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
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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