Housing, Oil Data on Economic Calendar

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 |  Includes: DIA, QQQ, SPY
by: optionMONSTER

Today's economic calendar includes only three reports, two of them related to housing and one on oil.

MBA Purchase Applications will be released at 7 a.m. ET. Of the several components contained within this mortgage report, I look only at purchases because they indicate future economic spending rather than refinancing.

There are no forecasts for this data, but last week's purchases came in at 185.8. If this week's number is higher than that by 5 percent or more, it would be bullish. If purchases come in lower than the same margin, it would be bearish.

The Pending Home Sales Index will be released at 10 a.m. ET. The consensus estimate calls for a rise of 3.8 percent. The forecast range is very wide, from a bearish -10.9 percent to a bullish 15 percent has been forecast.

The EIA Petroleum Status Report is scheduled for 10:30 a.m. ET. Before the EIA data comes out, the American Petroleum Institute issues a competing report based on its own supply data.

The forecast for both reports was for a draw of -1.4 million barrels. But the API release, which came out last night after the market closed, showed a larger draw of -2.699 million barrels instead.

If the EIA data confirms this larger-than-expected reduction in supply, it could be bullish for crude. If instead it reports a draw that is smaller than the API's, or is a positive reading indicating a build, it could be bearish for oil.

The EIA is a government body, and the API is a private industry group. The two reports do not always agree either in terms of amount or direction.