April retail sales came in at 0.4% versus expectations of 0.8%, underscoring the notion that the economy isn’t nearly as strong as the market would have you believe. Futures, already off slightly, have added to their losses.

It remains to be seen, however, whether the propping up of equities in advance of OPEX and the debt ceiling debacle can be derailed.

continued for members…

Currencies are essentially unchanged.

CL has so far ignored the news that the strategic reserve purchases are imminent. Interesting that it occurred at such a critical point in XLE’s chart.

Although rates are higher……the 2s10s remains frozen at -50 bps.