Technical Update: Is This Another Bull Trap?
What’s in Today’s Report:
- Technical Update: Is This Another Bull Trap?
- EIA Analysis and Oil Market Update
Futures are flat following a quiet night and as solid CSCO earnings are helping stocks hold yesterdays’ gains.
CSCO beat estimates and raised guidance and the stock is up 4% pre-market and that’s helping broader sentiment.
Economically, the only notable number was the Chinese Home Price Index (in-line at –1.5%).
Today focus will remain on economic data and the key reports are (in order of importance): Philly Fed (E: -7.2), PPI (E: 0.4%m/m, 5.5% y/y), Jobless Claims (E: 200K) and Housing Starts (E: 1.365M). As has been the case, solid data that implies a “No Landing’ scenario should support stocks, as long as yields don’t spike too much.
We also have several Fed speakers today including Mester (8:45 a.m. ET), Bullard (1:30 p.m. ET) and Cook (4:00 p.m. ET) although they shouldn’t move markets.