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On to charts: Retail sales came in at 0.9% after three negative reports in a row. Another disappointment and not exactly a convincing bounce and hence the “weather” excuse is ringing a little thin here. Yet the “there is no alternative” dreamland market continues float near all time highs. Well if you exclude 70% of the economy (retail) then things are great.
Yesterday saw a rejection at a key trend line, it is OPEX week, but markets are still maintaining key moving averages although each rally comes on fewer and fewer stocks above their 200MA. Let’s see if they jam the open again: