Sunday, December 02, 2012

Some Market Leaders Fail, Some Return to Prominence


- A bit of indecision ahead of the weekend after a second week of rallying.
- Indices hold breaks of resistance.
- Fiscal Cliff negotiations 'almost nowhere' but beware: a 'framework' has been established, meaning a bad deal that won't solve the problem will be cobbled together.
- Leaders: some market leaders fail, some leaders return to prominence.
- Disposable income continues its negative ways.
- Chicago PMI expands but really contracts.
- Week three of the rally begins. Still don't like the look but it keeps moving higher. Until a deal is struck, it very well could continue on QE4 speculation.

A pause after second week of the fiscal deal/QE4 anticipation rally.

Remember the June to September move? It didn't take too long to figure it was in anticipation of QE3. QE3 was announced, the market jumped higher, but then the move was done and stocks sold off into November.

Now stocks are up two weeks even in the face of the fiscal cliff. A selloff to the 61% Fibonacci retracement, an oversold bounce, then the idea of a budget deal, and now, yes, a new round of QE, has helped SP500 to a solid 5% bounce.

Ahead of the weekend stocks developed a bit of the cold feet syndrome. Thursday the indices broke next resistance , but in some cases they still have continuing resistance to face, e.g. SP500.

They also have to deal with the ongoing fiscal cliff so-called negotiations. The market, as noted, seems to have assumed a deal will be reached. Ironically, tonight a M*A*S*H rerun story line was about the end of the war. Everyone celebrated and partied, then they found out it was just another false alarm and it was back to harsh reality.

The war is over! No it's not . . .

Friday there was more reality as the President rolled out the same old line: give middle class tax cuts now (i.e. renew those and let the others expire) and deal with the other issues later. That is called the ol' Potomac two-step (from 'Clear and Present Danger').

Boehner's response: 'Right now we're almost nowhere.' This after Mitch McConnell broke out in laughter after Geithner's offer of $1.6T in tax hikes, $50B in Keynesian stimulus, and the authority to raise the debt ceiling at will. Sure sounds as if they are almost nowhere.

Obama: It's called the Potomac two-step.
Boehner: I don't dance.

Well, maybe he does dance. In generally denying any progress today Boehner let slip one of the code words: framework. Whenever you hear that word get ready for a punt. Framework means Boehner will offer the $800B in higher taxes he thought was agreed to during the debt ceiling negotiations versus Obama's $1.6T. From there they split the baby in some way and then they actually do kick the can into 2013 for the truly important aspects involving budget and entitlement cuts. But you know what, the bargaining power will be gone and nothing of substance will result. Thus we can only hope that is not the case. It would be, however, against that old DC tradition of avoiding any action until utter disaster strikes.

Ah those are the undercurrents, the sausage making that is so confusing and disturbing to many. Perhaps that is why so many tune out our leaders when they engage in trying to resolve hotly divided issues. The confounding aspect of this one for not only republicans but some democrats (e.g. Senator Schumer) is that the President is putting a political move (raising taxes on those making $200K or more) over the good of the country: taxes and the cliff will cause a recession according to both sides and independent think tanks but that does not seem to matter. That is not my observation but one from a Clinton advisor.

Nonetheless the market seems relatively comfortable with the status quo. As noted investors appear to believe a deal will come, kick the can or no, and that the Fed will try and preemptively grease the wheels with some QE4. Thus the rally on the week and thus the hold of the gains into the weekend.

What was that late surge? MSCI rebalance forced a lot of buys and sells late, jumping stocks upside and pumping up the volume. Outside of that it was a very deliberate, go nowhere session after the two week rally bumped into the weekend. They held their gains and the Thursday break of resistance on NASDAQ et al, but they also have to deal with some more resistance near term. We didn't expect much on the day, and it delivered.

SP500 0.23, 0.02%
NASDAQ -1.79, -0.06%
DJ30 3.76, 0.03%
SP400 0.04%
SOX -0.13%
RUTX -0.16%


Dollar. 1.3000 versus 1.2974 euro. Again the dollar tried the 50 day EMA on the high and again it was rebuffed. Thought it would be easy for the dollar to resume the upside given the one-day dump two Fridays back. Not. It bumped the March peak two weeks back and rolled over. Head and shoulders is getting close and looks as if it may have solidified.

