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The S&P futures appear to have finally broken free of 1100 after a month long struggle with the key psychological barrier. The S&P futures are climbing to fresh 2009 highs despite a wave of negatively mixed U.S. econ data once again. Although the headline Retail Sales number beat analyst expectations by 4 basis points, the Core figure disappointed expectations. As a result, it appears auto sales picked up while the remainder of retail sales struggled under of pressure of a historically high unemployment rate. In addition to the mixed retail sales data, both the Empire Index and Business Inventories printed well short of analyst expectations. These negative data releases tag onto Friday's discouraging UoM reading. The positive reaction of the S&P futures to negatively mixed data flows over the past two sessions is a bit puzzling, and could stem from an improvement in weekly Unemployment Claims along with a weakening Dollar. The U.S. will release another set of key data points tomorrow, including PPI, TIC Long-Term Purchases, Industrial Production, and the Capacity Utilization Rate. We will be paying particularly close attention to the TIC data to see whether foreign purchases of U.S. Treasuries stayed positive.
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