Producer Price Index (PPI) data reveals inflation still rising…
FEB U.S. PPI TABLE
Table Of PPI Data From Labor Department, In Percent Changes
FEB. JAN. DEC.
PPI, Finished Goods 0.3 1.0 -0.3
PPI, Ex. Food, Energy 0.5 0.4 0.2
Energy 0.8 1.5 -3.0
Foods -0.5 1.7 1.4
Consumer Goods 0.3 1.1 -0.4
Residential Electricity -0.4 -1.2 0.6
Residential Gas 5.7 0.7 -1.5
Gasoline 2.9 2.9 -7.6
Home Heating Oil -3.7 8.5 -0.3
Drugs 1.3 1.5 0.4
Autos 0.8 0.3 -0.5
Tobacco 0.1 -0.1 0.6
Capital Equipment 0.5 0.4 0.1
Intermediate Goods 0.8 1.4 -0.2
Ex, Food, Energy 0.6 0.8 0.0
Crude Goods 3.7 2.5 1.1
Ex. Food, Energy 3.3 4.0 0.2
Goldman Sachs (GS) and Lehman (LEH) reported earnings and each has reported a ‘better than expected’. Oh goodie, the crisis is over (if you listen to the talking heads). No need for any rate cuts now… LOL
Today is a wait and watch day. 2:15pm is when we find out what the Federal Reserve will do. I can’t remember a time when the market has been so convinced that the Federal reserve will cut the Fed Funds rate by so much and with so much confidence it will happen. Makes me think of a ’sell the news’ once it happens, if it happens.
1 Comments
March 18th, 2008 at 5:29 pm
I hope all you Rebels heeded my warning of the last two days that this market was just about to make a significant pop to the upside.
When the market goes higher after at least 2 major financial institutions go under water…..it is called a “tell”. This market was waiting for “any” piece of good news to explode to the upside.
I do think this counter-trend rally may last a bit longer, but when it approaches the downtrend line I will start to build another short position. Not now though.
I did buy RIMM at the open this morning. I will probably close tomorrow as a trade with a nice 6% profit. I do not want to be long any equities except for a short term day trade.