Housing, Retail, Consumer Data on Tuesday's Economic Calendar

 |  Includes: DIA, QQQ, SPY
by: optionMONSTER

By Bryan McCormick

Today's economic calendar will feature data on housing and consumer confidence, as well as the regular releases on retail sales.

At 7:45 a.m. ET, the weekly ICSC/Goldman Store Sales report will be released. There are two parts to the report, the week-over-week and year-over-year changes. 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 reading came in at 0.4 percent. The year-over-year data in the previous report showed a gain of 4.5 percent. Stronger-than-expected positive numbers would be seen as bullish, while negative numbers would be bearish.

At 9 a.m. ET, the S&P Case-Shiller Home Price Index comes out. The consensus forecast calls for a month-over-month increase of 0.7 percent, with an annual drop of -4.5 percent. Estimates range from a bearish 0.5 percent to a bullish 9 percent. On a year-over-year basis, expectations range from a bearish -5.8 percent to smaller, and thus bullish, drop of -3.8 percent.

The weekly 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 comparison, and the other is the year-over-year change, which shows the broader trend best.

The last month-over-month reading showed a loss of -0.2 percent. The previous report's year-over-year data indicated a gain of 3.8 percent. Negative numbers in either series would be bearish.

The Conference Board's Consumer Confidence number will be released at 10 a.m. ET. Consensus calls for a drop to 56 from the previous month's 58.5. Forecasts range from a bearish drop to 50 to a bullish gain to 60.

New Home Sales data will also be released at 10 a.m. ET. Most economists expect a very small gain to 0.32 million units, up from the previous month's 0.319 million units. Estimates range from a bearish drop to 0.3 million units to a bullish gain to 0.34 million units.