Tuesday, December 27, 2011
Stocks will likely sustain last week’s upward drift, though trading action is expected to remain quite given holiday-induced light volumes. On the docket today, we have the Case-Schiller home price index and the Conference Board’s consumer Confidence measure for December.
The lack of any European news and the expected gain in U.S. consumer confidence will likely keep overall sentiment favorable today. The economic docket is fairly light the rest of this holiday shortened week, with weekly Jobless Claims, pending Home Sales, and the Chicago PMI as the major reports coming out on Thursday. The first week of the New Year, however, is packed with market-moving reports on the manufacturing and jobs fronts, with the December non-farm payroll report coming out on Friday January 7th.
In corporate news, Sears Holding reported weak quarter-to-date same-store sales and announced plans to close 100 to 120 Sears and Kmart stores. Magnum Hunter Resources , the exploration and production company, raised its production outlook for 2012.
Director of Research