12.13.12
Top Day Market News
Jobless claims at 343K a better than expected number while retail sales were up 0.3%against an expected 0.4% but if you take out gasoline then retail sales are up 0.7%; so, if a number can be both positive and negative at the same time, this is that number. Car sales were robust at the same time gasoline sales were down 4%. Building material sales were also very strong due to the hurricane. PPI down 0.8% versus an expected contraction at 0.5%.
In the aftermath of the Fed action yesterday, gold is now retesting the bottom end of the recent trading range. The new wrinkle yesterday in the communique was the Fed is tying the continuation of everlastingly low interest rates to apparently attaining an unemployment level of 6.5%.
