Update #4/ Week of March 15, 2010

Good Morning Everyone and Happy Thursday! I’m just not going to make the comment today about a flat market, but truly today . . . we are right at the unchanged mark on all 3 stock indices. Equities have quietly marched steadily higher for pretty much the entire month of March so far. Credit markets during this time have remained steady, and pricing even today is slightly better than yesterday’s pricing. Again, we’ll take it.

The stock market is taking fuel from good earnings reports this morning from retailers like Nike and Guess, and from FedEx – which in particular many analysts feel is a good indicator of future consumer growth. However, the US dollar is showing some considerable strength – up a full 1.0% over its competing currencies, and putting pressure on the stock markets. In Economic news this morning, inflation continues to prove itself a non factor at this point in the economic recovery. CPI for February was flat, a .1% increase was expected, but it came in right at zero. Core CPI did increase .1% m-o-m in line with expectations, so no market moving news there.

Jobless claims for the week ending Mar 13 totaled 457K – in line with the 455K figure for which the experts were anticipating. Continuing claims however, continue to rise as this week’s number came in at 4.58M, just higher than the 4.52M anticipated. Last week’s number was revised upwardly to 4.57M . . . no relief seems to be in sight on this front. The Philly Fed Index for March came in slightly better than expected. March’s number is 18.9, which tops expectations of 18.0. Leading Economic Indicators rose .1% as expected, maybe someday we’ll see the results of these positive leading indicators.

I will be in the office all day today! Please call me here or email me for a faster response. Have a terrific Thursday!