Market comments for May 12th

Economic news was disappointing for the Bulls today. Initial Jobless Claims came in still over 400K at 434K. Expectations were for 400K. Retail Sales were up 0.5% compared to 0.9% last month, so that wasn't that good. Continuing Jobless Claims 4 week average climbed slightly. The PPI was also higher than expected, which is not good for taming inflation concerns. The PPI came in at +0.8% while expectations were for only a gain of +0.5% so this definitely is a concern. That is almost a 10% yearly gain in inflation. Core PPI came in also higher than expected. Core PPI for April was +0.3% while expectations were for a +0.1% gain.

Tomorrow CPI numbers will be released as will Michigan Sentiment numbers.

Silver declined 8% yesterday but those who own the ETF ZSL, which is an Ultra Short of Silver, gained 16%.