Expert: The Real Bombshell Was The Durable Goods Report
The following is a note from TJM Investments' Timothy Anderson.
Today's real bombshell was the December Durable Goods report.
Not only did December come in at -3.4 percent headline and -0.8 percent ex transportation, versus +0.5 percent and +0.7 percent consensus, but the November report, which many expected to be revised higher, was revised lower on both metrics.
November was revised lower to -2.1 percent headline and -1.3 percent ex transportation from a previously reported -0.9 percent and -0.7 percent. Not only was the Durable Goods report awful on every metric, but the timing couldn't have been worse, being on a day when we're also looking at a handful of recently reported lowered guidance from high profile companies.
This is setting up a potential key inflection point for the market the remainder of the week. Tomorrow at 2:00 PM we'll get the FOMC interest rate decision and policy statement.
Follow that up with the first look at 4Q GDP Friday morning, and add in earnings reports from 140 companies in the S&P 500 by the end of the week, and that's not including a handful of geopolitical issues with potential headline impact that could ignite at any time.
Now that's an action packed week by anyone's standard!!
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