A few releases of data today will help determine this. Today, we'll get some data that will either confirm or call into question the Institute for Supply Management's manufacturing index data from yesterday. That number, which came in higher than expected, will need to be evaluated in light of the release of auto sales today. The consensus estimate for auto sales is for sales to come in at an annual rate of 8.37 million vehicles. If the actual number comes in higher, especially given the negative publicity surrounding Toyota, that will be another positive sign for the manufacturing sector.
We'll also get the release of pending home sales from the National Association of Realtors. This information will show whether or not the housing market has recovered after an expected downturn due to a planned expiration of an $8,000 tax credit for new home buyers in November. The expected expiration of that credit caused sales to be moved forward. The tax credit has since been extended, and investors will look to the pending sales numbers to get insight on how the housing market is performing. As you know, housing dragged the economy to the brink, and without a recovery in that sector, any recovery in the economy as a whole will be slow.
The International Council of Shopping Centers-Goldman Sachs store sales number showed an increase of 0.1 percent for the week and a 0.4 percent increase versus last year. This data helps to confirm yesterday's retail sales numbers, which showed that while sales were increasing, they are increasing at a slow rate.
Adding to the data that traders will evaluate today in order to determine what moves to make will be the release of earnings data by 26 members of the S&P 500. UPS kicked off the earnings releases on a positive note, beating expectations. However, the management of the company said that it had a cautious outlook for 2010.
It will be an interesting day for traders and investors today. Investors may want to take a cue from UPS and be cautious with their trades.
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We'll also get the release of pending home sales from the National Association of Realtors. This information will show whether or not the housing market has recovered after an expected downturn due to a planned expiration of an $8,000 tax credit for new home buyers in November. The expected expiration of that credit caused sales to be moved forward. The tax credit has since been extended, and investors will look to the pending sales numbers to get insight on how the housing market is performing. As you know, housing dragged the economy to the brink, and without a recovery in that sector, any recovery in the economy as a whole will be slow.
The International Council of Shopping Centers-Goldman Sachs store sales number showed an increase of 0.1 percent for the week and a 0.4 percent increase versus last year. This data helps to confirm yesterday's retail sales numbers, which showed that while sales were increasing, they are increasing at a slow rate.
Adding to the data that traders will evaluate today in order to determine what moves to make will be the release of earnings data by 26 members of the S&P 500. UPS kicked off the earnings releases on a positive note, beating expectations. However, the management of the company said that it had a cautious outlook for 2010.
It will be an interesting day for traders and investors today. Investors may want to take a cue from UPS and be cautious with their trades.
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