pebblewriter

Tag: Michigan sentiment

  • Stagflation Fears Renewed

    January PPI came in much hotter than expected while housing starts and permits fell far short of consensus, stoking persistent fears of stagflation.  PPI came in at 0.3% MoM versus 0.1% expected.  Excluding food and energy, core PPI rose 0.5% versus 0.1% expected. Stripping out trade services, the tally rose to 0.6%, its highest print since January 2023.

    Monthly gains in the index for final demand for services again outpaced that for goods at +0.6% versus -0.2%. Had energy prices not continued their decline (-1.7%) the print would have been even more alarming.

    Futures had been slightly higher overnight, but fell into the red after the closely followed prints. continued for members… (more…)

  • Happy Thanksgiving

    I want wish all our members a safe and enjoyable holiday. We will take Friday off and be back on Monday, Nov 28.

    Markets staged a little celebration of their own yesterday, with ES slipping back up above the 10-day moving average and 3.618 Fib – a gizzard’s throw away from the 200-day.

    Otherwise, not much drama around the dinner table other than XLE failing again at its 93.31 double top as a rather inebriated CL stumbled and fell. The divergence is really quite stunning.

    Durable goods came in much stronger than expected. Keep in mind that new home sales and Michigan sentiment will be released at 10am and Oct Fed minutes at 2pm.

    continued for members… (more…)