No key economic data releases are scheduled until
No key economic data releases are scheduled until Wednesday of this week. Market participants are therefore taking their cues from other events. According to many in the press, we are seeing a new bull market. In conjunction with stories about the one-year anniversary of what has been called a “historic rally from the depths of the worst bear market since the Great Depression”, journalists are reporting that there are good chances we are seeing a new bull market, although this year’s gains are likely to be much more subdued than those seen in 2009 (after the March lows). On an interesting side note, it has been pointed out that yesterday’s high on the Russell 2000 index coincided with the March 2009 low on the S&P 500 (both sporting values of roughly 666 points).
In spite of all the talk about a new bull market, trading was lackluster and eventless today, with the major indexes flat or only very slightly higher after a very strong and prolonged rally. From a news flow perspective, there were virtually no catalysts such as market-moving corporate headlines and economic data releases. Today’s trading also occurred on the year’s second lowest overall volume output (barely 900 million shares on the NYSE).
Some enthusiasm may have resulted from the news that AIG has sold another of its divisions its American Life Insurance Company to MetLife for $15.5 billion. AIG is in the process of repaying substantial loans to the US government and is therefore liquidating assets.
Tech stocks outperformed modestly today, with the Nasdaq 100 index barely keeping a 9-day rally alive – after Wall Street darling Research in Motion benefitted from a brokerage upgrade.
Key economic data for the week starting March 8, 2010. Numbers shown are consensus estimates (market anticipates this value) and prior value.
| Wednesday: | |
 |
10:00 AM WHOLESALE INVENTORIES M/M (Jan): 0.2% / -0.8%
2:00 PM TREASURY BUDGET (Feb): -$202.0B / -$42.6B |
| Thursday: | |
|
8:30 AM CONTINUING CLAIMS Feb-27: n.a. / 4500K
<brINITIAL CLAIMS Mar-06: 450K / 469K GOODS & SERVICES TRADE BALANCE (Jan): -$41.0B / -$40.2B |
| Friday: | |
|
8:30 AM RETAIL SALES M/M (Feb): -0.2% / 0.5%
RETAIL SALES (X-AUTOS) M/M (Feb): 0.1% / 0.6% 9:55 AM MICHIGAN CONSUMER SENTIMENT (Mar P): 73.9 / 73.6 10:00 AM BUSINESS INVENTORIES M/M (Jan): 0.1% / -0.2% |
By noreply@noemail.com (HGH Press)
