November 16, 2022
Good morning,
The market seems to be taking a breather so far this week – the S&P 500 is flat through last night’s close and Futures are about unchanged pre-market this morning.
The Retail Sales data for last month was released this morning and there are a few signs that the consumer is rolling over. Retail sales beat comfortably on every aggregate, with considerable strength evident beyond the auto component. The data could add to the argument that a Fed pivot is not imminent.
No change in the story from this perch – the market remains in rally mode but has not yet signaled that it can extend beyond the end of the year.
See you Friday.
Be well,
Mike
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