The FOMC surprised yesterday afternoon and made no changes to its purchase program. That led to a bout of furious buying… largely short covering from the looks of it, but certainly enough to push the stock indices to new record levels.
The bull fever has continued overnight with Asia in positive territory generally and Europe following suit this morning.
The U.S. has a full slate of data due this morning starting at 8:30 EST.
- 8:30 — Intitial Jobless Claims
- 8:30 — Current Account
- 9:45 — Bloomberg Consumer Confidence
- 10:00 — Existing Home Sales
- 10:00 — Philly Fed Business Outlook
- 10:00 — Leading Indicators
- 10:30 — EIA Natural Gas Inventory
Remember DKDC… we care less about the actual data than we do the market’s reaction to it. We would watch the previous highs and the trading around those levels for guidance on near term direction.