Light Calendar May Be Calm Before Storm

Apr.19.11 | About: VanEck Vectors (RTH)

By Bryan McCormick

Today's economic calendar is light, with the regular weekly retail data issued along with housing information. The schedule this week is also lighter than usual because of the Good Friday holiday. That will mean more reports will be pushed to the following week, into a very busy earnings period.

At 7:45 a.m. ET, the ICSC/Goldman Store Sales report will be released. There are two parts to the report: The week-over-week and year-over-year comparisons. Most traders focus on the year-over-year number because it is a better indicator of the longer-term trend.

The last week-over-week change came in with a gain of 0.1 percent. The year-over-year data in the previous report showed a gain of 2.9 percent. Stronger-than-expected positive numbers would be seen as bullish, while negative numbers would be bearish.

Housing Starts comes out at 8:30 a.m. ET. Consensus calls for starts to come in at 0.54 million units. That would be a slight gain from the previous month's 0.534 million units. Expectations range from a more bearish 0.5 million units to a bullish 0.573 million.

Redbook Store Sales will be reported at 8:55 a.m. ET. As with the ICSC-Goldman report, there are two components to watch: One is the more volatile month-over-month change and the other is the year-over-year number, which shows the broader trend best.

The last month-over-month comparison was a gain of 0.9 percent. The previous report's year-over-year data showed a gain of 4.7 percent. Negative numbers in either series would be bearish.