From Calculated Risk, here are the two key pieces of data coming out today:
• At 10:00 AM, Existing Home Sales for December from the National Association of Realtors (NAR). The consensus is for sales of 5.10 million on seasonally adjusted annual rate (SAAR) basis. Economist Tom Lawler estimates the NAR will report sales at 4.97 million SAAR.
• Also at 10:00 AM, the Richmond Fed Survey of Manufacturing Activity for January. The consensus is for a a reading of 5 for this survey, unchanged from December (Above zero is expansion).
Both are important. The latter will be particularly interesting, as we’ve been getting some weak regional Fed numbers (Empire, Philly), lately. Bad numbers augur poorly for the next ISM report.