Monday's Economic Calendar Focuses on Industrial Data

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By Bryan McCormick

The focus in the small number of reports we will see today is on the industrial sector. We can expect the Industrial SPDR (NYSEARCA:XLI) exchange-traded fund and its underlying assets to be active before markets open.

The first report of the day will be at 8:30 a.m. ET, with the release of the Empire State Manufacturing Survey. The consensus calls for a drop to 21.45 from the previous reading of 24.91.

XLI Chart

A reading higher than consensus, especially above the previous reading, would be bullish. A number that comes in lower than consensus, more so if by 5 percent or more below the estimate, would be bearish. The market impact of the report is directly related to the degree of variation, if any, from forecast.

Industrial Production will be reported at 9:15 a.m. ET. Consensus shows no expected change from the last report. A gain would therefore be bullish, and a negative reading bearish.

Capacity utilization was expected to drop slightly to 72.4 percent, from the previous 72.6 percent. A higher reading would be bullish, especially if above the previous report, while a number below consensus would be bearish.

The NAHB Housing Market Index will be released at 1 p.m. ET. It is expected to match the previous reading of 17. A higher number would be bullish, a lower one bearish.

The SPDR S&P Homebuilders (NYSEARCA:XHB) and its component assets may be active on the news, as well as banks with large mortgage exposure such as Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), and Wells Fargo (NYSE:WFC).

(Chart courtesy of tradeMONSTER)