Markets End Quarter With Futile Window Dressing

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It was a good day for positive window displays but markets under the main indexes were still quite weak. So for those with bonuses on the line they had a good day.

Economic data reflected weakness but that helps the “bad news is good” crowd thus forestalling interest rate increases anytime soon. These included: PMI Mfg Index lower 60.5 vs 62 expected & prior 64.3; weakening Case-Shiller HPI -0.5% vs 1.3% expected & prior 1.00%; lower Chicago PMI 60.5 vs 62 expected & prior 64.3; and, weakening Consumer Confidence 86 vs 92.5 exp & prior 93.4.

European markets were stronger early as investors believed the ECB’s Draghi would pick-up the QE baton passed to him from the Fed’s Yellen.

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