Today's Economic Data Highlights

Home prices, Chicago purchasing managers’ index, and the Conference Board’s confidence index, plus Chairman Bernanke in an informal Q&A setting. POMO today buys $6-8 billion.  Two regional Fed presidents are also scheduled to speak (Kocherlakota at 12:30; Lacker at 19:00).….
 
9:00: S&P/Case-Shiller home price index for Sep…another decline?  This index has started to give back some of the increase posted during the spring quarter, when the homebuyer tax credit was in place.  Most analysts expect another decline.
GS -0.5%; median forecast (of 18): -0.4%, ranging from -0.72% to +0.1%; last -0.28%.
 
9:45: Chicago purchasing managers’ index for Nov…moderation?  This index has run stronger than the national ISM manufacturing index in recent months, presumably due to the larger weight that auto-related production has in this region.  We expect it to remain firm.
GS: 60; median forecast (of 63): 59.9, ranging from 55 to 62.1; last 60.6.
 
10:00: Conference Board confidence index for Nov…a modest increase?  This index is likely to move up if the Reuters/University of Michigan results are any indication.  As usual, we will look at the gap between those saying jobs are plentiful and those saying they are hard to get.  In October it widened to -42.6 from -42.0 in September.  The cycle low was -46.1 in November, 2009.
GS: median forecast (of 78): 53, ranging from 50 to 60; last 50.2.

11:00: POMO... Brian Sack buys $6-8 billion worth of 12/31/2014 – 5/31/2016 bonds (and Netflix)

15:00: Federal Reserve Chairman Ben Bernanke speaks to business leaders on “Conversation on the Economy”….at Ohio State University.  There will be no prepared text, but there will be Q&A.  Given the unstructured nature of this appearance, it is highly unlikely to contain significant news on the Fed’s intentions or perceptions about the economy, though specific comments could elicit a market reaction.
 
17:00: ABC consumer comfort index…It’s been bouncing between -47 and -45 lately, last at -47.  Two of the three economists who forecast this expect a one-point improvement; the third sees no change.

compiled via Goldman Sachs and ZH

Comments

[erik]

Given today's likely good news out of Chicago PMI and tonight's China PMI, going long at the 50 day moving average (SPY 117.85 - if we see it) could be a good idea.  Be cautious of Trichet speaking today, as that could move the EUR-USD unexpectedly.  Bernanke also speaks later today.

More importantly, Spain yields are continuing their melt up, now at 5.57%.  The pressure is rising in the EU again today.  Italy, Belgium, Ireland, Portugal are all higher as well.

Looks like we might visit the 50 day MA in pre-market action.

[99er]

Charts

http://www.zerohedge.com/forum/99er-charts

Good luck.