Wednesday’s Drivers Indicate Deterioration Ahead for Stocks

Stocks look unsure today, with the SPDR S&P 500 (SPY) off fractionally mid-morning. There’s little catalyst to drive the broader market with conviction today. We have just three mild mannered economic reports reaching the wire, and with Europe on vacation and the market otherwise numbed to ongoing economic weakness there, global markets seem numb as well. However, the news has been bad enough to eventually be absorbed, especially regarding what the Bank of England and a major Chinese real estate developer reported today. So, late market deterioration, probably at a slug’s pace, should follow through to the close or at least through the week. Though, we remain in the heart of a light trading season here, with few real news drivers on the schedule this week.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Overseas Drivers
The Bank of England (BOE) added a most unsavory ingredient to stock action this morning when it cut its economic growth outlook. Within its Inflation Report, the bank said that growth would likely be less than it previously thought over the next few years. Perhaps even more troubling was its description for the economy as “uncertain”. For the second quarter, the BOE sees 0.7% contraction. The BOE believes GDP has now contracted for three consecutive quarters in the U.K. and expects euro area GDP likely contracted in Q2 as well. That news is souring European shares today. Still, the iShares MSCI United Kingdom Index (EWU) was up a half of a percentage point in the early going.

International Markets

EUROPE	ASIA
EURO STOXX 50: -0.6%	S&P/ASX 200: +0.5%
DAX: -0.4%	Hang Seng: Unchanged
FTSE 100: -0.3%	Nikkei 225: +0.9%

The state of the Chinese real estate market had some light shed on it Wednesday. China’s leading residential real estate developer, China Vanke, reported its first half results. The developer said small enterprises have reduced new construction in the second half of the year. Vanke said starts were down 15% in the second quarter, year-to-year, and its realized prices were down 11% in the first half. The iShares FTSE China 25 Index (FXI) was still up by a half point in the late morning.

U.S. Economic Drivers
With interest rates edging higher in a slow summer week, the Weekly Mortgage Applications Survey indicated mortgage activity declined in the period ending August 3. The MBA’s Market Composite Index declined 1.8% on a seasonally adjusted basis. The Refinance Index fell 2% as the Purchase Index (applications for home purchases) decreased 1%. It seems house hunters have gotten spoiled due to week after week of new record low mortgage rates. It looks like they’ll wait out rates as a result. Nonetheless, record low mortgage rates have done relatively little for home sales. See our latest report on that issue here.

The Productivity and Costs Report for the second quarter produced an increase against Q1. Nonfarm business productivity increased 1.6% against a prior period decline. That said, the decline from Q1 was revised higher to negative 0.5% from minus 0.9%. And productivity also exceeded economists’ expectations for a 1.3% Q2 increase. The productivity gain came on a 2.0% rise in output and a 0.4% increase in hours worked. Unit labor costs jumped 1.7% against expectations for a 0.9% increase. In the first quarter, labor costs increased 5.6%, revised upward from 1.3%. While this data is aged now, it reflects a better view of Q2 than most other data. Though, somehow, I feel like Boeing (BA) is solely responsible for it!

New petroleum inventory data reached the wire this morning. The data for the week ending August 3 showed crude oil inventory decreased by 3.7 million barrels. That followed last week’s reported dramatic draw from crude oil inventory and total motor gasoline stocks. Gasoline stores fell by 1.8 million barrels in this latest period. This has the price of oil and gasoline higher today. Nearest term contracts for WTI Crude and Gasoline RBOB Futures are up 0.33% and 0.15% in mid-morning. The iPath S&P GSCI Crude Oil TR Index ETN (OIL) was up 1%.

