Monday, May 14, 2012

Market Stumbles But Does Not Fall


- JPM, JWN stumble, but the market does not fall.
- Still holding support, not getting the big selloff, not getting a big reversal, just holding over support.
- Dollar notches 10 straight gains against the euro.
- Utilities leading the market in a rather defensive turn.
- Michigan still feeling good over the warm weather.
- Market starts the week still in position to roll in the range: it comes down to us (as in the U.S.) versus the rest of the world.

Diamonds May Be Forever but will Dimon Be?

Hi, I'm Plenty. Hi, I'm Jamie
Bond: But of course you are But of course you are
Plenty O'Toole Jamie Dimon of JPM
Bond: Named after your father perhaps? Not after this quarter's performance

They say diamonds are forever, but in the case of JPM, perhaps Jamie Dimon will not be. That is a bold statement. I do not think he will lose his job, but he will subject himself to a lot of scrutiny from the very regulators that he had so much to say against. He left himself open by not taking care of business. Everything he said up to now, unfortunately, will be washed away.

I agree with a lot of what he was saying. Dodd-Frank is not working. It has concentrated more assets and funds into the five largest banks than there was before the financial crisis. Loans are still hard to get. Mortgage refinancing and mortgage applications used to take 30-45 days. Now you are looking at 70. Wells Fargo tells people up front to expect 90 days. It is extraordinarily hard to get money. The regulations are not working. When did you have the problems that JPM showed, it will not be changed anytime soon because the powers-that-be will say, "Look what we told you. You leave those private enterprise, bigwig fat cats up to their own devices, and here is what we get. A $2B loss." But does it really matter? Yes, it is a big hit. A 9% and heading to 10% loss for JPM shareholders is not something they will enjoy, but do we have to call in everybody on the planet to look up their dress and see if there are any cracks there? No pun intended. But that is exactly what will happen, and JPM will be the whipping boy.

The day was spelled out in three charts. JPM gapped down to the 200 day EMA. JWN gapped down almost to its 200 day EMA on its lowered forecast for 2012 and an earnings miss on its supposed e-commerce spending. The SP500 held up. It held over its February 2011 high, and looks ready to at least try trading higher in the trading range.

Greece 'talks' for a new government fail, as if we didn't see that one coming.

There was a significant amount of bad news on Friday, but the market continued to hold support. It was not just JPM, JWN, ESRX, and the usual that we knew about on Thursday night. There were also the talks for a new government in Greece that, oh, somehow failed. As if we did not see that one coming. What are the odds of the various coalitions that barely got 25% each to cobble together some governmental plan? It was a bit crazy to think that would happen without the elections next month. Most people in Greece are against the austerity, so they will go to the polls and vote. That is all there is to it.

China and Hong Kong Having their Issues Yet Again.

"Hong Kong is ours now Bond" said the Mandarin Oriental Hong Kong manager. But is China messing it all up?

It was not just Greece. We still have to worry about China and Hong Kong. They are having issues once again. China saw its industrial production growth at the lowest level of growth since 2009. It came in at 9.3% year-over-year. My goodness. That was versus expectations of over 12%. Loans were dropped significantly. 681B yuan versus 780B expected. Then there is Hong Kong. I loved it in James Bond when he goes into the Mandarin Oriental Hotel in Hong Kong, breaks the place up as usual, and the response is, "Hong Kong is ours now, Bond."

Hong Kong is having some trouble as well. Its GDP growth was 0.4% when it was expected to go up a whopping 1.1%. It has issues. Hong Kong is China's, but is China messing it up? China's is engineering a hard landing. It is not a soft landing, and I do not care what people on CNBC say. Will not be able to engineer a soft landing. They have had unbridled growth. Some people will say China is great no matter what. But there are people who have brought back pictures of the empty buildings and empty homes in Beijing. They just keep building further and further out, creating virtual ghost towns in the city. They keep pumping our deficit money into it. China is using its hard currency to keep building and building.

Now we have commodity prices falling. Remember that China was buying all the copper and steel it could get. Now it is buying gold like crazy. Gold is down so China is buying. That makes sense, and they are doing something smart. There is speculation now that China, this year or next year, will have to dump a lot of its copper and other commodities on the market because it has stockpiled them. It will find it has too many. That could be an interesting thing. Yes, Hong Kong is China's now. I just wonder if the will be able to keep the Chinese end up as the British used to keep the British end up according to Bond.

