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Stocks took off yesterday as the dollar continued to fall and existing home sales data was positive. The national Association of Realtors reported that sales of previously occupied homes rose 10% in September. This will be a busy week for economic data and a continuation of posting company earning reports. Tuesday, the Case-Shiller 20 City Index of home prices for August is due and it is expected to show an increase as well. Mid-morning on Tuesday, the conference board will release a reading on consumer confidences for October which is expected to move in a positive direction. Wednesday, the Commerce department will release data on durable goods before opening bell and later in the day comes a report on home sales for September. The Department of Labor will release data on weekly jobless claims before opening session on Thursday and this number is expected to rise from last week's 452,000. On Friday, the third quarter gross domestic product reading (GDP) is due before the opening bell and the Chicago regional reading on manufacturing is due just after the bell. The Dow Jones Industrials added 31 points yesterday, the Nasdaq was up 11 points and the S&P 500 moved up 3 points. After close yesterday, strong earnings reports came in from Texas Instruments. European markets are moving forward and Asian markets ended mixed. Momentum is not holding and stocks futures are edging lower as we approach opening bell for October 26th 2010. Author: Frank Matto
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