woensdag 31 mei 2017

Stocks Rebound As Chicago PMI Changes Its Mind, "Corrects" Earlier Dismal Data To Highest Since 2014!!

What a total farce. After Market News International reproted a dismal 4-month low drop in Chicago PMI this morning which sparked a decent reality check drop in stocks, they decided to change their mind.
# 0945ET - U.S. MAY MNI CHICAGO REPORT BUSINESS INDEX AT 55.2; EST 57.0 - lowest since Jan 2017
# 1121ET - CORRECT: U.S. MAY MNI CHICAGO REPORT BUSINESS INDEX AT 59.4 - highest since Nov 2014.
 And so stocks are rebounding...

Meanwhile, MNI had a complete press release with a full breakdown substantiating the earlier report showing the 4 month lows in the Chicago PMI. Here is the original note...

Also quite conveniently, employment has been revised dramatically higher, from 53.7 to 57.1. So "Fake Data" or just more Covfefe?