Bonds. 1.61% versus 1.62% 10 year Treasury. Still at the 20 day EMA, still testing the prior break higher. With talk of QE4 as a 'just in case' measure from the Fed, bonds have a natural bid as the next obvious choice for more Fed asset buying.

Gold. 1713.30, -16.20. Gold sold back Wednesday and could not recover off the 50 day EMA, closing out the week at that level. If there will be stimulus gold should rally. It is struggling a bit but in position to move higher still and continue the bounce off the 200 day SMA.

Oil. 88.91, +0.84. sold the first part of the week then recovered Thursday and Friday. Right back to the 50 day EMA on the Friday close, exactly where oil stalled the prior touches. Critical step for oil.



Stats: -1.79 points (-0.06%) to close at 3010.24
Volume: 2.027B (+16.29%)

Up Volume: 1.11B (-120M)
Down Volume: 1.06B (+569.25M)

A/D and Hi/Lo: Decliners led 1.04 to 1
Previous Session: Advancers led 2.58 to 1

New Highs: 53 (-27)
New Lows: 26 (+1)

Stats: +0.23 points (+0.02%) to close at 1416.18
NYSE Volume: 756M (+19.81%)

A/D and Hi/Lo: Advancers led 1.24 to 1
Previous Session: Advancers led 2.53 to 1

New Highs: 146 (-31)
New Lows: 14 (-1)

Stats: +3.76 points (+0.03%) to close at 13025.58

Volume: Volume jumped but it was the result of two aspects. First, the MSCI rebalance required buying and selling to get the proper portfolio mixes. Second, end of month adjustments with the year end coming fast. Thus you cannot put too much stock in the volume jump.

Breadth. Back to a more tame level, matching the market.


SP500. Held the move over the 50 day EMA, showing a doji, posting an upside week. Still some serious resistance, however, with the March and April peak and August peak immediately overhead. Up on the week but still a lot of work to do to get past 1428. The overall pattern still looks weak, but thus far the relief bounce has held and indeed extended the move this week.

NASDAQ. Held the Thursday gap through the 2011 up trendline and the 200 day SMA. As with SP500, not overly impressed with the overall pattern, but it has taken over some of the leadership role, it has some big name stocks moving well, and it is not giving up its gains, at least for now. Still has some room to run to 3040ish.

Russell 2000/SP400. Flat on Friday but a nice gap Thursday took the small caps through the downtrend from August. Still a lot of overhead resistance but room to run before it gets there. As with NASDAQ, RUTX started showing some leadership last week.

SP400 midcaps were flat, bumping some serious resistance at 1000 to 1005. That is what it gets for its strong moves. Not bad but likely needs a bit of rest before breaking higher. One of the strongest in the market right now.

SOX. Held the move over the 50 day EMA and that opens the door for some more upside, but SOX is mired deep in it still, even after two weeks upside.

DJ30/DJ20. The Dow is above the 200 day SMA but below the 50 day EMA and some serious resistance at 13,100. It is moving with the other indices, however, so it has held its gains. Really don't like the way it looks; bearish pattern. It is, however, following and not leading . . . up or down.

DJ20. Faded to the 200 day SMA, undercut it, but recovered to hold it on the close. Still a solid run and just took a breather Friday.

Summary: No relative changes Friday. The growth indices took over leadership on the week and remain in the best position to continue. SP500 and DJ30 are very worrisome pattern-wise as they still just look as if they are in a relief move. True, but they continue to hold up and have showed no signs of fading back.


Big names. NASDAQ names performed very well on the week: GOOG and AMZN continued higher Friday, EBAY as well. They are really providing the upside impetus for NASDAQ, but more need to develop and follow.

Financial. Nowhere all week, falling early then rebounding, but all in a narrow range. Nothing spectacular, just held up. If they start to contribute then things do indeed change. BAC was up, C was down. It was basically stock to stock on the session.

Retail. Very interesting week with Same Store Sales. YUM imploded Friday as it said its China sales cooled and would continue. How strong is China??? LULU was solid on the week. ULTA shot to life Friday. WMT enjoyed a great day and week. FDO surged nicely. DG is rallying. Note the shift in retail to the discounters? Never a good sign for the economy, particularly heading into Christmas

Technology. FFIV still bumping the upper side of its channel. CTSH may try a rally. CTXS flopped Friday but is still in its pattern. Chips rallied well on the week, at least some of them (e.g. ONNN). A bit of a test and we may get a shot at some of these next week.

