New orders for manufactured goods in April, down three of the last four months, decreased $2.9 billion or 0.6 percent to $466.0 billion, the U.S. Census Bureau reported today. This followed a 2.1 percent March decrease. Excluding transportation, new orders decreased 1.1 percent.
OK, let’s get all excited, before we remember that this is seasonally adjusted nonsense that makes up one fictitious number, compares it with a fictitious number from the previous month, to derive at a fictitious difference. It may or may not represent reality but we won’t know whether it does represent reality until someone reports and analyzes the actual data, aka “Not Seasonally Adjusted.” Gee. I wonder who that might be who would do that for us. Mainstream conomists are too lazy or too disingenuous to do it, so I guess that leaves me. I will have a post up later. – Lee Adler
We may be skating on very thin ice here, but the weight of the evidence still supports a weak bull case for the near to intermediate term. So I’m adding buy picks on the chart pick list and adjusting trailing stops to account for the risk.
These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.