Here is a recap of the economic and political data/reports from the prior week:

1) Retail Sales: Market was looking for increase of 0.8%, Actual Number was increase of 0.4%. Worse than market expectations, so 10 Year Treasury Yield fell to 1.92% on Tuesday.

2) Weekly Jobless Claims: 348,000 actual new applicants versus 365,000 market expectations of new applicants (lowest level since middle of 2008). Better than market expectations, so 10 Year Treasury rose to 1.99% on Thursday.

3) Housing Starts: Actual annual rate of 699,000 versus 671,000 market expectations. Better than market expectations.

4) CPI and PPI (Inflation Indexes): Came in at around market expectations, so no change in the 10 Year Treasury Yield. However, rapidly rising oil prices (at a 9 month high) are worrying the financial markets regarding future inflation (which would lead to a higher 10 Year Treasury Yield).

5) Over the weekend, the financial markets are confident that the austerity measures that Greece is taking will ensure they will receive all the agreed upon second bailout funds this week. This would lead to a further increase in the 10 Year Treasury Yield.

Market Data this week:

Monday, February 20th -N/A (Markets are closed)

Tuesday, February 21st - N/A (No major economic releases)

Wednesday, February 22nd - Existing Home Sales

Thursday, February 23rd - Weekly Jobless Claims

Friday, February 24th - New Home Sales