Equity futures are close to even this morning with a quiet overnight period. What, no one with a few billion and some fast machines to play games with the market overnight? How unexciting. Here’s a snapshot:
The dollar was down, but has pulled back to about even, bonds are up slightly, oil down slightly, and gold is about level.
The Goldman ICSC and Redbook were both out with their usual positive week to week growth fantasy, one up from the week prior, the other down, neither anywhere near what’s occurring in the real world where sales tax receipts are still down and falling and where more than 45,000 businesses were forced to close last year, many that had survived for more than a century, but 2009 got them ( 100-year-old businesses we lost ).
Pending home sales and factory orders come out at 10 Eastern, vehicle sales will be reported throughout the day. Yesterday, the manufacturing ISM showed slight growth and came in slightly better than expected, while Construction Spending fell and by a greater amount than expected while including previous months that were revised sharply lower.
The previous article covered the technical landscape pretty well. Bullish sentiment abounds and so many people see that the market is signaling a run up to SPX 1,200, heck, I’ll bet if you stopped any person on the street they would be more likely to give you that number than they would be to tell you who the Secretary Treasurer is. That means caution, especially when the criminals running our markets and our money system are driving fast machines!
Velvet Revolver - She Builds Quick Machines (Libertad):