Last week the positive economic reports exceeded the negative. Following are the positives:

1. Durable goods orders increased 2.8% vs 1.6% expected
2. Case-Shiller home prices rose 0.87% month over month and 4.46% year over year, both above estimates.
3. Core consumer prices rose 0.2% month over month vs +0.1% expected.
4. Pending home sales grew 1.7%, less than the 2% expected gain but still hit 18-month highs.
5. Revised Q4 Gross Domestic Product came in at +2.2%, down from the 2.6% initially estimated but better than the 2% expected revision.
6. University of Michigan consumer confidence came in at 95.4, higher than expected.

Negatives:

1. Chicago Purchasing Mangers Index fell to 45.8 vs expectations of 59.4, lowest since July 2009.
2. Existing home sales fell 4.9% month over month vs expectations of a 1.8% decline
3. US initial jobless claims rose 31k to 313k last week vs 290k expected.
4. Dallas fed manufacturing index fell to -11.2, down from -4.4 in January and below the expected reading of -4
5. S. oil rigs decline for the 12th straight week.