 1104.49
1106 is the September 2008 low
1114 is the November 2009 peak
1119 is the early December intraday high
Bottom of the January 2010 consolidation 1131 to 1136
1133 from a September 2008 intraday low
1151 is the January 2010 peak
1156 is the Sept 2008 low
1185 from late September 2008
1200 from the July 2008 low
1101 is the October 2009 high
The 50 day EMA at 1099
1084 to 1080 (September 2009 peak)
1078 is the October range low
1070 is the late September 2009 peak
1044 is the October 2008 intraday high
The August peak at 1040
The 200 day SMA at 1033
The early October 2009 closing low at 1025
The early August intraday peak at 1018
The November 2008 peak at 1006 closing 1007.53 intraday
992 is the August 2009 consolidation low
Dow: Closed at 10,325.26
10,365 is the late September 2008 low
10,496 is the November 2009 high
10,609 from the Mid-September 2008 interim low
10,730 is the January 2010 peak
10,963 is the July 2008 low
The 50 day EMA at 10,289
10,285 is the late December consolidation peak
10,120 is the October 2009 peak
9829 is the September 2008 closing high
9918 is the September 2008 peak
9855 is the early September peak in its lateral range
9835 is the late September 2009 peak
9654 is the November 2008 high
9625 is the October 2008 closing high
9620 is the August 2009 peak
The 200 day SMA at 9618
9430 is the early October low
9387 is the mid-October peak
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
February 26 - Friday
GDP - Second Estimate, Q4 (08:30): 5.9% actual versus 5.7% expected, 5.7% prior
GDP Deflator - Second iteration, Q4 (08:30): 0.4% actual versus 0.6% expected, 0.6% prior
Chicago PMI, February (09:45): 62.6 actual versus 59.7 expected, 61.5 prior
Michigan Consumer Sentiment, February (09:55): 73.6 actual versus 73.9 expected, 73.7 prior
Existing Home Sales, January (10:00): 5.05M actual versus 5.50M expected, 5.44M prior (revised from 5.45M)
March 01 - Tuesday
Personal Income, January (08:30): 0.4% expected, 0.4% prior
Personal Spending, January (08:30): 0.4% expected, 0.2% prior
PCE Prices - Core, January (08:30): 0.1% expected, 0.1% prior
Construction Spending, January (10:00): -0.5% expected, -1.2% prior
ISM Index, February (10:00): 57.8 expected, 58.4 prior
March 02 - Wednesday
Auto Sales, February (14:00): 3.8M prior
Truck Sales, February (14:00): 4.4M prior
March 03 - Thursday
Challenger Job Cut Survey, February (07:30): -70.4% prior
ADP Employment Survey, February (08:15): -10K expected, -22K prior
ISM Services, February (10:00): 51.0 expected, 50.5 prior
Crude Inventories, 2/26 (10:30): 3.03M prior
March 04 - Friday
Initial Claims, 02/27 (08:30): 475K expected, 495K prior
Continuing Claims, 02/20 (08:30): 4617K prior
Productivity-Rev., Q4 (08:30): 6.2% expected, 6.2% prior
Unit Labor Costs, Q4 (08:30): -4.4% expected, -4.4% prior
Factory Orders, January (10:00): 1.2% expected, 1.0% prior
Pending Home Sales, January (10:00): 1.7% expected, 1.0% prior
March 05 - Saturday
Unemployment Rate, February (08:30): 9.8% expected, 9.7% prior
Nonfarm Payrolls, February (08:30): -20K expected, -20K prior
Hourly Earnings, February (08:30): 0.2% expected, 0.2% prior
Average Workweek, February (08:30): 33.7 expected, 33.9 prior
Consumer Credit, January (15:00): -$3.8B expected, -$1.7B prior
By: Jon Johnson, Editor
Copyright 2010 | All Rights Reserved
Jon Johnson is the Editor of The Daily at InvestmentHouse.com
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