Energy. OII still looks interesting. APC in natural gas is interesting as well. Not causing us to race to the buy button, but worth keeping an eye out. Service companies such as SLB are trying for a rally.

Homebuilders. KBH started to crack. TOL looks a bit heavy. PHM is struggling a bit as well, perhaps forming a right shoulder.

Materials. Still strong: LPX, TREX



Personal Income flat, spending falls, disposable income negative again.

"Float like a butterfly, sting like a bee, your hands can't hit what your eyes can't see."
--Muhammad Ali

"Disposable Income is negative, Personal spending falls, what people don't have they can't spend at the malls."
--Me, 2012

Congress awakens to the shock of budgeting . . .

Same Store Sales were vastly disappointing at less than 2% when 4.5% to 5% gains were expected.

October Spending fell 0.2% when a rise was expected.
Disposable Income: -0.1%

Disposable income fell for the third straight month and third straight negative read. Incomes are heading lower AGAIN after already falling 8.2% on average during the first 3.5 years of the Obama term.

These numbers were a surprise and it was necessary to assign blame. Enter (again) Sandy. That damn storm never seems to end. Never mind it snuck in at the end of October less than 2 days from month's end. Never mind the massive buying to stock up AHEAD of the storm that in reality likely pushed sales HIGHER.

No, the numbers don't jibe with the line that is being sold about a continued economic recovery. Thus it is necessary to find a scapegoat such as the hapless bastard in Ray Bradbury's classic 'Fahrenheit 451' who was minding his own business when the government selected him as the villain they were chasing but had lost track of.

No, we have a problem, and though it is the government's favorite tactic each month to find a reason to blame.

Where did that disposable income come from? Where did it go? Ask cotton-eyed Joe?

Or not. Consider, now after the election, the rather massive revision to disposable income the BEA (Bureau of Economic Analysis) slipped in after the release of the spending and income numbers: $40B in inflation adjusted disposable income was taken off the books for a period spanning March to October.

What would cause that revision? How was it overstated? Good questions, but no answers in the release.

The impact: Besides underscoring what we have been saying about disposable income running out, it takes about 0.25% off of the 2012 GDP calculations. Is this the only revision to come? Are you kidding? In the run up to the election all kinds of bogus numbers were reported. 'Quiet' revisions will be released for months and months that back those phony numbers out of the reports. After all, how else will the post-election economic malaise/recession/depression we are heading for be made to look better than it is? Write down lower what came beforehand for easier comparison!

Chicago PMI recovers back to expansion! But not really according the authors.

Ah Chicago. The Windy City. The city with shoulders. Home of the pig-cicle, at least according to M*A*S*H episode 59, Adam's Ribs.

I've eaten a river of liver Hello, Chicago? Adam's Here come the ribs.
and an ocean of fish! Ribs? I want to place a
takeout order . . .

Chicago . . . . . .

Clearly Chicago is on the mend given it is back above 50 after three months below. Not so fast according to the authors of the report. They are the ones putting the brakes on the good spirits, noting the internals and the trend.


Order Backlogs: 49.6 versus 44.3. Better but still contracting.

New Orders: Weakest since 6/2009.

Without new orders production falls and backlogs fall, and Chicago PMI falls back to negative.

Recall back in May I reported that the authors were very worried about the trend of the internals, particularly new orders and order backlogs. They had declined a certain percentage for three months straight, and the survey authors said this is a very clear sign of recession in 6 to 9 months.

We are now 6 months from that prognostication in May. Ah ha many will say, just look at the Q3 GDP revision released Thursday showing 2.7% growth! Yes, but as demonstrated, 1.5 points of that was attributed to government spending and an inventory surge (remember me talking about all of those autos being stuffed down to the dealers? There you go: 36% of the GDP increase was due to inventory build). Business investment fell and consumption tailed off. That leaves 1.2% GDP growth and that likely is written lower. Sure feels like a recession to just about everyone I know. Already talk for Q4 is in the 1.4% range, and that is high. In another three months, particularly if aided by the FCliff, a textbook recession could be here.



