Cyprus may be sending shivers down those who have the temerity to still stash cash in banks--but frankly Harlot, I Don't Give a Clam about protecting Russian Mafia overlords drug money. The problem is if it drifts over to the rest of Europe, and it sends chills down the rest of the world which thinks a bank is better than a mattress. Home sales and claims is more important, and of course that means the most impervious to any overseas levels of efforts are members of the Russell 2000. Been there a bunch past number of weeks.
So in the real world, not the world of Chicken Little, the prospect of Claims and Income is what I look at.
But over my shoulder, Cyprus looms like the Evil Dead. Scary without substance, motivational without meaning.
For when the bulls at Pamploma stampede, for reason good or bad, you don't get in their way.
Mar 26 8:30 AM Durable Orders Feb - 5.0% 3.8% -4.9% -5.2%
Mar 26 8:30 AM Durable Goods -ex transportation Feb - -0.5% -0.2% 2.3% 1.9%
Mar 26 9:00 AM Case-Shiller 20-city Index Jan - 7.5% 7.5% 6.8% -
Mar 26 10:00 AM Consumer Confidence Mar - 65.0 66.9 69.0 -
Mar 26 10:00 AM New Home Sales Feb - 400K 426K 437K -
Mar 27 7:00 AM MBA Mortgage Index 03/23 - NA NA NA -
Mar 27 10:00 AM Pending Home Sales Feb - 2.0% 2.0% 4.5% -
Mar 27 10:30 AM Crude Inventories 03/23 - NA NA -1.314M -
Mar 28 8:30 AM Initial Claims 03/23 - 335K 338K 336K -
Mar 28 8:30 AM Continuing Claims 03/16 - 3050K 3040K 3053K -
Mar 28 8:30 AM GDP - Third Estimate Q4 - 0.3% 0.3% 0.1% -
Mar 28 8:30 AM GDP Deflator - Third Estimate Q4 - 0.9% 0.9% 0.9% -
Mar 28 9:45 AM Chicago PMI Mar - 55.0 56.5 56.8 -
Mar 28 10:30 AM Natural Gas Inventories 03/23 - NA NA -62 bcf -
Mar 29 8:30 AM Personal Income Feb - 0.9% 0.8% -3.6% -
Mar 29 8:30 AM Personal Spending Feb - 0.6% 0.6% 0.2% -
Mar 29 8:30 AM PCE Prices - Core Feb - 0.2% 0.1% 0.1% -
Mar 29 9:55 AM Michigan Sentiment - Final Mar - 72.0 72.4 71.8 -
Nothing like confiscating from the confiscators. Unfortunately, the confiscators in this case, the Ruskies, have more than aces up their sleeves. Like.....daggers, shivs, and AK 47"s. It will be interesting to see how they retaliate. We're probably looking at delayed Russian fuses so don't expect anything soon. Give it a couple of weeks. We'll label it the "Russian Spring"!
Pending home sales may be a double edged sword. More means healthy rise excites sellers and economy. But more sellers means more inventory on sale, lower prices. Less means less business, but folks are waiting for higher prices because they want more profit or, are still underwater.
It's a positive market so this may be heads I win, tails you lose? Hard to crack this one.