Tuesday, September 22, 2009

The Market On Tuesday

At 7:30 a.m. futures are way up, oil is up over $70 per barrel (again), the dollar is down, and European stocks are up.

Based on these four points, one might think that the market will open higher. If it weren't for the fact that key consumer spending data - "Redbook's Retail Sales Index of department and chain store sales for September versus August" - is due out at 8:55 a.m.EDT, I would agree.

The economy might be weaning itself off life support, but its still consumer driven.

Reuters: Stock futures rise as U.S. dollar weakens; oil up
The Federal Reserve starts its two-day monetary policy meeting on Tuesday with a decision on interest rates due at around 2:15 p.m. (1815 GMT) on Wednesday.

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