U.S. Corporate Drivers
Ralph Lauren (NYSE: RL), the outfitter of the U.S. Olympic Team’s parade uniforms, which were scandalously produced in China, reports EPS results. Look for more earnings reports from Macy’s (NYSE: M), News Corp. (Nasdaq: NWSA), CenturyLink (NYSE: CTL), Alpha Natural Resources (NYSE: ANR), Apollo Investment (Nasdaq: AINV), Boingo Wireless (Nasdaq: WIFI), Canaccord Financial (CF.TO), Cardiovascular Systems (Nasdaq: CSII), Century Casinos (Nasdaq: CNTY), Cincinnati Bell (NYSE: CBB), Clean Harbors (NYSE: CLH), Computer Sciences (NYSE: CSC), Corrections Corp. of America (NYSE: CXW), Dean Foods (NYSE: DF), DISH Network (Nasdaq: DISH), Dot Hill Systems (Nasdaq: HILL), Dun & Bradstreet (NYSE: DNB), Eagle Bulk Shipping (Nasdaq: EGLE), Echostar (Nasdaq: SATS), Euroseas (Nasdaq: ESEA), Forestar Group (NYSE: FOR), Great Plains Energy (NYSE: GXP), Hansen Medical (Nasdaq: HNSN), HollyFrontier (NYSE: HFC), ING Groep (NYSE: ING), Integrys Energy (NYSE: TEG), International Flavors & Fragrances (NYSE: IFF), Jack in the Box (Nasdaq: JACK), Kinross Gold (NYSE: KGC), Lamar Advertising (Nasdaq: LAMR), Liberty Media (Nasdaq: LMCA), Lionbridge Technologies (Nasdaq: LIOX), LMI Aerospace (Nasdaq: LMIA), Maidenform Brands (NYSE: MFB), MBIA, Inc. (NYSE: MBI), MEMC Electronic Materials (NYSE: WFR), Miller Industries (NYSE: MLR), Molex (Nasdaq: MOLX), Monster Beverage (Nasdaq: MNST), Neenah Paper (NYSE: NP), Orbitz Worldwide (NYSE: OWW), PPL Corp. (NYSE: PPL), Ralcorp (NYSE: RAH), Rio Tinto (NYSE: RIO), Rosetta Stone (NYSE: RST), Satcon Technology (Nasdaq: SATC), Seattle Genetics (Nasdaq: SGEN), Stifel Financial (NYSE: SF), TETRA Technologies (NYSE: TTI), Tidewater (NYSE: TDW), TreeHouse Foods (NYSE: THS), Universal Display (Nasdaq: PANL), XO Group (Nasdaq: XOXO), ZipRealty (Nasdaq: ZIPR) and more.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

The Greek's Market Report

The monthly Employment Situation Report is the hands down driver of stocks today, and the news was mixed. While nonfarm payrolls increased, supported by the private sector, the unemployment rate deteriorated. That had futures higher after the news and the SPDR S&P 500 (NYSE: SPY) trading up 1.2% in the premarket; SPDR Dow Jones Industrial Average (NYSE: DIA) rose 1.0% and the PowerShares QQQ (Nasdaq: QQQ) gained 1.3%. We’ll also receive an important service sector measure this morning that could have some impact on stocks. The news from the corporate sector highlights an earnings beat from Procter & Gamble (NYSE: PG) with its shares higher in the early morn. Knight Capital Group (NYSE: KCG), OpenTable (Nasdaq: OPEN) and LinkedIn (Nasdaq: LNKD) are leading stocks higher this morning.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Market Preview

Overseas Markets

EURO STOXX 50 INDEX	+2.8%
FTSE 100	+1.5%
DAX	+2.5%
S&P/ASX 200	-1.1%
HANG SENG	-0.1%
NIKKEI	-1.1%

The Employment Situation Report offered mixed information this morning. The report for July showed a 163K increase in nonfarm payrolls, which was better than the economists’ expectation for 100K, according to Bloomberg’s survey. Unfortunately, June was revised lower, to 64K, from the 80K initially reported. The unemployment rate deteriorated to 8.3% in July, from 8.2% in June, missing economists’ expectations for 8.2%. Private nonfarm payrolls did relatively well, rising 172K, against economists’ expectations for a 110K increase and better than ADP’s forecast for a 163K increase; so ADP didn’t cry wolf (or dove this month) after all. Unfortunately, I see labor deteriorating in the months ahead, as the economy pressures employers to cut costs.

