Friday, November 14, 2008

The Markets Seem to Have Dodged the Retail Sales Bullet...

The retail sales data was the worst on record (since the data was collected in 1992) but Mr. Market seems to be holding his own right now.

There have three inflection points in nearly every trading day this month - 10am, 1pm and 3pm. There will be continued talk throughout the day about the G20 meeting and what packages might be announced this weekend, I expect that to lead to a bullish bias today. I'm not optimistic that anything meaningful will arise from this meeting.

Separately, yesterday's wild move got me thinking about intraday swings in the Dow. We have 16 of the 20 largest intraday swings in the Dow this year. Unbelievably the 9 largest intraday swings in the HISTORY of the Dow have occured in the LAST 6 weeks. Historic times.

1 comment:

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I think the Retail Sales report is published every month. It is a measure of consumer spending, an important indicator of the US GDP. Retail firms provide data on the dollar value of their retail sales and inventories