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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (16837)	6/11/1999 11:06:00 AM
From: Jerry Olson	Read Replies (1) \| Respond to of 99985

LOL..LG i have been known to be "shagged" before many times...:>} in fact wouldn't surprise me if it happen again????

To: HairBall who wrote (16837)	6/11/1999 11:17:00 AM
From: Les H	Respond to of 99985

Or you could call it Mini-Me Formation. Or Felicity Shortwell. The Consumer Lives Strong retail sales data has pushed the bond market lower this morning. Thirty-year bonds are down 9/32, yield 6.07%. Two-year notes are unchanged, yield 5.65%. "Shop till you drop" consumer. Retail sales for May rose a very strong 1.0%, ex-autos up .5%. Expectations were for up .7% and .4%, respectively. Retail sales for April was revised from .1% to .4%. Ex-autos for April was doubled to .8%. Strength in autos; 2.5%, home furnishings; 1.1% and general merchandise; .9%, were the main items pushing the number higher. Consumption accounts for 2/3 of GDP. The Fed is clearly concerned that there is no sign of the consumer slowing. PPI rose .2%, ex-food and energy up .1%. This matched expectations. Year/year PPI stands at 1.4% vs. 1.1% the previous month. Crude prices (goods in the initial stages of production) rose a surprising 5.5%. Intermediate prices (goods in the intermediate stages of production) rose .2%. Although the number matched expectations, the bond market feels inflation pressures are picking up. The University of Michigan's consumer confidence index for June rose to 109.0 from 106.8. Expectations were for a small decline. This number sits just shy of the record level. The current conditions and expectations components both rose. Expect confidence to remain strong as long as unemployment is low and equities remain strong. Next week will bring lots of economic data, the most important being CPI. Fed Chairman Greenspan will address the Joint Economic Committee on June 17. This should give us a good idea of where the Fed will be heading at the FOMC meeting at the end of the month. Have a great weekend. bonds-online.com