The markets appeared to look confused Friday. A jump in confidence numbers brought bonds lower and yields higher and threw stocks for a spin. Later on in the session oil appeared to "shoot the stops". Oil Traders have been very careful as of late to protect any gains that they have put in protective stops to secure these gains. Anyhow, stocks seemed to ignore the earlier rise in rates and cheer the sell off in oil. Result...equities closed a bit on the plus side.
This week is pretty soft w/economic numbers:
Mon. Opec Convenes ,Budget Deficit (-80B)
Tues. Chain Store Sales ,Retail Sales (.3%) ,Retail Sales ex-autos (-.1%), FOMC Opines
Wed. Mtge Data, Trade Deficit (-$62.8B), Import Prices, Crude Invent., Greenspan at NYU
Thurs. Iraq Elections,CPI (-.4%), Jobless Claims (.1%), Empire Index (17), Tsy Int'l Cap. Inflows (.2%), Cap. Util. (.5%), All the M's, Natural Gas Invent.
Fri. BOJ Opines, Quarterly Witching Exp.
The futures market is pricing in 2 more rate hikes after Tuesdays assumed 1/4. Greenspans thoughts will be looked at carefully on Wednesday for any unusual signals. Crude should keep everyone alert and the Iraqi elections should be the story on the geo-political front.
Japan was very strong overnight. Looks like we may start well also. Direction later on will be dependant on oil and rates. Have a great week!
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