Today's Economic Data Highlights

A few second- and third-tier indicators, on small business sentiment, job vacancies and turnover, and consumer confidence. There is a small $1.5-$2.5 billion 17-30 year POMO closing at 11am Eastern, which should be sufficient to continue the relentless stock ramp, and push the Price Oscillator for the S&P beyond 73%, one of the highest levels on record.

7:30: NFIB small business optimism index for Jan…another leg up?  This index gave back a part of the gain it posted in November, but all 12 of the analysts who have forecasts for January look for another modest increase.  The improvement in recent months reflects modestly better assessments for a wide range of business conditions, including expectations of easier credit, better general economic conditions, sales, and plans to increase employment.
Median forecast (of 12): 94, ranging from 93 to 96; last 92.6.
 
10:00 JOLTS (Job Openings and Labor Turnover Survey) for Dec…This monthly survey shows steady improvement in vacancies but only modest evidence of a pickup in hires.
 
17:00: ABC consumer comfort index…faint signal through a lot of noise.  This index is back up to the old resistance level of -41, ready (hopefully) to push though again.

via Goldman Sachs

Comments

[hugovanderbubble]

Honestly this market has no ammo for breakout,

Risk Reward in favour for retracement

1252,1220 ES (retracement range)

We have run too much...take a breath,

Also...The divergence between DJ Industrials vs Transportation since 14 january, saying...be cautious... Volatility gonna be a nice asset this 2011

INDU/TRAN Ratio

http://www.financialchat.com/blogs/commercial-paper-vs-baltic-dry-index-signs-high-volatility-regime-prelude

Emerging Markets leading the downturn

http://stockcharts.com/h-sc/ui?s=eem

Big Double top

[hugovanderbubble]

Beazer Homes

New Orders -24%,¡¡¡¡

Nice that is recovery¡¡¡ ALL Media hyping recovery,....ALL IS A FARCE¡

Ron Paul and Tyler Durden for New Economy Group now¡