Correction in brackets below:
Jobless claims came in at 551,000. An increase of 17,000. Consensus was 531,000. That is bearish.
U.S. personal income. Up .2% Consensus was .0% to up .1% So that comes out as bullish. As a side note, this data serious has been particularly suspect to me.
Personal spending up .9%. [Nominal personal spending was up 1.3%. This beats the market expectation and would be considered a positive] That is huge but the market was expecting 1.1 to 1.2%. Not sure how important that number really is to the market but it should be taken as bearish.
The potential positive round of data I interpret as neutral. [With the adjustement of personal spending, slightly positive] With Europe down and the dollar strengthening, this sets up a negative tone going into the data set at 9:00 that I think will be bearish.
Today could be a breakdown.
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4 comments:
Looks like this could be the real thing.
Haven't seen a day like that in a couple months. NAS is now sitting at its trend line and DJI and S&P both went below.
What's funny is the bulls will start printing headlines saying we're oversold, when we've been been overbought for 6 months.
Ha, yeah. Looking forward to hearing about how oversold we are. Or how the market is getting cheap.
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