Faltering Thursday – Failure at S&P 3,000

We did not hold it.  

The S&P finished "Will We Hold It Wednesday" at 2,984, dropping 19.62 points from Tuesday's close and, since our run was from 2,800 to 3,000, that wasn't even a weak retracement, which would have been 40 points so we're still on a very bullish path unless 2,960 fails today but, so far, the Futures are improving.

The Philly Fed came in quite strong this morning at 21.8 vs just 5 expected and 0.3 in the prior reading and we can add that to strong Empire State Manufacturing (4.3 vs 2 expected and -8.6 prior), strong Retail Sales (0.4% vs 0.2% expected and 0.4% prior), lower than expected Business Inventories (0.3% vs 0.4% expected and 0.5% prior) although we did have declining Import (-0.9%) and Export (-0.7%) Prices and Industrial Production (0% vs 0.2% expected and 0% prior) was awful and Housing Starts (1.25M) were a bit disappointing.

We will get Leading Economic Indicators at 10 am and they are expected to be flat and tomorrow we get the Michigan Consumer Sentiment reading, which was last seen at 98.2 and that's it for our data so mixed – no matter what happens with the last two.