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Today will be a busy week for economic news. Lots of housing data will be coming out, and the Federal Reserve will be updating us on monetary policy.However, traders also have other things on their minds.
According to UBS’s Art Cashin, the traders he speaks to are nervous about President’s Obama’s travel schedule, especially considering the positioning of U.S. naval forces.
From this morning’s Cashin’s Comments:
Traders are very sensitive to this calendar. They are not caught up on the economic numbers as they are on ancillary events. The Bernanke press conference will be very important, since markets will pore over any detail hinting the signals and timing milestones on the Fed throttling down.
More of interest (or concern) to some traders is the fact that the President is leaving the country. He’ll be in the Middle East, visiting Israel and the Palestinians among others. Traders recall that other nations (spelled – North Koreas, Iran, et. al) have been known to challenge U.S. leaders who are on foreign trips. Of further concern, is that for the first time in several decades, the vast majority of U.S. carrier strike forces are not “on station” but, rather, tied up in home port. We’re sure our potential enemies have not noticed that.
And that’s not all we need to think about.
“Buried by Cyprus news are some less than glowing reports from China,” he writes. “New government and cabinet may bring out harder news. Watch the ATMs across Europe. Will this dip “disappear” like the one following the Italian election? Likely wary but not panicky. Stay very, very nimble.”
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