When reported this morning, the Monster Employment Index (MEI) will take a back seat to the government data. The MEI measures online job search activity and so is an important measure of labor, though I haven’t found it insightful outside of its anecdotal play. In other words, it cannot gain a voice today for stocks, given the volume of the government report.

ISM reports its Non-Manufacturing Index at 10:00 AM, with expectations set for a slight decline to 52.0, from 52.1 in July. This report is more important than ISM’s manufacturing data, because 90% of the American economy is driven by the service sector. However, the market mostly focuses on the manufacturing data, and so this index also sits behind the employment report in terms of market importance this morning. Over time though, it will be noted by influential market participants and media, and will affect the shares you trade.

Corporate Wire:
Knight Capital Group (NYSE: KCG) is looking up 5% in the premarket, after tanking the last few days on worry about its status as an ongoing concern. The company’s fate remains unsure, as it seemingly desperately opens its books up to potential saviors, its reputation tarnished by the flaw in its trading system this week. Private equity firms and at least one rival are speculated to be among its potential suitors.

Procter & Gamble (NYSE: PG) reported this morning, and was up almost 2% in premarket trading. P&G posted EPS of $0.82 before the proceeds of its snacks business sale, well ahead of the analysts’ consensus for $0.77. The company set its fiscal year guidance range at $3.80 to $4.00, which incorporates Wall Street’s consensus for $3.92. Consumer staples like P&G tend to garner capital in hard times, and the company’s expansion efforts in emerging markets supports growth. Thus, the shares are looking higher today.

The rest of the day’s corporate earnings schedule, which could prove influential for all stocks, has key news from Viacom (Nasdaq: VIAB), NYSE Euronext (NYSE: NYX), The Washington Post (NYSE: WPO), EOG Resources (NYSE: EOG) and Agrium (AGU.TO). Look also for earnings from Alliant Energy (NYSE: LNT), Allianz SE (ALV.DE), Artio Global Investors (NYSE: ART), Assisted Living Concepts (NYSE: ALC), Beazer Homes (NYSE: BZH), Buckeye Partners (NYSE: BPL), Cowen Group (Nasdaq: COWN), Dresser-Rand (NYSE: DRC), Elster Group (NYSE: ELT), Entercom Communications (NYSE: ETM), EPAM Systems (Nasdaq: EPAM), Exelis (NYSE: XLS), Exide Technologies (Nasdaq: XIDE), Federal Signal (NYSE: FSS), First Federal of Northern Michigan Bancorp (Nasdaq: FFNM), Gartner (NYSE: IT), Gray Television (NYSE: GTN), GSE Holdings (NYSE: GSE), Health Net (NYSE: HNT), Immunogen (Nasdaq: IMGN), ITT (NYSE: ITT), IXYS Corp. (Nasdaq: IXYS), Lightbridge (Nasdaq: LTBR), Marlin Business Services (Nasdaq: MRLN), Novavax (Nasdaq: NVAX), PNM Resources (NYSE: PNM), RBC Bearings (Nasdaq: ROLL), Royal Bank of Scotland (NYSE: RBS), Shenandoah Telecommunications (Nasdaq: SHEN), Sirona Dental (Nasdaq: SIRO), Telephone & Data Systems (NYSE: TDS), Tsakos Energy Navigation (NYSE: TNP), UIL Holdings (NYSE: UIL), Wellcare Health Plans (NYSE: WCG) and WGL Holdings (NYSE: WGL).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Bernanke Vs. Economy

The direction of the market today and moving forward will be determined by which factor the market views more critical. Will it be the prospect of new creative stimulus employed by the Federal Reserve Chairman, Ben Bernanke, or will it be the ominous slowing of GDP growth.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Bernanke Vs. GDP

At the hour of publishing here, I can only state expectations for economic growth of 1.2% for the second quarter, the slowest pace in a year, according to economists surveyed by Bloomberg. The range of views extends from 0.9% to 2.4% on a real basis, and represents a significant slowdown from the first quarter’s similarly slowing pace of 1.9%. The American economy is a big ship, and before she can stop or turn, she must slow. Well, the slowing is starting to get real for investors, and so all eyes are keyed on the pilot’s quarters.