VIX: 15.87; +0.81
VXN: 16.96; +0.56
VXO: 16.15; +0.74

Put/Call Ratio (CBOE): 1.16; +0.15

Bulls versus Bears

Bulls: 39.3% versus 37.2% versus 38.3% versus 43.6 versus 41.5% versus 45.7% . Bouncing with some more momentum as the market continued its relief rally. Got closer to 35% but no cigar. Background: Undercut 35%, the threshold for bullishness, in early June. As noted, hit 34% in early June. It did its job and the market is on the rally. Hard drop to 34 from 39.3% as economic reality and a choppy stock market hit. Off the 55+ level hit in late February. That was the highest level since April and May of 2011, the peak of the post-bear market high. 35% is the threshold level suggesting bullishness. To be seriously bearish it needs to get up to the 60% to 65% level.

Bears: 27.7% versus 27.7% versus 28.7% versus 27.7% versus 27.7% versus 25.5%. Wow, just going nowhere, stuck in a rut. On the last run never made it to the 35% that can be a bullish indication, but the bulls were weak enough back in June. Over 35% is the threshold to be really be a good upside indicator. For reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.


Another big week of data from the ISM on Monday to the November Jobs report on Friday. 90K expected for non-farm payrolls and unemployment mysteriously back up to 8.0%. What did I say before about having to backtrack the pre-election numbers?

It is also a new month and that has seen new money enter the market the past four months. Just a day to the upside to start November, but several session rallies before that. Given the indices are on an upside roll, that could bring in some more bucks and extend the move up to that next resistance level that is, as noted above, not that far away.

Of course there is the Cliff. More precisely the debate around the cliff. That is the real action. Going over the cliff is somewhat of an unknown but then again it everyone seems to think it will result in recession.

Certainly they have to be addressed, but the methodology of the 'solution' is not what a republic is all about. Secret negotiations and 'deals' versus airing the problems, outlining the possible solutions, and getting the American citizens' views on each. The current method results in things such as Obamacare and the Sequestration where a few behind closed doors decide our fates. We have enough of that with the Fed; we don't need our elected officials operating in this manner.

Engaging in this kind of 'solution' is a no win for those who play the game. If you fail you are blamed because no ideas were put out in the light and the public did not have a chance to say 'you know, that is not a bad idea.' If you take your case to the public, make your arguments both to the other side and to the US citizenry during open, live, televised meetings, then everyone who cares, and there are many of us, sees all sides and will, yes, see the truth.

If I were the republicans I would insist on open, televised meetings where I would put forth the ideas espoused in Thursday's reports. I would take it to the people and say this is so important we must have everyone's input, kind of like Obama when he was running the first time and talked about healthcare reform on C-SPAN. Yes that happened.

Remember the movie 'Dave' where the press were invited to a cabinet meeting and the Secretary of Transportation, because the meeting was being covered (presumably by an HONEST press) had the cover to drop his rather silly reasons for a program to reassure auto buyers they bought the right car?

Of course the federal government had NO business involving itself in what 'Dave' was trying to get money for, but the point is clear: people tend to do the right thing when they are IN FRONT of the public versus being behind closed doors where they can be, well, asses, and won't get called out for it. We desperately need people to do the right thing. Man do we ever.

Well, that is more hope for change. Reality is another matter. Neither side, ironically, wants to cede that power to the people. They would rather take it in the cogs so to speak than let the public decide the matter.

Reminds me of an old 'King of the Hill' episode.
I know I get mad enough at our leaders to want to engage in some of that sometime . . .

Thus we are subject to the ebb and flow, staged or not, of the 'negotiations.' Again, Boehner let slip the 'framework' comment Friday even as he was complaining of going nowhere. Thus there is the very likely and very sad prospect of a deal to raise about $999B in revenues (republicans won't agree to anything with a 'T' after it) through marginal increases and/or closing the deductions many people rely upon, not to mention charitable deductions. After all, if the government is to provide everything, why do you need charities? It won't have anything but token cuts with perhaps a small percentage of budget cuts across the board. Nothing done to social security, and any Medicare cuts will be those the Democrats said they should get credit for and a few token ones in addition to the republicans can point to what a great job they did wresting more from the other side.

In the end, of course, the problem will remain and will not be resolved. Another downgrade is quite likely after the effeminate cuts are made. It won't prevent a recession, it won't spur growth. Then we have a worse problem a year later.

