That's one heck of a 'glitch' Mr. Kudlow..., 2/14/19, Ian C. Burdette, CFA, CMT
The retail sales control group reading this am of -1.7% is really astonishing. See graph below but you have to got back to the very dark 9/11 episode to find a MoM reading that just equals the downdraft and the only monthly reading from the last 30yrs that was lower was during 'Y2K.' Yet, Nasdaq is up on the day and SPX is off less than a 1/10th of a %. This certainly reaffirms (in my mind) that data is relatively meaningless - market machinations are a function of 1) politicians talking their book and 2) Central Bank puts.. There were two main themes we have been force fed 24/7 by the talking heads on 'bubble vision' that are driving US risk markets higher: 1) the underlying US economy is strong and 2) a deal trade deal w/ China is all but inked. Today, we find both are suspect at best. What am I missing?