Relief Bounce Starts But it is Less Than Convincing
SUMMARY:
- Market makes the expected bounce but it looks to be simply going through the motions
- Jobless claims continue to hold in above 400K.
- Trade Deficit shrinks unexpectedly as exports hit a record and imports shrink. That will raise GDP but again, that is illusory.
- Corn inventories revised sharply lower as a shortage looms.
- If the bounce does not show more spunk, be ready to exit upside positions and put some more downside positions to work.