The midweek report is a day late this week because I needed to digest the results of all of the reports. It is a very confusing week. Step back for a moment. While the economy was showing serious softness the stock market was soaring because company’s profits were growing. Now this week the economy is showing some strength and the stock market is falling as the interest rates are rising. The only housing report was new home sales and that picture was at odds with itself as well. New Home sales were up significantly across the country but the median price fell. All of the manufacturing reports and jobs reports showed great strength. Vehicle sales were up and auto stocks sank on the news. Be prepared for the ultimate in reports tomorrow with the jobs report. Expectations have been for an increase of 180,000 but the ADP report earlier points to a higher number. Rates have been rising on the better economic news so be careful.
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