Some say the efforts and the economic guidance of the Federal Reserve have helped to stave off a second great depression, and others argue that the efforts of the Fed are fruitless, and in fact lead us into bigger mess, ala the stock market and real estate bubbles of the last two decades. The next bubble appears to be in U.S. treasuries, but if that one blows, well then it all might be over. If interest in U.S. treasuries disappears, the depression that follows will be rivaled by no other time in U.S. history, in my view. In that case, with the dollar devalued, perhaps only gold will draw interest. Gold has in fact been my favorite investment idea for nearly 10 years now, and the performance of the SPDR Gold Trust ETF (NYSE: GLD) reflects the direction toward the disastrous end I just depicted.

I’ve been arguing that the Fed is out of bullets for five years now. What it has been fighting with is band-aids, but the wound has not healed behind its temporary cover. As a result, I see confidence in the Fed chief fading. You can see rally in the SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones Industrials (NYSE: DIA) and the PowerShares QQQ (NYSE: QQQ) in anticipation of Fed speak. Still, when we look ahead, we see a cliff’s edge getting closer and closer. Our pace seems to slow at times, and it seems we might turn at times, but it’s all an illusion, because we continue to head toward that cliff.

Regarding cliffs, the Fed Chief rightly points to fiscal policy for the medication the economy and the market needs to heal. And as the “fiscal cliff” approaches, our doctors continue to quarrel about how the surgery should be performed. Americans should be demanding of their Congressmen today to resolve the issues that will otherwise be pushed forward to the midnight hour.

Fear of the fiscal cliff is keeping businesses and individuals from planning and spending today, and it will increasingly cause trepidation for stocks. We cannot expect our banks to do anything but sure up capital, and so they do. Yet, in Congress, our leaders prefer to criticize Bank of America (NYSE: BAC) and J.P. Morgan (NYSE: JPM), and to interrogate them on the issues that have plagued them recently. That is fine; but also fertilize the ground with sound fiscal policy and give them the tools to fuel economic growth. Otherwise, our nation’s greatest companies will suffer, because Europe and China will not be enough nor able to sustain them. So, General Electric’s (NYSE: GE) goods will find fewer buyers and Wal-Mart’s (NYSE: WMT) prices will not be cheap enough. The evidence of this is clear by the latest quarterly performances of Starbucks (Nasdaq: SBUX), McDonald’s (NYSE: MCD) and Yum! Brands (NYSE: YUM), which each disappointed investors due to shortfalls in their Chinese business.

So, in the battle royal pitting the latest GDP data against the Fed champion, GDP must win. Our only responsibility is to make him into a good champion.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Bernanke’s Best Debbie Downer Imitation

Federal Reserve Chairman Ben Bernanke did his best imitation of SNL character Debbie Downer Tuesday morning, driving stocks immediately lower before the market laughed him off. Bernanke delivered the Fed’s semi-annual Monetary Policy Report to Congress including his personal testimony to the Senate Banking Committee Tuesday morning. As you can see by the action of the SPDR S&P 500 (NYSE: SPY), he had a significant impact.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Bernanke Downer

Stocks had actually gapped open higher on hope that Bernanke might speak of further quantitative easing or new mechanisms to spur employment and economic activity. The SPDR Dow Jones Industrial Average Index (NYSE: DIA) and the PowerShares QQQ (Nasdaq: QQQ) acted in concert with the SPY.

