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Real Time Insight

Housing starts data disappointed last week, with January’s numbers down 16% month over month. The 880k number was a far cry from the 950k expected.

Consumer Confidence data this Tuesday also fell short of expectations, coming in at 78.1 versus the 80 economists were looking for.

Wednesday we had a surprise in New Home Sales up 9.6% month over month and Thursday’s Durable Goods Orders for January were a lot better than expected.

Take the good, the bad, and the ugly and the market still doesn’t care. Here we are plodding along seemingly indifferent to the world around us.

Tomorrow we are going to have a GDP report along with U of Michigan Confidence numbers.

Is the market looking for a catalyst from tomorrow’s economic reports or is Fed speak the only language that the market knows right now?

If you think the market is looking for a catalyst, will we get it?

So far I’ve been in the Fed speak camp on this one. The evidence for me was everywhere. We have these reports come out and nothing exciting happens. I’ve been staring at the screen hoping for some sort of volatility but it’s nowhere to be found. Since December 20, 2013 the market has spent 11 trading days outside of the 1800-1850 range.

I think that the market is in fact looking for a catalyst tomorrow. However, I don’t think it’s going to get it. The weather excuse will be thrown around for sure and the market won’t care.

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