“The Empire State manufacturing survey fell into negative territory in May for the first time since January, the New York Fed said Wednesday…
…Separately, the Federal Reserve reported industrial production dropped 0.5% in April…More disconcerting, manufacturing output fell 0.4%, the second monthly drop in a row. Fewer cars and light trucks were produced, reflecting the downturn in sales, and business equipment production as well as construction output also fell.
Capacity utilization fell to 77.8% from a downwardly revised 78.3% in March.” Story at…
Wednesday, the S&P 500 was up 0.5% to 1,659 (rounded).
I suspect every trader who is short has been flushed down the drain. If tomorrow is up, I’ll eat my hat – I may have to find one that is tasty!
The NTSM system sold at 1575 on 16 April. (This is just another reminder that I should follow the NTSM analysis and not act emotionally – I am under-performing my own system by about 2%!)