U.S. economic data Tuesday was strong as PMI Mfg Index beat at 57.9 vs 57.8 expected & prior 55.8; ISM Mfg Index beat 59.0 vs 56.8 expected & prior 57.1; and, Construction Spending rose to 1.8% vs 0.9% expected & prior -0.9%. Meanwhile in Europe the most anticipated stimulus package since the invention of the printing press is Draghi’s and the ECB’s stimulus roll-out. The delay has made the event old news perhaps leading to a “sell the news” type of event.
Meanwhile U.S. stocks spent the first trading day of September meandering between gains and losses ending the day mixed with tech (QQQ) rising while other major indexes close with slight losses. Significant losses were noted in gold, energy and other commodities as the dollar rose with