Sunday, February 22, 2009

Potentially Ugly Week for the Economy

Tuesday: The S&P/CaseShiller Home Price index, due before the market open, is expected to have fallen at a record 18.25% annual pace in December, according to a consensus of economists surveyed by

Also Tuesday, the Conference Board's February Consumer Confidence index is expected to have fallen to 36.0 from 37.7 in January. That reading would be the lowest since the Conference Board began tracking the index in 1967.

Wednesday: January existing home sales are due to be released shortly after the start of trading. Sales are expected to have risen to a 4.81 million unit rate from a 4.74 million unit rate in December.

Thursday: January new home sales are expected after the market open. Sales are forecast to have dipped to a 329,000 annual unit rate from a 331,000 annual unit rate in December.

January durable goods orders are expected to have fallen 2.3% after falling 2.6% in December.

Friday: Fourth-quarter gross domestic product growth (GDP) is expected to have been revised lower. GDP likely fell at an annual rate of 5.4% versus the initially reported decline of 3.8%.

Washington, DC

Tuesday: President Obama addresses the joint session of Congress.

Tuesday and Wednesday: Federal Reserve Chairman Ben Bernanke gives his semi-annual testimony before Congress regarding monetary policy.

read the CNN story

My thoughts: The downward spiral continues. The politicians remain clueless.

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