Thursday January 29, 2009
Navivest

An extension of yesterday’s stellar, across the board rally, would be very welcomed by the investment community today. However, that likelihood is threatened by key economic reports that are due out today.

These are Durable Goods, which measures the dollar amount of orders for manufactured goods that are meant to three years or more, Initial Claims, which measures the number of those filing for unemployment benefits and New Home Sales.

Durable Goods and Initial Claims, we get before the stock market opens, so they could dictate the tone of the market.

Also, before the bell, we get earnings from some key companies, including Altria Group (MO), Eastman Kodak (EK), Ford (F), International Paper (IP) and Raytheon (RTN) that could possibly either spur the markets higher, or cast a pall.

The markets have developed a propensity to ignore bad news of late and actually rally when such news is released, so we could possible see that again today.

That being said, we have had three straight up days and we can start looking for some pullback soon.

Tags: Economic Calendar  Durable Goods  Initial Claims  Altria  Eastman Kodak  Ford  International Paper  Raytheon