Retail Sales in Focus This Morning

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Our View

Retail sales, Import Price Index, Business Inventories and the Home Builder’s Confidence index are in focus, while Fed Gov Kugler speaks. I don't know what the impact will be, but when the dust settles, the ES is still going up. 

The reason the ES and NQ sold off yesterday is that both were extremely over-extended. Say what you like, but there was $2.3 billion for sale late in the day, which pushed selling into some of the tech names which in turn put pressure on the S&P. 

On another note, I took a tumble off my Polaris GEM car. A jacked up Ford 150 ran a red light and I had to swing quickly out of the way, but I fell out of the cart and broke my nose, bruised ribs, wrist, and scrapes all over my hands, arms and legs. They got the driver for running the red light, but I'm not kidding there is not one part of me that isn't hurting. It's hard doing the report so if you see a reduced version this week it's because I'm scaling back. I just don't bounce as well as I used to.