And so we had the downdraft in stocks today, because of 'better than expected economic data' that 'might cause the Fed to raise rates sooner' rather than later.
Complete and utter baloney, a story for the tourists.
Stocks were jammed up against overhead resistance, and the pros were handing off their inflated shares to the specs and institutions, and positioned themselves for a downdraft.
And so today I covered the 'aggressive' short and took the profit. Maybe we will get more downside, or upside, but it won't be because of any economic news of the mild sort we got this morning.
Durable good are notoriously volatile, and anyone who bases investment decisions off squiggles like this, or the consumer index which is a lagging indicator of the stock market. The housing data was pretty much inline, but housing data these days makes the work of the BLS look good.
So there you are, another day in the Imperial Republic.
Have a pleasant evening.
