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2010-03-03 02:08

BLAME IT ON THE WEATHER

Parsing through the data today things look better economically and weather doesn't seem to have been an issue last month. In fact, all of the dire conclusions one could have easily assumed last week can be replaced with very positive assumptions. This week it's all about jobs, and all signs point to a better than expected number on Friday I happen to like it better when expectations are lower. On that note, the market is close to sending a signal to fence sitters that cannot be ignored. The major equity indices are on the cusp of big-time breakouts that could spark wider panic buying and short covering. These are the critical numbers: DJIA 11,450 and S&P 500 1,150. So the weather wasn't a negative factor in mortgage applications, the ADP jobs report, or even today's reading on petroleum, where inventory increased faster than expected for crude oil and gas and the drawdown on distillates was less than expected. The jobs report is always a nail biter but news out thus far in the week makes it even more of a mystery. I can't wait :)

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