I had an early meeting this morning, so no regular morning market comment.
Yesterday the S&P had no trouble slicing through 1440 so I am now keeping an eye on the 50 day area which is around the 1428 level. The follow through to yesterday's selling has been modest and as long as we can stay above the 50 day and perhaps even the 1410 area this market looks range bound (and you thought only steaks could be range bound).
The numbers out from most retailers for March were strong, though Sprawl-Mart contnues tos struggle: Retail Sales Strong; Wal-Mart Warns on Profit. While I noted last week that some of the tourist related businesses in Williamsburg, VA were complaining about slower business this year from what have been boom times for them in recent years, we did stop in the Prime Outlets of Williamsburg on the Saturday before Easter. The place was mobbed. There seemed to be no shortage of ladies pulling out the Platinum Amex cards to drop $300 to $400 for handbags at Coach, or a few hundred for shoes on 9 West.
The bizarre story of the day: Dow fires 2 for unauthorized buyout talk.
Jobless claims up by 5-digits again this week: Jobless claims hit highest level in two months.
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