Retail sales disappointed, coming in at a paltry 0.1% — well below expectations of 0.5%. Once again, we see how dependent the data is on gas prices. And, once again, we’re left to wonder if the number would be positive at all if: (a) accurate inflation adjustments were used, and (b) the impact of the trade wars wasn’t already being felt.
ES is still positive by a few points after breaking out yesterday on the expected “timely” breakdown in VIX.
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