So here is today’s question ………
The ten year pierced 3.00% this morning and now trades 2.96%.
Bank stocks are in the toilet as Citi tries to hold 40 and BAC tries to hold 11 and a quarter.
The Case Shiller Home Price Index confirmed yesterday that we have a double dip in home prices and the market is basically back to 2002.
ADP reported this morning that it saw punk employment growth in May. This, in turn, had every economist on the street scrambling to lower their jobs forecast for Friday.
The Institute for Supply Management factory index for May showed the largest fall in twenty-seven years and the forward look on manufacturing looks downright horrifying.
Auto sales from Ford and GM came in flattish and inventory continues to build at GM. Which makes perfect sense for a company that is expecting to make it’s year on higher prices and fewer incentives.
Oil is holding $100
Gold is $1550
The House of Representatives voted last night to not raise the U.S. debt ceiling. Which is fine because 150 of our nation’s “top” economists have blessed such a move unless trillions in spending cuts are agreed to over the next two months.
Bees are attacking New York City.
The Fed bought another $8 billion in treasuries today.
Lebron is coming up on Michael quickly and it now looks like nothing will be able to stop the Heat.
The Japanese are radiating the Pacific.
Adele is cancelling tour dates.
Ohio State is in ruins.
So here is the question ….. Does all that add up to 1325 on the S&P?
