5/6/16
The
Market
Technical
At
the close yesterday, the Dow reset to a trading range (17498-18189). This clearly takes the starch out of the
recent upward momentum. Also as I noted
previously, there is no visible support between the lower boundaries of the
newly reset trading ranges and the February lows
Fundamental
New
data: April chain store sales sharply weaker and April nonfarm payrolls came up
160,000 versus expectations of up 200,000.
This rounds out this week’s stats, the bottom line of which is that
overall, the week as well as the primary indicators were both negative. Meaning that in the last 35 weeks, would be seven
positive to upbeat, twenty seven negative and one neutral. That leaves our recession forecast intact.
A
must read piece from Jim Grant (medium):
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