Looking at the Friday session, it was not a thing of beauty. Futures were down. No question they were going to be down. "Duh" is what we usually term it here in the office. Big declines but big recoveries as well; indeed, surpassing the Thursday afternoon high early in the morning. But it did not stick. Stocks rolled over and skidded south all session. Half went negative and half did not. The gains and the losses all came out in the wash.

SP500, -0.34%; NASDAQ, +0.01%; Dow, -0.27%; SP600, -0.27%; SOX, +0.73%.

This was quite a showing after such bad news. JPM is a Dow component, and to be down just 0.27% is fairly impressive. Not totally impressive, but fairly.

The indices were faced with bad news all week: Greece, Spain, Italy, China, U.S. earnings starting to corrode, and just more lackluster economic data. But the indices held the line at support. They did not go bouncing to the upside, but faced with all of the crud that they had to deal with, this was not too bad. I do not want you to say, "Johnson has gone totally bullish," but you have to recognize strength where there is strength. This is not raging upside strength, but it is relative strength. And relative strength is a relatively good thing when you have so many negatives and the market is still managing to hold support. Yes, it still has something of a rounded top look to it. You can see it on the NASDAQ and SP500, but they are holding key support and there are some stocks moving higher. Not all of them. I will talk about that in leadership because it is kind of a defensive mix.

There are still plenty of stocks that look good and like they want to move up. This coming week the question is whether or not this hold of support turns into a bounce. This question will have to be answered because it was not this week. Thursday it looked as if it might turn into a bounce. Remember, we had the test a couple of days that bounced off of that support, looked good, and there was a lot of buying activity at that support. Then on Thursday it took off to the upside but frittered it away. I think I used the term from Shawshank Redemption, "Like a fart in the wind." In any event, it held and withstood bad news on Friday. I think I have made that point enough. I just wanted to drive it home.


The other markets had the same trade that they enjoyed (or did not enjoy) all week long. They put money into the U.S. greenback and bonds, took it out of oil, commodities, gold, and anything that had to do with expanding the rest of the world.

Dollar. 1.2919 versus 1.2959. The dollar posted its tenth straight gain versus the euro. It had not done that since 2008. It is a dubious honor, but nonetheless is shows that there is worry in the rest of the world, particularly in Europe with money running back to the U.S. The dollar continues to look solid. It is not breaking out, but it is in something of a pennant pattern after this run from October up to early January 2012.

Bonds. 1.84% versus 1.88% 10 year U.S. Treasury. Bonds rallied yet again. The 10 year is trying to break back to the upside. There was Bernanke talking, the Fed talking, and then what happened here? All of a sudden Europe was a problem again. There was a gap down, a gap up, and a little island reversal. Bonds have been moving higher ever since. Not in a straight line, but they are moving higher. Now they are matching some prior resistance levels. They look in good shape to continue upside because there is nothing to end the fear. We have Greece hanging out there, and nothing will be resolved there until June. We have issues right here in River City. It is capital 'T,' it rhymes with 'G,' and that stands for Greece. You tell me what that one is from.

Gold. 1,584.00, -15.50. Gold was hammered again. It is trying to hold and bounce after getting clubbed on Tuesday and Wednesday. I guess that is a little consolation, but it is nonetheless in a position where it could bounce with something of an ABCD pattern. We will see what happens with gold. It is definitely under pressure, but grudgingly so.

Oil. 96.03, -1.05. Oil had a tough week. It managed to hold the recent lows for the week, however, after careening to the downside the prior week. It is at some support. We will see if it can rebound back to the upside. There is no reason for it to break down. It has some serious support at the 96 level. Then again, there was no reason for it to drop so sharply early in the week. Although there are those darn speculators. I guess they got out of the market. Maybe this president scared all the speculators out of the market, and that allowed oil to fall. Good for him. I am so happy he understands markets and economics so well that he was able to do that. I will sleep better knowing that in the summer we may not have $6 per gallon gasoline. It will just be $5 per gallon.


Volume. NASDAQ -13%, 1.7B; NYSE -1.5%, 721M. A quieter session after a lot of back and forth all week long at support. Volume still remains somewhat elevated as it holds support. As noted earlier in the week, that is not necessarily a bad thing. As a stock or index holds support, higher volume shows that buyers are stepping in. It shows a lot of bumping between the sellers and buyers, but as long as it holds that support, that is a positive overall.

