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January 19, 2010 – 9:44 am

Today there is nothing being reported on the economic front and for the rest of the week we have only four reports that have much impact. They are the December PPI, Housing Starts, Leading Indicators and the January Philadelphia Fed Survey. The most important of these is the Leading Indicators report which is supposed to be positive but less positive than the month before.

I doubt any of these numbers will move the market unless they are shocking one way or the other. IBM reports their earnings for last quarter after hours and that will be far more important to investors and traders. After hours on Wednesday there will be a flurry of large banks reporting their earnings. The market will interpret these numbers and decide what to do.

We are in the midst of the earnings season and it is too early to determine the strength or weakness of the numbers.  More importantly, the forward looking guide the CEOs are providing is gong to be the determining issue going forward.

Good Trading
Steve Peasley

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