“It’s just Wall Street slang, essentially, for a market that won’t go down, even if there are headlines that mean it should,” clarified Tom Essaye, Sevens Report Research Founder and President. Click here to read the full article.
What’s in Today’s Report:
Futures are modestly higher again after Chinese economic data beat expectations.
Chinese Fixed Asset Investment (5.4% vs. (E ) 5.2%, Industrial Production (6.9% vs. (E ) 5.9%, and Retail Sales (8.0% vs. (E ) 7.8%) all beat estimates, raising hopes for a global economic rebound.
Today focus will again be on economic data and earnings, and like yesterday, the stronger the data, the better. Industrial Production (E: -0.3%) and Consumer Sentiment (E: 99.3) are the two key reports today, while we also get Housing Starts (E: 1.373M).
On the earnings front, industrial results have been mixed this week so the market will want to see solid results from SLB ($0.37), FAST ($0.31) and JBHT ($1.55).
Finally, there are two Fed Speakers today: Harker (9:00 a.m. ET) and Quarles (12:45 p.m. ET), but neither should move markets.