|SPX, NDX, RUT & TRAN|
But a funny thing happened to the SPX today (chart from NFTRH164); it tried but could not get above former critical support (now in the process turning to resistance) in reaction to jobless and manufacturing news.
Jobless claims fell by 19,000 to 366,000 during the Christmas run and two manufacturing regions showed improvement. The first item is not even worth speaking to. The manufacturing strength is nice, but how do you think a rising US dollar is going to affect that trend?
Other US markets are shown on the chart as well and they are not looking good.
Over in Europe, they'll drop the pretense at the ECB, the squabbling and the public fretting if markets turn back down in earnest. They'll likely call upon Nosferatu in due time.
These are the modern markets we have to deal with. This bit from a post yesterday is truly sad and twisted, and it is a perfect illustration of modern developed world markets and the financial services industries that manage them as they depend not on productivity and true commerce, but inflation.
The “recent strength in data” allows Fed officials to “be a little more patient than they otherwise might be,” Coronado said.