Tuesday, June 14, 2011

Market comments for June 14th

The latest data released this morning was on Retail Sales for May. Expectations were for -0.7% but the actual number came in at only -0.2%. See, that's an improvement. Retail Sales ex Auto came in at +0.3% and expectations were for the number to come in at +0.4%.

The PPI for May came in at +0.2% while expectations were for a reading of +0.1%. That's all the financial statistics for today which are meaningful although Business Inventories for April data will be released at 7:00am PST, I will not report it.

Dow Futures are up about 100 points today so expect that long awaited bounce this morning. But the overall trend appears to be down and with talk of more quantitative easing, it is clear the Fed sees deflation as the problem, not inflation.

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