Look for renewed seasonal buying opportunities in economic sensitive sectors following a brief period of weakness into January.
Economic News This Week
December Retail Sales to be released at 8:30 AM EST on Tuesday is expected to remain unchanged from November versus a gain of 0.7% in October. Excluding Auto Sales, December Retail Sales are expected to increase 0.4% versus a gain of 0.4% in November.
November Business Inventories to be released at 10:00 AM EST on Tuesday are expected to increase 0.3% versus a gain of 0.7% in October.
December Producer Prices to be released at 8:30 AM EST on Wednesday are expected to increase 0.3% versus a decline of 0.1% in November. Excluding food and energy, PPI is expected to increase 0.1% versus a gain of 0.1% in November.
January Empire Manufacturing Index to be released at 8:30 AM EST on Wednesday is expected to increase to 3.5 from 1.0 in December.
The Fed Beige Book is scheduled to be released at 2:00 PM EST on Wednesday
Weekly Jobless Claims to be released at 8:30 AM EST on Thursday are expected to increase to 333,000 from 330,000 last week.
December Consumer Prices to be released at 8:30 AM EST on Thursday are expected to increase 0.3% versus no change in November. Excluding food and energy, CPI is expected to increase 0.2% versus a gain of 0.2% in November
January Philadelphia Fed Index to be released at 10:00 AM EST on Thursday is expected to increase to 8.0 from 6.4 in December.
December Housing Starts to be released at 8:30 AM EST on Friday are expected to slip to 986,000 from 1,091,000 in November
December Industrial Production to be released at 9:15 AM EST on Friday are expected to increase 0.3% versus a gain of 1.1% in November. December Capacity Utilization is expected to increase to 79.1% from 79.0 in November.
January Michigan Sentiment Index to be released at 9:55 AM EST on Friday is expected to increase to 83.0 from 82.5 in December.
Equity Trends
The S&P 500 Index added 11.00 points (0.60%) last week. Trend remains up. The Index remains above its 20, 50 and 200 day moving averages. Short term momentum indicators are overbought and showing early signs of rolling over
The TSX Composite Index added 198.66 points (1.47%) last week. Trend is up (Score: 1.0). The Index closed at a 2.5 year high. The Index remains above its 20, 50 and 200 day moving averages (Score: 1.0). Strength relative to the S&P 500 Index remains positive (Score: 1.0). Technical score based on the above indicators remains at 3.0 out of 3.0. Short term momentum indicators are overbought.
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