The market broke down into the close with the DOW closing below 12300. May be time for another leg down. Economic news is weak and the market reflected that today. The following are some of the news items out today:
Starbucks (SBUX) announces organizational changes and restructuring. "…These changes will restructure the company, but they will also result in a decrease of both the number of positions and partners by approximately 600. This total includes the elimination of existing positions and open headcount, as well as the reduction of current workforce. Within this context, approximately 220 partners have separated from the company. Nearly all were U.S. partners serving in non-retail support roles."
WSJ reports says GM and Chrysler leading decliners in February Retail Sales.
MEXICO DEC Retail Sales: 1.1% V 3.0%est.
S&P cuts 74 ratings on 12 US CDOS of ABS, affecting $6.6B
Job losses, declining retail sales globally, more ratings cuts. This is just a sample of the "minute-to-minute" news items we see everyday and it can seem disjointed, but it’s not. These are but puzzle pieces, that’s why we take these items and put them into a bigger picture context for you.