Breadth. NASDAQ -1.45:1; NYSE -1.5:1. Breadth was nothing to speak of.


SP500. We spent four days kissing the February 2011 peak. It is an important support level for SP500 that has been holding. What we want to see for the upside is a break back higher and then continue the trading range that sits roughly on top of the 2011 trading range that formed just before all hell broke loose in the summer and early fall. That is the thesis, and the fact that the market is holding up in times of bad news remains a positive for SP500. It also remains positive for the

DJ30. The DJ30 is also holding an important level: the twin peaks from July 2011. It is also kissing them, spending time there and trying to bounce. That is a positive. It overcame very negative news from JPM, as did SP500. That is a positive. Again holding up at support, and it looks like it has plenty of bounce ability here. It will not be huge. About 12,800 to 13,250. Not a tremendous range, but we can make money off of individual stocks in that move.

NASDAQ. NASDAQ is the same story. It is holding above the 2011 highs not interim highs, but the highs. It was trying to bounce on Wednesday. It tried on Thursday and gave it up. It tried again on Friday. It may be able to pull it off. There is some relative strength in tech. Although that is an issue. If Europe is in trouble, then techs tend not to perform as well because Europe is such a large buyer of our technology. We will see how it plays out. Well do have another index, three of the large caps, holding up at a key support level.

SP600. SP600 is also holding up at an important support level. It spent six days there with the close from Friday a week ago. It is holding, and we will see if it can bounce. It has that bearish look to it overall. There are those rounded tops and kind of a head and shoulders. Everyone sees that, but those things are very iffy. How many times have we seen the big head and shoulders that everyone spots and nothing happens? As I said earlier, this coming week will be a decision week for all of the indices, SP600 included.

SOX. SOX posted a gain on the day, but it closed well off of its high. It is holding at a very important support level near 395. Varying support at 390-395. The 200 day EMA just happens to be there. This has held its highs and lows and consolidation ranges for quite some time. This has the same head and shoulder-ish rounded top look that SP600 has, so there are the same worries that it could just roll over and die. But it has not done it yet, and it has handled a lot of bad news along the way. It has made it through earnings seasons with a fade, but nonetheless holding support. Hard to complain about this.

I will not complain too much, but it is still worrisome. The patterns are worrisome because you have these rounded tops, but they are holding support in the face of bad news. If the news continues to worsen, they will break down eventually. We are still operating under the thesis that we will have a roll back up in the range. We will look at upside plays, but we will also look at downside plays because we have to. You have to be ready in case the support on any of the indices does not hold. If one or two goes, they likely all go to town. And I am not talking about the better part of down.


Financial. Even though JPM took it in the gut, some others held up very well. WFC was solid indeed. The banks held up well. BAC is still in its downward channel, sitting right on top of the 200 day EMA. They handled the bad news with aplomb, and if they are any indication, than it looks like it could just be a JPM issue, and the rest of the market could bounce to the upside.

Metals. Even commodities were not too bad. FCX did not have a good week, but it did not implode. AKS did not have a good week, but it bounced back at the end of the week. What is the problem with these patterns? They are hideous. These are not great patterns, but they are not necessarily great shorts right now either. It is safe to say that metals are not something that we want to jump into until we see some kind of improvement that would suggest it is time to move in.

Retail. JWN took it on the chin. Then you had BBBY that accelerated to the upside on strong volume. TSCO moved to the upside. It does not look as if those are in too bad of shape. How strange is that? When have some retailers moving just fine while a big-name brand got hit. It looks very specific to the market. As a matter of fact, SBUX is trying to bounce pack up. Curious. We will see if it can make the move. It is up to its 50 day EMA. It, too is trying to make a comeback. It will be an important week for SBUX as it tests. AMZN had a decent week. It bounced back up to its prior gap-up highs on earnings. We will see how it plays out. It does not look like it has a play for us right now, but it could.

Drugs. Drugs are performing fairly well. JAZZ is starting to bounce to the upside. QNM is choppy but a very interesting pattern, trying to move up as well. INCY was breaking to the upside this week off of a nice test. We still have drugs performing. They are kind of defensive.

Utilities. The utility index hit a post bear market high today. That is the DJ15. Utilities are very defensive. They do not move much, and you invest in them when you are going back to basics. People still have to heat and cool their homes, so we will have the electricity. We may not make much money, but at least we will not lose a lot of money. That is the theory. They seem to be performing better.

