(The data Wednesday is as of 3:30 PM ET given appointment away from the turret.)
Economic data Wednesday was mostly miserable once again.
To begin, China’s GDP fell to 6 year low of 7% vs 7.3%. In Europe ECB officials have concluded a Greek default will be no big deal. In the U.S. Empire St Mfg Survey plunges to -1.19 vs 7 expected & prior 6.9; Industrial Production down sharply to -0.6% vs -0.3% expected 7 & prior 0.1%; Ah, the lone good report from homebuilders rose to 56 vs 55 expected & prior revised lower to 52. (This is the data point bulls are feasting on); oil inventories showed a rise of 1.3M bbls which although an increase, was “less than expected” allowing