All summer, analysts said stocks would drift until taking direction in mid-September. But the ides of the month have passed, and the market is still flat.
Company earnings are strong, but hiring reports and other economic data have been mixed, leaving investors confused. Stocks have drifted on this muddied picture, trading in a narrow range.
That could change with a raft of economic data coming out this week, as a majority of the reports will reveal details about the key housing sector.
“The focus on housing cannot be overstated,” said Joseph Saluzzi, co-head of equity trading at Themis Trading.
Full story: Stocks: All eyes on housing this week – Sep. 19, 2010