The economic news was relatively positive this past week. Retail sales (excluding autos) continued to post moderately healthy gains in January suggesting that consumers may be coming out of hibernation. Industrial production edged down again, but signs of life are clearly evident among some major components. Factory orders are suggesting that production may rise soon. Inflation remains subdued, which will help contain costs for producers - a plus for profits. Nevertheless, there is no indication that the recovery will be sufficiently strong to spur corporate profit growth in the near term. Consequently, investors may keep equities headed in a positive direction, but the path should remain choppy.