Techs are being a little weak. Drugs are a little strong. Utilities are stronger. That means that it is a little more defensive. Telecoms are performing a bit better. Some retail stocks look great. That is not so defensive. But metals, commodities look very bad. Financials are in the hunt, but it is still a long hunt for them.

It is a mixed market for sure. We have to look at individual stocks. We cannot say one sector is going to move higher and we can take advantage of it. We have to pick the stocks at a look good. They are still out there. Again, we will have to look both ways for the coming week because we have indices that are sitting at a support level. While we expect them to bounce to the upside and continue the range, sometimes those who expect something can be disappointed. That is our gut (with some intellect) saying that we expect a bounce, but the market will do what it will do. It is at an important level, so if it wants to break down, we will let it. The thing to watch out for is that false break where it breaks and then reverses. We were hoping we would get that on Friday, the break lower below support that reversed. It did not pan out. Maybe it happens in the coming week.



VIX. The VIX has been holding its break above the trendline that started in early April. It came back to totally test the break. Indeed, it went below it, but it held the trendline. It has bounced. Now we have a little double top action. There is serious resistance here. It hit that resistance level in April, in March, in February, and then it used it as support in December and January. This is an important level. We will see if it can make the break higher. Of course that would mean the market would sell. I am not sure that will be the case. We may get another trade back down to this late-April level before it moves higher again.

VIX: 19.89; +1.06
VXN: 21.79; +0.46
VXO: 20.56; +1.46

Put/Call Ratio (CBOE): 1.24; +0.15. Put/Call ratio surging higher as the indices hold support. Sure looks to be a contrary indicator for an upside bounce.

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: 38.7% versus 43.0% versus 41.9%. Wow that is a turnaround. Last week we were puzzled by the bullishness persisting but this week as the indices sold to support, and held it, the bulls ran away. Heading for 35%, the key level that turns this to a bullish indication. This is lining up with the put/call ratio. Still over 35% (below which is considered bullish) but dropping fast. Just as the market found support to bounce the bulls ran. 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: 20.4% versus 20.4% versus 23.7%. Okay, well the bears, after a big decline two weeks back, continue to hold at low levels. Would prefer seeing them run higher in sync with the bulls fading. They have been divergent by a week or so of late; we will see if they catch up next week. Have to get over 35% to really be a good upside indicator and it is heading in the wrong direction. Thus the contrary worry it stirs. Are investors too complacent with the market facing all of these issues? Below late March, and that was down from the 25% to 26% level it held for weeks. 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: +0.18 points (+0.01%) to close at 2933.82
Volume: 1.719B (-13.05%)

Up Volume: 803.12M (-2.39M)
Down Volume: 903.27M (-256.73M)

A/D and Hi/Lo: Decliners led 1.44 to 1
Previous Session: Advancers led 1.35 to 1

New Highs: 51 (-16)
New Lows: 89 (+27)


Stats: -4.6 points (-0.34%) to close at 1353.39
NYSE Volume: 721M (-1.5%)

Up Volume: 1.11B (-1.13B)
Down Volume: 2.66B (+1.25B)

A/D and Hi/Lo: Decliners led 1.52 to 1
Previous Session: Advancers led 1.7 to 1

New Highs: 84 (-16)
New Lows: 45 (+15)


Stats: -34.44 points (-0.27%) to close at 12820.6
Volume DJ30: 148M shares Friday versus 152M shares Thursday.


I said it was an important week in terms of technical action. I will talk about that shortly, but it is also an important week in terms of economic data. On Tuesday we have Retail Sales and CPI. Very important. Empire Manufacturing is also quite important. We will have Business Inventories. Are they rising or falling? Is it because of sales or lack of sales? Wednesday there is Industrial Production and Capacity. There are FOMC minutes as well. Housing Starts will be a big one also. Then on Thursday we will have Philly Fed and the Initial Claims. It will be a big data week.

It will also be a big technical week. We have the indices in position to bounce off support. They did not do it last week. They had a chance on Thursday and they blew it. They had a chance on Wednesday on the NASDAQ and it blew it. Then on Friday they had a chance to sell off but they did not. That shows strength. What we are looking for and what would have been the great scenario was the initial selloff, the big one that undercut and then a reversal. We got a selloff, but it was not big enough. If we get an undercut, we often get that false breakdown. The false move lower that reverses off of support. That is something we have seen over the last few years in this market. That could be very interesting.

