Results

Tuesday was ripe with economic news. For the Bears, Retail Sales showed its first decline in consumer spending since Feb. The Producer Price Index showed inflation of 6.6%, and the National Association of Home Builders’ monthly confidence index hit its lowest level in nine months. For the Bulls, the Iranian discussions are not moving, and the US flew the largest number of daily air passengers in over a year on Sunday. This sets the stage for the EIA’s weekly report this morning and the June Federal Reserve announcement this afternoon. Fed policy is not likely to change, but tea leaves will most certainly be read. Buckle up. Wednesday could get bumpy.