Mid-Day Recon

Good Afternoon,

                       Still watching Gold, kids.  So far no quit in that one.  US Dollar running just as hard in the other direction.
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1) Let’s talk some macro. Personal Income, though revised lower for February, beat expectations for March.Consumer Spending missed expectations.  This is excellent, really.  Regardless of what those who can not see the forest for the trees might tell you.  Slight reversal on inflation, disappointing Consumer Sentiment… Okay gang, it is only once the great American consumer is comfortable that he or she will again become active.  Are we collectively up against a wall, with some big kid going through our pockets  ??  Of course we are… but the ability to save is the very foundation of comfort, and this is a building block.  Now, we need to see momentum.
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** Atlanta Fed GDPNow Q2 Forecast…. early line 1.8% **  (Hey, it’s a bounce)
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2) I’ll feel better if the S&P 500 can retake, and hold above yesterday’s low of 2071.  That was Arthur Cashin’s level yesterday, and he nailed it.  Kudos.  Right now, that spot is miles away.  Realistically, I think we need to see the selling stop near 2055, which was a pivot point earlier in the month.
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3) That dollar weakness is propelling Gold prices, but Crude has turned into the red as Iran announced that they jacked production to new and exciting levels.  This put the whammy on the Energy sector, which had been a leader up until that point.  Health care, and Tech are also being visited by the “Ugly Stick”.  The VIX is wildly higher today.  As for other hide-outs, Utilities are sort of flat, and Treasuries are shaded pink.
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4) Rig Count at 1pm, Stay alert.
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5) Clubber, what’s your prediction for the fight ???   “PAIN”