Choppy action, big ranges in stocks

FOR FRIDAY: (2/23) No US reports on Friday. The trade will look elsewhere to Europe and Canada. The Eurozone will release its final consumer price index (CPI) reading for January on Friday. A stronger than expected CPI print could renew investor expectations the central bank could tighten monetary policy measures sooner rather than lighter after the release of somewhat dovish ECB minutes Thursday. The minutes showed that the central bank continued to believe that patience was needed as inflation remained weak and agreed that it was still “premature” to adjust forward guidance. Canadian inflation data also coming. Choppy action and big ranges in stocks is good for traders with nibble fingers but not a great trending situation.