Spending was up, a little weaker than expected... Nevertheless, the trend has been upward and it looks like the consumer is still in the ballgame in terms of supporting economic growth.

The housing starts figure coming in down 5.6 percent was weaker than expected and seems consistent with our thesis that the housing sector is moderating. The big decline in housing permits reinforces that idea.

It's a good sign that the consumer has some momentum going into the start of the year and that probably reflects the fact that the labor market is continuing to improve, albeit modestly. It's a positive for economic growth this year.

Initial claims were significantly better than the expected 300,000, and they were well within the range we would expect in a solid job market.

The fact that the final number is higher than the preliminary number shows that the American consumer is not going to be easily intimidated.

The dollar's bearish (weaker) trend is expected to continue unless the GDP figures are significantly stronger (than exported) or the market finds strong signals for further rate hikes in the Fed statement.