The weak New Home Sales only backed up Bernanke’s cautious outlook on the health of the economy. Perhaps one of the key moments for investors was when Bernanke reiterated the infamous phrase, “exceptionally low levels of the federal funds rate for an extended period”. That put to rest fears that the discount rate increase signaled the start of an aggressive exit strategy. We saw the dollar weaken and interest rates decline. Both bounced back up after Standard and Poor’s raised concerns over the credit rating on the proposed Greek debt. Stocks may have given up some of their earlier strength, but they held onto much of the gains. Today’s numbers shouldn’t have too much of an impact. Durable Goods are expected to be strong, up 1.4%. Weekly jobless claims are expected to dip to 460,000, but we would need to see data under 450,000 to raise hopes that February’s jobs report would show any growth at all. There are several key economic reports out tomorrow. After the poor reading on consumer confidence from the Conference Board, investors should be bracing for bad news from the Univ. of Michigan. Existing Home Sales could also be weak, even if weather related. GDP will be facing a revision, but the data we’ve seen since the original report doesn’t suggest much of a change. Technically, the averages rallied up to the consolidation of the last week and found resistance again. It would take some very strong numbers to convince investors that the economy is suddenly doing better.