Traders turn their attention to key housing data, including New and Existing Home Sales and the FHA House Price Index in the trading week ahead. Data has been quite mixed this year and a strong housing market is a key factor in an improving economy. In addition, Consumer Sentiment will give a read into patterns in spending trends. The Street’s Jill Malandrino and Mike Khouw of Action Alerts OPTIONS point out that GDP is also on tap Wednesday, but it should not make that much of an impact following all of the commentary out of Janet Yellen and the FOMC meeting this past Wednesday as the Fed lowered its GDP target in the projections report to a range of 1.8%-2.0% from 2.3%-2.7%. The commodity trade will also be in focus, and Khouw and Malandrino expect more range-bound action until there is more clarity in Europe with the Greece debt repayment situation and the impact on the U.S. dollar. The earnings calendar remains light but there are a few key names that will drive headlines. Blackberry (BBRY) reports on Tuesday, Monsanto (MON) will deliver its quarterly report on Wednesday, and while the GMO debate is white hot, the company has raised its dividend every year since 2000. On Thursday, sneaker and apparel industry leader Nike (NKE) reports earnings, and expectations are quite high as the company is capitalizing on the athleisure trend and the market place continues to expand.
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