Friday's Trading Hinges On Reaction To Obama

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Includes: DIA, QQQ, SPY
by: optionMONSTER

There is only one report on the economic calendar, wholesale trade, but it isn't as likely to be the focus of today's markets. The bulk of debate and market reaction will center on last night's jobs speech by President Obama and the upcoming G8 meeting.

Wholesale Trade data will be released at 10 a.m. ET. The report has two components, which are inventories and sales. The ideal is for sales to outpace or match growth in inventories. The most bearish outcome is for sales to fall behind inventory growth and for sales to be weaker than consensus, suggesting the potential for an inventory glut.

The consensus forecast calls for inventories to grow by 0.8 percent. Estimates range from growth of 0.2 percent at the low, and 1.2 percent at the high.

Sales are forecast to also grow by 0.8 percent. The range is from 0.3 percent growth to a high target of 1.6 percent.