If things start negative on Monday, we will not assume they will dive. We do not dive into a bunch of new downside plays on Monday morning if there is a break of support. If it comes back up and tests and fails, then we can start putting our toes in for a few more downside. But we would watch for a reversal. Why? Because we had a bunch of bad news to end the week, and the market still held up.

Earnings have corroded, as I have said before. We are still holding this support. Watch for a break to reverse. If we do not get a break, and let us say the market starts to the upside, then it could mean that it will try to rally. But we would be weary of that just as we were weary of it on Thursday when the market started to the upside. It looked as if everything had held on Tuesday and Wednesday and it was ready to bounce. It did bounce, but then it just fizzled away.

We want to watch and make sure that good stocks hold good moves. If that is the case, we can step in. If this is a breakdown and there is no recovery and stocks that are in position to sell break down and do not come back, then we can move in on them. It is a market of individual stocks. The market will break one way or the other, and that will tell the tale for most of the stocks in the market. That is why we want to see a little confirmation, a little hold with respect to any move up off this support or that breaks below it. We want to make sure a break below fails. They often come back to test, particularly given that it has tried to hold for four days now. We do not want to get too hasty and jump in too quickly.

We will have plays that look upside for the range, and then we will have some that look downside in case there is a break. Yes, the market is once again at one of those points where it has to make a decision. It will make a decision based on what it sees down the road. Economically, if things are going down the toilet, it will tend to break lower. But it does not mean that it has to break lower right now, even if things are heading down the toilet. Remember, last year this thing wound up back and forth for six months from it made a sharp break lower. Here we are just over two months, so we really just started. We have the end of Operation Twist in June, still off a little ways in the distance.

We will be prepared as my sons are because they are Boy Scouts. We will play what the market will give us because we want to take what the market is giving. Right now, that means individual stocks that look good to the upside and look good to the downside.

Have a great weekend!

Support and Resistance

NASDAQ: Closed at 2933.82

The 50 day EMA at 2990
3000 is the February 2012 post-bear market high
3026 from 10/2000 low
3042 from 5/2000 low
3090 is the mid-March interim high
3134 is the March 2012 post-bear market peak
3227 is the April 2000 intraday low
3401 is the May 2000 closing low

2910 is the recent March 2012 low
2900 is the March 2012 low
2888 is the May 2011 peak and PRIOR post-bear market high
2879 is the July 2011 peak
2862 is the 2007 peak
2841 is the February 2011 peak
2816 is the early April 2011 peak.
The 200 day SMA at 2739
2754 is the October 2011 high
2706 to 2705 is the April 2011 low and the February 2011 and consolidation low (bottom of the trading range) 2723 to 2705 is the range of support at the bottom of the January to May trading range
2686 is the January 2011 closing low
2676 is the January 2010 low and the December 2011 peak
2645-2650ish from December 2010 consolidation
2643 is the September 2011 high
2612 is the late August 2011 peak
2603 is the March 2011 intraday low (post-Japan low)
2599 is the June 2011 low and NASDAQ
2593 is the November intraday high
2580 is the November 2010 closing high
2555 is the mid-August 2011 peak
2535 is the November island reversal gap point
2441 is the November 2011 low

S&P 500: Closed at 1353.39

1357 is the July 2011 peak
1371 is the May 2011 peak, the post-bear market high
The 50 day EMA at 1374
1378 is the February 2012 peak
1422.38 is the Post-bear market high (March 2012)
1425 from May 2008 closing highs
1433 from August 2007 closing lows
1440 from November 2007 closing lows

1344 is the February 2011 peak
1340 is the early April 2011 peak
1332 is the early March 2011 peak
1318.51 is the May 2011 low
1295 to 1294 is the April 2011 low and the February 2011 consolidation low (bottom of the trading range)
1293 is the October 2011 peak
The 200 day SMA at 1277
1275 is the January 2010 low, early January 2011 peak
1267 is the December 2011 peak
1258 is June 2011 intraday low
1255 is the late December 2010 consolidation range
1249 is the March 2011 low (post-Japan)
1235 is the mid-December 2010 consolidation low
1231 is the late August 2011 peak
1227 is the November 2010 peak
1220 is the April 2010 peak
1209 is the mid-August 2011 high
1196 is the November 2010 consolidation peak
1178-1180 is the October 2010/November 2010 consolidation low
1158 is the November 2011 low
1131 - 1127 from August 2010 base peak.
1119 is the early August closing low
1109 is the mid-September 2010 gap up point
1101 is the August 2011 low
1099 from the mid-July interim peak
1075 is the October 2011 intraday low

