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Multiple Data Points

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Several major economic data points were released this morning, and they’re all bad.

  • Core Retail Sales expected +0.4%, actual -0.7% – BIG MISS
  • Producer Price Index expected 0.5% actual 0.8% – Inflation 60% higher than expected
  • Retail Sales expected -0.6% actual -1.3% – more than DOUBLE the drop expected

More importantly, you can see how while the PPI usually bobbles up and down from month to month, over the past year it has been a steady positive drumbeat of surging prices. Simply stated, the recent past bears no resembles to the years before, unless you go back to the days of Richard Nixon.

Weirdly, the massively-overvalued NASDAQ exploded above its past lifetime high (red line) only to stall and tumble back down below it. C’mon, stocks – – are you insane or not?

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