Just a super quick macro update, catching up from the holiday.
Last week our proprietary index gave back 4.08 points, now sitting at -6.12. With 29% of its inputs scoring positive, 35% negative and 36% neutral.
Like I keep saying, underlying fundamentals are not remotely the drivers of stock prices these days.
Three of our inputs gave up a point:
Consumer Spending:
Personal Income:
And the Chicago Fed Nat'l Activity Index:
While one gained a point:
Durable Goods Orders:
There were two worth charting for you that didn't see score changes:
Consumer Confidence (already receiving our lowest grade):
And the Citigroup Economic Surprise Index (tracks reported data against economists' predictions). While still positive, the trend is concerning:
Bottom line: We're still a ways from being out of the woods (economically-speaking).
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