Lookin Around The Corner

Today was Alcoa day but they did not report till after hours.  They kick off yet another season of earnings reports.  Since they did not report till after the close the market was a boring repeat of Fridays nowheresville low volume dance. 

After a couple of one time adjustments, AA beat estimates by one penny.  We had them missing by two.  Revenue was off and that should be a wet blanket for the opening tomorrow.  Oil came down and gold continued up.  (As did silver.) 

We owe you several data points but will only go over what is due tomorrow.  The International trade Gap report comes out tomorrow and we saw the number expand to a negative 46.3 billion in January.  The brains to be, are looking for a slight improvement to a minus 44 billion.  We saw oil go up over that time period so the estimate has us confused.  Look for a 47 billion and that coupled with the drop in Alcoa earnings could have the market weeping a bit.  Watch your stops.  Also look for the import export price report to show further signs of inflationary fury.

The one to watch is the Bank of Canada announcement.  They will announce monetary policy tomorrow and it is expected to remain unchanged, BUT (Behold the Underlying Truth) Canada's economy is so hot that they could surprise and buy a quarter point which will get everybody's attention and send the market down up to 2%.  Keep an eye on that wild card.

Then for laughs, you can check into the Federal Monthly Budget report which should show a deficit of 189 billion or so the experts say.  Now just so you understand that would be like the balance in yours and my check book.  Let's get rid of some of the zeros and pretend it is our check book.  Last month we had a negative 222 dollars in the check book but this month we will only have a negative 189 dollars in the check book.  I think I did that back in 1981 when I was out of work a few months.  I had people calling me and telling me they would sell me any more stuff.  We on the other hand just fire up the printing presses and print some more money.  Wish I had thought of that.  We can't argue the 189 billion figure.

It should be another quiet day tomorrow.