Not much love for SPX sectors this week
not a surprise then to read that “according to BofA Investors pulled a massive $25.8 billion out of U.S. equity funds in the week to Wednesday, the third biggest outflow ever from the asset class, BofA’s weekly fund flow report showed on Friday.” Reuters I mentioned this briefly in my Morning outlook
Durable goods this morning received little attention, not much of a surprise. I prefer to look at the proxy for business spending Capital goods orders and shipments,they pulled back for second consecutive month after printing higher for 2 consecutive months. thus a choppy pattern of recovery.Below Shipments of Capital goods ex aircraft.
today’s trade so far sees a subtle rebuff of the Dollar rules all trade. yes stocks and Gold traded inversely to dollar moves but not with same momentum as earlier this week,The weak hands have folded possibly .Dollar sitting near session highs and Nasdaq now making new highs ,One day does not change a trend