5/14/10

Unlike the last four days, today we have lots of scheduled news. We have already had Retail Sales which came in a little higher than expected (Retail Sales have gained in 12 out of the last 13 months). Today we also have Industrial Production and Capacity Utilization, both expected higher. And then we have Factory Orders and the University of Michigan Consumer Sentiment Survey numbers – also expected higher. Industrial Production dropped by almost 15% during the recession (which apparently ended almost a year ago) IP has posted gains in each and every month since July 2009 and, in the process, has regained about 35% of what it lost – it is expected to rise about .5% this time around. After Retail Sales we have the mortgage prices slightly better.