More Solid Economic Data
The market is under a little pressure this morning, which could just be profit taking after yesterday's nice run.
There were more good economic data this morning, which should ease the fears of those who think the economy is headed for recession. It also likely delays any Fed rate cuts, and should push bond yields higher.
To wit, the 10-year yield just ticked higher to 4.69%. Here were the 3 pieces of data that came out:
- Consumer confidence 109 vs. 102 consensus
- Chicago Purchasing Mgr. Index 52.4 vs. 50.2 consensus
- Existing Home Sales 6.28 mln vs. 6.15 mln
That is the second day in a row we have got solid housing data. This is important, as this is the key area that the bears are focusing on to take the economy down in 2007. If you take that off the table, well, you get the picture.
In other news and notes:
- SIRF looks like it might have bottomed
- More neg. options news for AAPL
- Asian stocks rise again overnight
- Goldman raises $6.5 infrastructure fund
- BofA trims estimates for FORM
- Soleil starts MIDD with a Buy ($134 tgt)
- John Edwards to run for President
- Amtech says RIMM a top pick for 2007
long AAPL, GS, SIRF