I'm not exactly sure why the presence of economic data (or lack thereof) is worthy of a spot in any headlines relating to the day's market outlook.  For some, it could be a force of habit as that stuff USED TO matter.  For others, it could simply be because they don't want to write off data as a potential market mover only to have it start mattering again!  I can empathize with both of those justifications,  but today's data really doesn't matter.

The only economic reports in the morning are undisputed NON-market-movers.  These include FHFA House Prices, Markit Manufacturing PMI (traders in the US only care about ISM's version), and the Richmond Fed Manufacturing Index (which may have been mentioned perhaps one other time on this site in the past 10 years only to reiterate its lack of importance).  Bottom line, if markets are moving after any of these reports, it's not the reports that did the trick.

Fed speakers abound today, and are only slightly more capable of moving the needle.  Speeches happen at 8:20, 8:30, 9am, and 9:15pm (after market hours).  Even the day's Treasury auction is the least potent of the week (2yr Notes at 1pm). 

Bottom line, traders won't be making any big decisions based on this stuff.  In fact, big decisions will be deferred as long as possible.  When they become inevitable, it will be the tradeflow-related motivations that play the biggest role (i.e. all the various buying and selling needs that exist independently from economic data and events).  As always, a portion of tradeflow momentum will have an eye on the technical levels. 

As we discussed yesterday, 10yr yields would get a firmly positive signal with a break (and close) below 2.55.  But even if that doesn't happen, simply managing to stay near current levels today would tilt a few more technical studies in a positive direction.