Market comments for Jan. 10th

This morning, the Dow broke below its recent uptrend line which has been in effect since the beginning of December. If the market volume is stronger than Friday's, it would be a confirming sign that the uptrend line has begun its long anticipated trend reversal, as you can see from the chart below. It is going to be interesting times!

Mini Poll Summary for Dec. 2009 on the question, "How long do you believe this recession will last?"

The final results for the 2009 Mini Poll are done and now tabulated. So first, here's the question asked: "How long do you believe this recession will last?" For the month of December there were 33% that see it will be much longer than 2012 and another 33% who believe we are going to be in a Depression. There were 13% who believe it is over now at yearend 2009, and various smaller percentages for 2010, 2011 and 2012 to make up to 100%.

These numbers are interesting because this voting took place during the month people do their Christmas shopping. While the sample size of the vote was only 24, it was interesting how gloomy many see the future.

December's Consumer Confidence rises. And the point is?

Don't be fooled by the headlines about the rise in Consumer Confidence for this month. Here's a direct quote from one article from this headline. And I quote,"The Conference Board said its Consumer Confidence Index rose to 52.9, up from a revised 50.6 in November, but the reading is still far short of the 90 that would signify a solid economy. In October, consumer confidence was 48.7." So you see yes, Consume Confidence is up in December, but let's face it a reading of 52.9 is a long was from 90. I can remember this Index was as high as the mid 140's. To see a chart from 1967 click on this link:

To put the numbers into a more provocative perspective, after 9/11 the index dropped to the mid 80's. We aren't yet up to post 9/11 levels. I just wish the media would not continue with the hype of an improved economy. We aren't all stupid you know! This hyping isn't working on me and I suspect not on you either. Tell me by making a comment.

Your Guide to Leading Economic Indicators announced this coming week

This will be a big week for the release of government data. Here is a summary day by day of the expected government data for the week on Housing, GDP, Consumer Confidence and other significant data, which measures the health of the economy. You'll want to check this post daily to see what data will be released for that day. To read the rest of the news on earnings expected this week click on the link at the end of this post thanks to Alexandra Twin, CNNMoney.com senior writer.

On the docket
Monday: December existing home sales are expected to have fallen to a 4.40 million unit annual rate from a 4.49 million unit rate in November.

The December index of leading economic indicators (LEI) is expected to have fallen 0.3% after falling 0.4% in November.

Tuesday: The January consumer confidence index from the Conference Board is expected to hold steady at an all-time low of 38.0, unchanged from December.

Also due Tuesday is the S&P/CaseShiller home index for November, expected to show steep declines.

Wednesday: The Federal Reserve concludes its two-day policy meeting with an announcement on interest rates due at around 2:15 p.m. ET. No change is expected in the fed funds rate: The central bank lowered interest rates to nearly zero in December and hinted it would keep them there for some time.

As always, the statement accompanying the decision will be critical, as it offers the Fed's assessment of the economy, now in its second year of a recession. (Full story)

Also on Wednesday, the World Economic Forum kicks off in Davos, Switzerland. It runs through Sunday.

Thursday: The December durable goods orders report is due before the start of trade. Orders are expected to have dropped 1.8% after dropping 1.5% in November.

December new home sales are due after the start of trading. Sales are expected to have fallen to a 400,000 annual unit rate from a 407,000 annual unit rate in November.

Friday: Fourth-quarter gross domestic product (GDP) is expected to have fallen by an annual rate of 5.2%, after falling by an annual rate of 0.5% in the third quarter. That would be the biggest quarterly decline in roughly 26 years.

The January Chicago PMI, a regional read on manufacturing, is expected to have fallen to 34.2 from 35.1 in December.

The University of Michigan releases its revised January consumer sentiment index, which is expected to hold steady at 61.9.

Here's the link to this week's earnings announcements.