Economic reports week of 18 March 2013

I think the overriding event this week and next is the federal budget.  The continuing resolution ends on 31 March 2013, so the government has no appropriations beginning 1 April 2013 - which effectively means the federal government shuts down 1 April. Don't really expect that to happen. However, for it to not happen, there will need to be either another continuing resolution or an actual budget. The closer we get to the end of the month, the more dire things will get, and the more volatility I expect to see in the market. Because of all of that, I'm a little hesitant on longer term up plays (i.e. plays that would take more than a week at this point). However, once it's resolved (even if it's just a band-aid), I expect a bit of a bump - so I'm watching for up plays.

Date	Time (ET)	Statistic	Anticipated Impact
Mar 18	10:00 AM	NAHB Housing Market Index	Low
Mar 19	8:30 AM	Housing Starts	Low
Mar 19	8:30 AM	Building Permits	Low
Mar 20	7:00 AM	MBA Mortgage Index	Low
Mar 20	10:30 AM	Crude Inventories	Low
Mar 20	12:30 PM	FOMC Rate Decision	Med
Mar 20	2:00 PM	FOMC Rate Decision	Med
Mar 21	8:30 AM	Initial Claims	Med
Mar 21	8:30 AM	Continuing Claims	Med
Mar 21	9:00 AM	FHFA Housing Price Index	Low
Mar 21	10:00 AM	Existing Home Sales	Low
Mar 21	10:00 AM	Philadelphia Fed	Med
Mar 21	10:00 AM	Leading Indicators	Low
Mar 21	10:30 AM	Natural Gas Inventories	Low

"Anticipated Impact" is my assessment of how much the market is "waiting for this number to decide which way to move."

Low impact means that unless it's significantly different than what's projected, I don't anticipate that it will have that much of an effect.

Medium impact means that I'm anticipating some hesitation around the announcement, with some market reaction following - but I don't have the sense that the market is waiting all week for this number.

High impact means that I think the market is "holding its breath" waiting to see what the number is, and will significantly react to it.