The Federal Reserve Chief disappointed investors in his opening statements as he spoke of a likely slower rate of economic growth for the second quarter of 2012. The first reporting of second quarter GDP is set for Friday of next week. He went on the discuss the stall in the labor market over the course of the second quarter, with an average increase of just 75K jobs through the last three months. He talked about still tight borrowing conditions for businesses and households, something Bank of America (NYSE: BAC) may have something to say about Wednesday morning when it reports its earnings. He said the contribution of the housing market to the recovery was less than usual during these latest strange days. Still the shares of the SPDR S&P Homebuilders (NYSE: XHB) and major builders like Toll Brothers (NYSE: TOL) rose on the day’s news of improved builder confidence.

Reassuring his concerned national audience, Bernanke said headwinds should diminish over time, allowing the economy to grow somewhat more rapidly and the unemployment rate to decrease. However, he warned, given that growth is projected to be less than satisfactory to draw many new entrants into the labor force, the recovery will be labored.

The Fed chief also spent a good deal of time warning Congress about the risk of pushing expiring fiscal legislation to its famous cliff’s edge, now widely known as the “fiscal cliff.” Just allowing the issue to stew could stall economic activity, as it restrains business plans for expansion. Then there’s the risk of stirring the sleeping dragon, Standard & Poor’s (NYSE: MHP) of the infamous downgrade of U.S. sovereign debt. Paraphrasing, S&P’s reasoning for its downgrade last time around, it was due to our government’s inability to work responsibly for the better good. All these things work to destabilize the footing for stocks, and that’s exactly what they did Tuesday morning.

After curiously being questioned about the Libor scandal, Bernanke answered the misplaced query with more concerning speak, saying he could not guarantee Libor pricing was reliable today. Barclays (NYSE: BCS) and other global banks continue to be weighed by an ominous cloud that threatens to rain down expensive regulatory settlements and costs to the ongoing operations of banks.

Still, solid earnings reports from Coca-Cola (NYSE: KO) and Goldman Sachs (NYSE: GS) reassured a worried market. The Consumer Price Index (CPI), which was reported this morning, served to scare nobody, though we warned that inflation may return. The SPDR Gold Shares Trust (NYSE: GLD) showed no fear of that, though, retreating a half point on the day. The iPath GSCI Crude Oil TR Index (NYSE: OIL) gained 0.8% on the day, though, as the U.S. Navy fired upon a threatening vessel in the Persian Gulf, killing one individual Monday. Integrated energy company, Exxon Mobil (NYSE: XOM), was up 0.8% on the day in concert with oil.

Industrial Production growth was reported stronger than expected in June, up 0.4%, against economists’ expectations for a 0.3% increase, based on Bloomberg’s survey. However, the prior month decline was revised lower; that allowed the same level of activity as expected to result in a higher growth rate. Still, the market seemed to miss that point, driving the shares of industrials higher on the day, with the Industrial Select Sector SPDR (NYSE: XLI) up 0.4%, and shares of GE (NYSE: GE) and Caterpillar (NYSE: CAT) up 0.7% and 0.9%, respectively.

On Wednesday morning, Chairman Bernanke will do it all over again, this time testifying before the House Financial Services Committee. The Fed remains ready to act, but the question is, can its bullets do any more damage. In conclusion, it may be exactly that potential damage that many market participants increasingly fear. Whether the Fed might do damage in the end if there are unintended consequences to its actions down the road (aka inflation) is a question gaining more volume as the days pass.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

On Europe, Can You Hear Me Now?

Over the last several months, I’ve been harping about what the impact of a recession in Europe would be for the U.S. economy and stocks. However, in todays "I’ll believe it when I see it" society, and with a stock market on the rise since early October, investors have been hard to sway. Still, I’m a tough cookie, willing to take the abuse of popular opinion to guide those willing to listen toward the protection of their capital and advanced, wise placement of new money ahead of the herd. So, with regard to Europe, can you hear me now?

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Can You Hear Me Now?

