by Dave Kranzler, Investment Research Dynamics:
The financial markets are more distorted and perverted than ever; and there is no sign that dynamic will end for the foreseeable future. – The King Report, June 16, 2015
Today is one of those days when the Fed’s footprints were all over the markets. Yesterday’s negative economic reports – industrial production declined .2% for May and was revised lower for April to -.5% from -.3%; NY Fed manufacturing survey plunged into contraction and has been declining for five straight months – were followed up by an 11% plunge in housing starts in May.
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