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Assessment: Mortgage applications at a 27 year low and a lot of data revisions lately…downward. It is amazing to me that clearly the government is fudging these numbers as they go along, hoping the economy corrects itself so that when the real numbers come out…nobody cares…because it’s past data and current data is great at the time. So all is forgiven and forgotten. What happens when you kick the can down the road, but when someone finally finds the can, nothing has changed? At which point that somone realizes the picture they see is a facade? That’s what we are seeing now and the market sentiment is turning sour..albeit slowly. Retail traders will be the last to join the party, but by the time they join the party the institutions will have dumped all their shares to them.
Oh yeah, and the Saudis are holding back oil production. The one catalyst that could kill this very fragile market is an aggressive move in oil. Keep an eye on that market. OPEC is in a passive war (oxymoron…but you get the idea) with the US and Europe.
Good luck in your trades!