Oil, Durable Goods Data on Wednesday's Economic Calendar

 |  Includes: DIA, QQQ, SPY
by: optionMONSTER

Today's economic calendar features the weekly mortgage data from MBA, durable goods, home prices, and the weekly oil report. Thursday has just one report scheduled, jobless claims, before the bell. Friday features GDP and consumer sentiment, both of which will be key reports.

Weekly MBA Purchase Applications will be released at 7am ET. There are no forecasts made for this report. I only look at the purchases component of the report as it is indicative of fresh economic activity. In the prior week, purchases came in at 167.5. A reading higher than 167.5 by 5 percent or more would be bullish. If purchases miss that level by 5 percent or worse, , it would be bearish.

Durable Goods data comes out at 8:30am ET. Consensus calls for a rise of 2 percent from the previous month. The range of forecasts is from a bearish drop of -0.5 percent, to a very bullish gain of 7.5 percent.

The FHFA House Price Index is die at 10am ET. Consensus calls for a gain of 0.2 percent from the previous month. The range is from zero, which would be bearish, to a more bullish gain of 0.3 percent.

The EIA Petroleum Status Report will be released at 10:30am ET.

Before the EIA data, the American Petroleum Institute puts out a competing report based on its own supply data.

The forecast for both reports was for a build of 0.8 million barrels.

But the API release, which came out last night after the market closed, showed a draw of -3.342 million barrels instead.

If the EIA data confirms this draw or shows an even larger one, it would be bullish for crude. If instead the draw number is smaller than the API's -3.342 million barrels, or is a positive number indicating a build, it could be bearish.

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.