“Chicago PMI slumped to 49.0 in April, down from 52.4 in March and at a reading indicating contraction. That’s the worst reading since September 2009. Economists polled by MarketWatch had expected a 52.5 reading.”
"It's only the third time in history that we've gone from January into May 1 without a 5 percent correction.," he said. "The other two times, you didn't get a great result afterward..."
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He went on to suggest that the United States position is actually much riskier than Japan because Japan’s debt (200% debt to GDP ratio) is funded by its citizens while the US debt is funded by foreigners. Video at…
Tuesday, the S&P 500 was up 0.25% to 1,598 (rounded), another new high. VIX was down 1.4% to 13.52.