All My Friends Drive Porsches
The nagging issues for yesterday’s session included the woeful auto sales figures for the month of March. Investors were rightfully disappointed with monthly auto sales, which declined 1.7% in March as experts were looking for a 2.2% increase. While it was just an exaggeration of long-term trends, the degree in which cars sales declined implies an economic red flag.
It is true that car sales were down 11.5%; overall, consumers stepped up to buy more expensive vehicles instead:
Big Spenders Spending
Oh Lord, won't you buy me a Mercedes Benz?
However, it was rich folks that did a lot more than tire-kicking with sales increases:
There are going to be many more economic data points out this week, including the jobs report. The market is anxious; but don’t get caught up with the knee-jerk moves and mini-panics. I think the economy is beginning to accelerate, and growth is happening in the right spots.
The market looks lower at the open as directional bias is still to the downside, but each session finds buyers even if not enough to completely stem the gravitational pull. (I don’t think buyers of dips want the market to turn higher just yet, as they accumulate positions.)
Tensions are palpable; this is going to be an intense week.
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