The market seems to be digesting the batch of earnings reports OK. Today we have some key numbers coming out, which appear somewhat benign.
- Dec CPI just checked in at -0.1% (consensus 0.0%) (due in large part to a 1.8% decline in energy prices)
- Core CPI came in at +0.2% (consensus +0.2%)
- Weekly jobless claims fell 48K to 319K (consensus 345K)
BA is down a bit today. I am still long. Stop at $49.94.
PM Notes
More of the same. The market really does not know what it wants to do. I thought BA was going to close higher today given its end of the day strength. Seems once the Beige Book was released, stocks headed south again. It is somewhat disheartening to be in markets like this. The key is survival. You don't want to swing for the fences. Be patient and wait for the pitch to come to you. I am long BA. Once we get past earnings season, the market should be less temperamental.
- Evidence that the overall trend in housing remains flat, another bullish signal erased by the bears, was witnessed when housing starts jumped 11% to 2.0 mln (consensus 1.91 mln) and building permits came in at 2.0 mln (consensus 1.99 mln)...
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