The Thursday Wrap

The Thursday Wrap

Macro:
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Core PCE on consensus, Initial Jobless Claims on consensus, Consumer Spending beat, Personal Income slight miss. Service Sector Flash PMI miss, KC Fed negative.
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1)  All of the major Equity indices meandered their way lower throughout the day, with the Russell 2000 closing nearly unchanged.  Trading Volume improved to what we could call “below average”.
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2) Things got even uglier for the Transports, with the Railroads again being among the ugliest.
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3) Health Care was easily the leader today, and the Providers were easily their leader after the Obama-Care ruling, and some takeover talk.
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4) Treasuries sold-off, but avoided closing at their lows for the day.  Oil gave up a dollar intra-day.