And the circus continues…

quick note on this morning…

-Pre-Market Indices: up nicely
-CPI: slightly higher than expected .4% and core at .2%
-Initial claims: up to 428k on expectations of 411k
-Empire manufacturing: -8.82 on expectations of -4.0

now taking this into account, which one of these looks out of place to you? Exactly. we’re initiating shorts. maybe just for the day. But the disconnect is glaring. We don’t put a whole lot of emphasis on expectations in things like the initial claims and the Empire survey because what does everyone else really know? But you look at the data and the trend is right on course. nothing has changed. We realize there’s a lot of noise in Europe(Italy passes austerity, etc) but we don’t buy it. The data will sink in as the day progresses.



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