My equity screens got all jumpy right at 7am (pt) this morning, as new home sales, consumer confidence and the Richmond Fed Manufacturing Index were all released at the same time.
As of the moment, stock prices — after seesawing for the first few minutes after those releases — are moving lower.
While this is too short-term to take with much more than your grain of salt, the action — at least for the moment — suggests that the bad news is good news trade (i.e., the Fed’s going to cut rates) is waning; as all three came in below (way below in terms of new home sales and consumer confidence) expectations.
Of course there’s more going on this week than the data releases!
Per my narrative, as well as the technical indicators I’ve been sharing on the videos lately, some downside volatility right here is very much in the cards.
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