The economic calendar is full, including all of the big reports except employment. There will be some attention to the data, but I expect competition from Congress. Many will be asking…what are the chances for an infrastructure bill?

Last Week Recap

My last edition of WTWA I predicted a continuing discussion of whether stocks had put in a bottom.That was the topic at the start of the week, including conflicting opinions from two big firms.The Fed minutes provided a brief interlude at mid-week, but then it was back to “V” versus “W” for the shape of the rebound.

The Story in One Chart

I always start my personal review of the week by looking at a great chart.  I especially like the Doug Short design with Jill Mislinski updates and commentary. You can see many important features in a single look. She includes not only the price changes, but also volume and helpful callouts. The entire post includes a great collection of charts and analytical observations.

The gain for the week included a 2% trading range. This was much less than the last two weeks but still high in comparison to the last year.

The News

The economic news was mixed.  Leading indicators were very strong, up 1%. Initial claims fell to 222K. Existing home sales declined from December and missed expectations. The market reacted much more to the Fed minutes (a bit more hawkish than expected) than to any of the economic data.

The Ugly

A troubling twist on an old scam. The IRS calls with a threat to arrest you. It all starts with data stolen from tax providers. (Washington Post).

The Calendar

We have a pretty heavy calendar. All the big reports except employment are on the calendar. Any or all could command attention. I am most interested in PCE prices (reaffirmed as the favorite Fed indicator), personal spending, and the ISM index.

Briefing.com has a good U.S. economic calendar for the week (and many other good features which I monitor each day). Here are the main U.S. releases.

Print Friendly, PDF & Email

Related Posts