(As of 7:25 am PST)
Domestic
economic data dominates today’s news and the market is on a roller coaster with
conflicting signals. Real estate prices
are higher and Consumer Confidence has risen sharply, but the figure from
Chicago PMI, a key measure of industrial activity fell to 49. Any figure below 50 indicates a
contraction. The Chicago PMI figure
startled the markets and has trumped other data resulting in mild market losses. Oil, gold, commodities and the US dollar are
all meandering around the unchanged mark.
Company earnings are mixed.
Expect the market to relegate the Chicago PMI to an anomaly status until
it is confirmed by other data as Consumer Confidence wins the day and sends
markets higher.
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