It was just a few days ago when I said the Greek problem was our problem and held steady on my bearish call on the rising European ETFs. Well, Tuesday the EURO STOXX 50 Index dropped 3.4%, and that Vanguard European ETF (NYSE: VGK) that was sticking stubbornly higher last week, dropped 4.1%. The iShares S&P Europe 350 Index (NYSE: IEV) fell 4.0%, and the words of your favorite Greek turned golden. It seems by the movements of the markets that most of you were surprised, but readers of my column sure weren’t. Though, fear not new friends, because there’s more where that came from.

The reason for the latest lashing was prophesied almost word for word in previous articles found along this string. Deteriorating European economic data is increasingly indicating recession is plaguing Europe, coloring in the areas we demarcated for our following friends over the last few months. Meanwhile, the recently reported as resolved Greek issue lingered, like we said it would here. But let’s not lull too long in the lotion of our latest lucid thoughts.

The European Union reported on Tuesday that economic output contracted 0.3% in the fourth quarter of 2011. The important economic region’s weakness was hurt by soft household spending, manufacturing activity and exports. Yet, no economist should be surprised, as the austerity being forced down the throats of Europe’s most indebted nations (better when slowly digested) was bound to choke economic activity during this post financial crisis new age. The secular bear seems set to roar some more now as a result.

Add to the economic woes of the Europeans the threat of Greece missing its deadline to restructure its privately held debt via swap, and you have the recipe for a stock market wake up call. Greece has secured the agreement of some 58% of its private debt-holders to-date to accept a severe change in the terms of their contracts, hinged on a halving of the money owed them. Greece had hoped, somehow, to secure 90% agreement, but of course misjudged as usual. All of the nation’s major banks and probably its pension funds are bowing to government pressure, and over 30 European banks and insurance firms have been successfully coerced to surrender as well. Greece will employ collective action clauses to force the rest into compliance, if it secures adequate approval to change the terms of the agreement. Everything seems to be up in the air still, with the deadline set at 10:00 PM Thursday Athens time.

Some of the institutions which have agreed to participate are Ageas (OTC: AGESY.PK), Allianz SE (OTC: AZSEY.PK), Alpha Bank SA (OTC: ALBKY.PK), Axa SA (OTC: AXAHF.PK), La Banque Postale, Banco Bilbao Vizcaya Argentaria SA (BBVA.MC),BNP Paribas (OTC: BNPQY.PK), CNP Assurances SA (Paris: CNP.PA), Commerzbank AG (OTC: CRZBY.PK), Credit Agricole SA (OTC: CRARY.PK), Credit Foncier, DekaBank Deutsche Girozentrale, Deutsche Bank AG (NYSE: DB), Dexia SA (DEXB.BR), Emporiki Bank of Greece SA, EFG Eurobank (OTC: EGFEY.PK), Generali (ASG.F), Greylock, Groupama SA, HSBC Holdings Plc (NYSE: HBC), ING Bank (NYSE: ING), Intesa Sanpaolo SpA (OTC: ISNPY.PK), KBC Groep NV, Marfin Popular Bank Plc (Athens: MARFB.PK), Metlife Inc. (NYSE: MET), National Bank of Greece (NYSE: NBG), Piraeus Bank SA (Athens: TPEIR.AT), Royal Bank of Scotland Group Plc (NYSE: RBS), Societe Generale SA (OTC: SCGLY.PK) and Unicredit SpA (UCG.MI).

The S&P 500 Index was up Wednesday, but dropped 1.5% Tuesday, with the SPDR S&P 500 ETF (NYSE: SPY) off the same amount. Why would you suppose that is if not for the tragically real economic risk posed by a European recession to the U.S. economy? That said, the latest American data refreshed the thirst of greedy traders seeking reason for rise, with the often off ADP Private Employment Report noting the estimated addition of 216K private sector jobs in February. As Europe starts to rub off on the rest of the world, including the American economy, which ships 20% of exports into the struggling domain, I expect global markets will move lower in more determined fashion. So, I continue to warn against taking satisfaction in the economic data of the day, while not considering what may change in the months ahead. And I haven’t even mentioned the Iran trigger, which weighs heavily over our collective heads.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.