The Closing Look

Before Thursday’s open, the European Central Bank (ECB) did nothing at its latest meeting which disappointed some investors (who wanted more easy money). Economic data was mixed. Jobless claims came in at 260k, missing estimates for 250k. The Philly Fed Index came in at 9.7, beating estimates for 7.0. Existing home sales came in at 5.470M, beating estimates for 5.35M. Finally, leading economic indicators came in at 0.2% matching estimates.

Gary’s Thoughts: Except for oils,financials and a smattering of other stuff, we remain less than thrilled that A) Major indices continue to trade below resistance/50 day moving average. B) Plenty of stuff acting poorly. C)No ability to hold any rally though there remains no abilty to break this down. Maybe tomorrow.