Dow: Closed at 12,820.60
12,876 is the May high
The 50 day EMA at 12,988
13,056 is the February 2012 high
13,058 from the May 2008 peak on that bounce in the selling
13,297 is the April 2012, post bear market high
13,668 from 12-2007 peak
13,692 from 6-2007 peak
14,022 from 7-07 peak

12,754 is the July intraday peak
12,391 is the February 2011 peak
12,284 is the October 2011 peak
12,258 is the December 2011 peak
The 200 day SMA at 12,186
12,110 from the March 2007 closing low
12,094 is the April 2011 low
The June low at 11,897 (closing)
11,734 from 11-98 peak
11,717 is the late August 2011 peak
The August low at 11,702
11,555 is the March low
11,452 is the November 2010 peak
11,178 from November 2010
10,978 is the bottom of the November 2010 consolidation
10,750 from September 2010
10,720 is the August closing low
10,705-710 from January 2010 peak
10,694-700 from August 2010 peak

Economic Calendar

May 7 - Monday
Consumer Credit, March (15:00): $21.4B actual versus $11.0B expected, $9.3B prior (revised from $8.7B)

May 9 - Wednesday
MBA Mortgage Index, 05/05 (7:00): 1.7% actual versus 0.1% prior
Wholesale Inventories, March (10:00): 0.3% actual versus 0.6% expected, 0.9% prior
Crude Inventories, 05/05 (10:30): 3.652M actual versus 2.840M prior

May 10 - Thursday
Initial Claims, 05/05 (8:30): 367K actual versus 365K expected, 368K prior (revised from 365K)
Continuing Claims, 04/28 (8:30): 3229K actual versus 3288K expected, 3290K prior (revised from 3276K)
Trade Balance, March (8:30): -$51.8B actual versus -$50.2B expected, -$45.4B prior (revised from -$46.0B)
Export Prices ex-ag., April (8:30): 0.2% actual versus 0.5% prior
Import Prices ex-oil, April (8:30): 0.1% actual versus 0.5% prior
Treasury Budget, April (14:00): $59.1B actual versus $58.0B expected, -$40.4B prior

May 11 - Friday
PPI, April (8:30): -0.2% actual versus 0.0% expected, 0.0% prior
Core PPI, April (8:30): 0.2% actual versus 0.2% expected, 0.3% prior
Michigan Sentiment, May (9:55): 77.8 actual versus 76.0 expected, 76.4 prior

May 15 - Tuesday
Retail Sales, April (8:30): 0.2% expected, 0.8% prior
Retail Sales ex-auto, April (8:30): 0.2% expected, 0.8% prior
CPI, April (8:30): 0.0% expected, 0.3% prior
Core CPI, April (8:30): 0.2% expected, 0.2% prior
Empire Manufacturing, May (8:30): 8.4 expected, 6.6 prior
Net Long-Term TIC Fl, March (9:00): $10.1B prior
Business Inventories, March (10:00): 0.3% expected, 0.6% prior
NAHB Housing Market Index, May (10:00): 26 expected, 25 prior

May 16 - Wednesday
MBA Mortgage Index, 05/12 (7:00): 1.7% prior
Housing Starts, April (8:30): 680K expected, 654K prior
Building Permits, April (8:30): 730K expected, 747K prior
Industrial Production, April (9:15): 0.5% expected, 0.0% prior
Capacity Utilization, April (9:15): 79.0% expected, 78.6% prior
Crude Inventories, 05/12 (10:30): 3.652M prior
FOMC Minutes, 4/25 (14:00)

May 17 - Thursday
Initial Claims, 05/12 (8:30): 365K expected, 367K prior
Continuing Claims, 05/05 (8:30): 3250K expected, 3229K prior
Philadelphia Fed, May (10:00): 8.8 expected, 8.5 prior
Leading Indicators, April (10:00): 0.2% expected, 0.3% prior

By: Jon Johnson, Editor
Copyright 2012 | All Rights Reserved

Jon Johnson is the Editor of The Daily at

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