The big story of the US economic “recovery” has been rapid industrial growth, at least according to the mainstream media. Unfortunately the story, which hasn’t been true for the past 10 months, is now beginning to fall apart.
The problem here is momentum, just as it was with yesterday’s retail sales report (Retail Sales No Reason for Market Party). Slowly weakening annual growth rates in industrial production lead to market tops. When industrial production growth momentum breaks down, stock prices break with it.
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