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Does The Economic News Even Matter Anymore?

ByNicholas Santiago
Published 05/16/2013, 05:25 PM
Updated 07/09/2023, 06:31 AM
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This morning, the S&P 500 Index e-mini (ES-M3) are trading lower by 2.00 points to 1652.00 per contract. Earlier today, there was a few important economic reports released that were well below expectations, this caused the stock futures to decline a little. It seems that the weekly jobless claims jumped by 32,000 to 360,000 new claims for the week ending May 11, 2013. Economists were expecting 330,000 new claims to be reported so this number is a big miss. U.S. housing starts also dropped by 16.5 percent in April to a rate of 853,000. Economists expected a rate of 965,000 new housing starts to be reported, this was another big miss on the day. Does the economic news even matter anymore? All the stock market cares about is the money printing by the central bankers. As long as the printing press continues to run the stock market party can continue.

Last night, the leading Asian stock indexes were mixed. The big winner in Asia was the Shanghai Index (China) closing higher by 1.22 percent. Traders should watch the Chinese ADR's for strength today if the U.S. markets rally. If the U.S. markets decline or stall out then the Chinese ADR's will likely under perform. Some leading Chinese related equities that could be in play include the iShares FTSE China 25 Index Fund (FXI), Market Vectors China ETF (PEK), Baidu, Inc. (BIDU), and Qihoo 360 Technology Co. Ltd (QIHU).

Below you may find the video.

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