Market Analysis

The economic calendar was vacant today and markets were relatively calm.  Below is a recap of the economic calendar for this week:

Monday, February 22, 2010 

• US Treasury auctions $8 billion of 30-year inflation indexed bonds – demand slightly weaker than expected and required yield higher. 

Tuesday, February 23, 2010 

• December Case-Shiller 20-city Index – expected 3.1% annual decline vs 5.3% in November 
• February Conference Board Consumer Confidence Index  – expected 55.0 reading vs 55.9 in January 
• US Treasury auctions $44 billion of 2-year notes. 

Wednesday, February 24, 2010 

• January New Home Sales – expected up 13,000 to 355,000 on an annualized basis. 
• US Treasury auctions $42 billion of 5-year notes 
• Fed Chairman Bernanke presents semi-annual monetary policy testimony to House Financial Services Committee 

Thursday, February 25, 2010 

• Initial Jobless Claims week ended 2/20 – expected down by 15,000 
• Continuing Jobless Claims week ended 2/13 – expected up by 7,000 
• January Durable Goods Orders – expected up 1.5% vs .3% increase in December 
• US Treasury auctions $32 billion of 7-year notes 

Friday, February 26, 2010 

• 4^th Qtr 2009 GDP Second Estimate – expected up 5.7% , no change from the initial estimate. 
• Chicago PMI Business Conditions Index – expected 59.0 reading vs 61.5 in January 
• February University of Michigan Consumer Sentiment Index – Final Reading – expected 74.0 reading vs 73.7 initial estimate. 
• January Existing Home Sales – expected up to an annualized pace of 5.5 million from 5.45 million in December