As for next week, however, we don't like the SP500 and DJ30 patterns. But, the indices have rallied nonetheless; those hope and buy rallies can last a while as we know, particularly when the Fed has the money bags out again.

Thus we will look for more upside though a lot of stocks are not in buy positions given a two week rally has some extended and others simply rebounded from ugly selloffs and are in no kind of pattern to buy.

We will also have some downside at the ready, however, because we don't like the SP500 and DJ30 patterns. NASDAQ isn't all that heartwarming either. So we will be ready in the event the rally runs dry. Remember, we said this was a relief rally until it proved otherwise. The patterns on the large cap indices suggest it is still just a relief rally at this point. The small and midcaps suggest it may be something else, but neither has taken the definitive lead yet.

Thus we let our upside work for us. We did bank some very nice upside gain on the week and if the move continues, there will be a lot more to cash in. It was somewhat ironic that Friday we banked some nice downside gain even after two weeks of upside: it is clear not all of the market is racing upside. Still, until the rally falters and reverse, we let some really nice upside positions run.

If things break they could turn rather quickly. Such is the nature of negotiations and credit markets getting stretched to the breaking point. Some very smart investors are very worried right now. But, it has not paid to invest with your emotions on this move, that is why we said over a week ago, better check them at the door.

Have a great weekend!

Support and resistance

NASDAQ: Closed at 3012.03

3024 is the gap point from early May
3026 from 10/2000 low
3042 from 5/2000 low and several other price points
3076 is the late April 2012 high
3090 is the mid-March interim high
3037 is the October low
3101 is the August 2012 high
3134 is the March 2012 post-bear market peak
3171 is the October intraday high
3197 is the September 2012 post-bear market high
3227 is the April 2000 intraday low
3401 is the May 2000 closing low

3000 is the February 2012 post-bear market high
2999 is the bottom of the August 2012 consolidation
2997 is the up trendline from 2011
The 50 day EMA at 2992
2988 is the July 2012 high
The 200 day SMA at 2986
2977 to 2980 is the bottom of the late October 2012 consolidation
2962 is the April 2012 low
2950 is the mid-April closing low
2942 is the mid-June 2012 high
2900 is the March 2012 intraday low
2858 is the late July 2011 peak
2847 is the mid-May 2012 low
2838 from the July 2012 lows
2778 from the May 2012 low and June 2012 gap point.
2747 is June 2012 closing low
2726 IS June 2012 intraday low

S&P 500: Closed at 1415.95

1422.38 is the prior post-bear market high (March 2012)
1425 from May 2008 closing highs and the October 2012 low
1427 is the August 2012 peak
1434 from early November 2012
1433 from August 2007 closing lows
1440 from November 2007 closing lows
1464 is the June up trendline
1463 is the September closing high
1466 is the September closing high
1471 is the October 2012 intraday high
1475 is the September 2012 high
1499 from January 2008
1539 from June 2007

The 50 day EMA at 1408
1408 is the late October range closing low
1406 is the early May 2012 peak
1402.22 is the closing low of the August 2012 lateral consolidation
The 200 day SMA at 1384
1378 is the February 2012 peak
1375 is the early July 2012 peak
1371 is the May 2011 peak, the post-bear market high
1363.46 is June 2012 high
1359 is the April 2012 low
1357 is the July 2011 peak
1344 is the February 2011 peak
1340 is the early April 2011 peak
1332 is the early March 2011 peak
1325 is the July 2012 intraday low
1309 is the right shoulder low from June 2012
1295 to 1294 is the April 2011 low and the February 2011 consolidation low (bottom of the trading range)
1293 is the October 2011 peak
1275 is the January 2010 low, early January 2011 peak
1267 is the December 2011 peak
1266 is the June 2012 base low

Dow: Closed at 13,021.82

13,056 is the February 2012 high
13,058 from the May 2008 peak on that bounce in the selling
The 50 day EMA at 13,067
13,297 is the April 2012, prior post bear market high
13,300 to 13,331 is the August 2012 post-bear market high
13,653 is the September 2012 high
13662 is the October 2012 intraday high
13,668 from 12-2007 peak
13,692 from 6-2007 peak
14,022 from 7-07 peak

