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Market Overlooking – Smaller- Sparks
Small business optimism sits at 104.5, and remains near record high levels; six straight months at this level is the longest streak since 1983 when the index reached a record high reading in July of 107.7. The reading came in better than consensus of 103.8.
Perhaps, there would have been a record if not for the issues surrounding the vote on the Obamacare replacement.
“Expected business conditions is the most volatile component of the Index,” said NFIB Chief Economist Bill Dunkelberg. “Small business owners want Congress and the White House to address the high cost of health care, which has been their top concern for more than 30 years. When that effort failed in March, expectations for better business conditions collapsed.”
I like the action in airlines, furniture retailer stocks, and for the week, medical instruments. But, the market is still seeking a macro spark. I think all the micro developments are the macro signal, but the market needs more.
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