Even as the chart monkeys continued their rampage today attempting to tag the 200-DMA (2745 on the S&P 500), more news from the real world provided a potent reminder that bloody noses and worse are what comes next in the Wall Street casino.
We are referring to 0.6% drop in factory orders reported for the most recent month (November), which came on the heels of a 2.1% drop in October. Not only does that contradict the idea that the U.S. economy is accelerating again owing to the Trump stimulus, but this back-to-back decline in total factory orders is only the half of it.
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