Last week was a slow one from a data standpoint, but we did get a look at housing sales, durable goods orders, and what economic growth looked like at the start of the year. This week is a very busy one, with a number of key reports.

This morning, we got the first estimate of economic growth for the start of the year. Despite quite a bit of concern about slowing growth, the figure came in at 3.2 percent. This result was well above the expected 2 percent and a substantial acceleration from the 2.2-percent gain in the last quarter of 2018.

It’s a busy day, I am running late, and, honestly, there doesn’t seem to be too much that’s urgent on the economic and market front. So, let’s talk about something entirely different: my desk treadmill! You, the readers, are smart people. I am going to assume you can figure out that this is a treadmill you can use at your desk. (You can find the one I use here.) All good? 

This morning’s news revealed that, as of yesterday, both the S&P 500 and Nasdaq stock indices had hit new highs for the first time in six months or so. Let’s cut right to the chase here. For me, the appropriate response to this news is, “So what?”

The headlines today are about the impending demise of social security, at least that seems to be the spin that many commentators are putting on it. The real story is that the social security system will start paying out more than it takes in sooner than expected—next year. As of 2020, the social security income statement will switch from a surplus to a deficit. One more thing to worry about and a sign of doom on the horizon, right? Not so fast.

Last week was a busy one for economic data, with looks at industrial production, housing, trade, and, most important, retail sales. The week ahead will be a bit slower, but we will get a look at housing sales, durable goods orders, and what economic growth looked like at the start of the year.

With the Mueller report scheduled to be released later today (as of this writing), preceded by the press conference with the attorney general this morning, the newspapers are on high alert. This report is being billed as a potential constitutional crisis and, if it doesn’t approach that level (as it almost certainly will not), as the beginning of the next round of political wars. Both sides have already started dialing up the rhetoric, without even really seeing what is in the report itself. So it goes.

In my recent post announcing my humble intention to beat the market, I intentionally begged a lot of questions. Most notably, what does it actually mean to beat the market? I did make a nod in that direction, pointing out that defining the problem properly is a prerequisite for solving it. Nonetheless, that question is what we will take a closer look at today.

We are now entering earnings season. After a great deal of worry and hyperventilating, we are starting to see some real data on how companies are doing this year. So far, the news looks good (at least according to FactSet).

Last week was a busy one for economic news, with detailed looks at inflation, some color on the Fed’s take on interest rates, and a consumer confidence update. This week, we’ll see data on housing and retail sales.