The 200 day SMA at 12,994
12,716 is the April 2012 closing low
12,524 is a range of support from early 2012 and summertime 2012
12,391 is the February 2011 peak
12,369 is the left shoulder low from May 2012
12,284 is the October 2011 peak
12,258 is the December 2011 peak
12,110 from the March 2007 closing low
12,094 is the April 2011 low
12,035 is the June 2012 base low
The June 2011 low at 11,897 (closing)
11,734 from 11-98 peak
11,717 is the late August 2011 peak

Economic Calendar

November 27 - Tuesday
Durable Orders, October (8:30): 0.0% actual versus -0.4% expected, 9.2% prior (revised from 9.8%)
Durable Orders -ex T, October (8:30): 1.5% actual versus -0.4% expected, 1.7% prior (revised from 2.0%)
Case-Shiller 20-city, September (9:00): 3.0% actual versus 3.1% expected, 2.0% prior
Consumer Confidence, November (10:00): 73.7 actual versus 73.0 expected, 73.1 prior (revised from 72.2)
FHFA Housing Price I, September (10:00): 0.2% actual versus 0.5% prior (revised from 0.7%)

November 28 - Wednesday
MBA Mortgage Index, 11/24 (7:00): -0.9% actual versus -2.2% prior
New Home Sales, October (10:00): 368K actual versus 388K expected, 369K prior (revised from 389K)
Crude Inventories, 11/24 (10:30): -0.347M actual versus -1.466M prior

November 29 - Thursday
Initial Claims, 11/24 (8:30): 393K actual versus 395K expected, 416K prior (revised from 410K)
Continuing Claims, 11/17 (8:30): 3287K actual versus 3325K expected, 3357K prior (revised from 3337K)
GDP - Second Estimate, Q3 (8:30): 2.7% actual versus 2.8% expected, 2.0% prior
GDP Deflator - Second Estimate, Q3 (8:30): 2.7% actual versus 2.8% expected, 2.8% prior
Pending Home Sales, October (10:00): 5.2% actual versus 1.0% expected, 0.3% prior

November 30 - Friday
Personal Income, October (8:30): 0.0% actual versus 0.2% expected, 0.4% prior
Personal Spending, October (8:30): -0.2% actual versus 0.1% expected, 0.8% prior
PCE Prices - Core, October (8:30): 0.1% actual versus 0.2% expected, 0.1% prior
Chicago PMI, November (9:45): 50.4 actual versus 50.7 expected, 49.9 prior

December 3 - Monday
ISM Index, November (10:00): 51.2 expected, 51.7 prior
Construction Spending, October (10:00): 0.4% expected, 0.6% prior
Auto Sales, November (14:00): 5.2M prior
Truck Sales, November (14:00): 6.0M prior

December 5 - Wednesday
MBA Mortgage Index, 12/01 (7:00): -0.9% prior
ADP Employment Change, November (8:15): 125K expected, 158K prior
Productivity-Rev., Q3 (8:30): 2.7% expected, 1.9% prior
Unit Labor Costs -Revised, Q3 (8:30): -0.8% expected, -0.1% prior
Factory Orders, October (10:00): -0.1% expected, 4.8% prior
ISM Services, November (10:00): 53.7 expected, 54.2 prior
Crude Inventories, 12/01 (10:30): -0.347M prior

December 6 - Thursday
Challenger Job Cuts, November (7:30): 11.6% prior
Initial Claims, 12/1 (8:30): 382K expected, 393K prior
Continuing Claims, 11/24 (8:30): 3275K expected, 3287K prior

December 7 - Friday
Nonfarm Payrolls, November (8:30): 90K expected, 171K prior
Nonfarm Private Payrolls, November (8:30): 120K expected, 184K prior
Unemployment Rate, November (8:30): 8.0% expected, 7.9% prior
Hourly Earnings, November (8:30): 0.1% expected, 0.0% prior
Average Workweek, November (8:30): 34.4 expected, 34.4 prior
Michigan Sentiment, December (9:55): 82.4 expected, 82.7 prior
Consumer Credit, October (15:00): $9.9B expected, $11.4B prior

By: Jon Johnson, Editor
Copyright 2012 | All Rights Reserved

Jon Johnson is the Editor of The Daily at

Technorati tags:

No comments: