Kind of Gloomy
The News Is What It Is
Weekly Jobless Claims 5.245 Million vs. 6.606 previously yet under the 6 Million expected by many.
Philly Fed. General Business Conditions came in at – 56.6 vs. -30.8 expected and was previously -12.7
U.S. Housing Starts dropped to 1.216M vs. the 1.599M previously
Permits held up relatively well at 1.353M while 1.464M was expected
The EIA Natural Gas report shows a rise of 73 billion cubic feet when it was expected to be only 38bcf
As dismal as these reports were equities did stage a rally only to give back all their gains and then some. By mid-day the dow is 200+ lower and the S&P’s are around 5.00 lower.
Grains at around Noon Eastern are mostly lower apart from corn which is steady to a penny higher.
Meats are working higher but the Hogs are still $4.00 under that gap I spoke of yesterday.