Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Following on this morning’s theme, we had a batch of data at 10 AM and none of it was that positive. The market reversed pretty sharply but is stabilizing a bit now.
- Index of Leading Indicators +0.3% vs 0.7% in February
- Philly Fed 8.5 vs 12.5 in March
- Existing Home Sales 4.48M vs 4.6M in February
Probably the last one is the key one for the day as the “housing has recovered” meme is hot and heavy in the stock market for the 4th? 5th? year running. Home sales should be ramping each and every month go forward from February to at least June, so this month over month degradation is something to note.
Bigger picture – the tailwind of “better than expected” economic data (off very low expectations) appears to be gone, and rather than trying to beat very low data points, serious improvement is now going to need to be shown in the months ahead.
Completely unrelated, Apple has been weak all morning… but for now we’re back in the middle of the “white noise” range I’ve been mentioning S&P 1370ish to 1390ish. Whichever way the market breaks out from there should be telling.
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