Planet Wealth

Although opening slightly higher this morning, the market has moved to the downside after the release of some troubling economic data.  The jobless claims report showed a surprising (to some) increase of 12,000 claims or a seasonally adjusted 472,000 after three consecutive weeks of drops.  The LEI (Leading Economic Indicators) showed an increase of 0.4 against an expectation of 0.5.  However, the most shocking news of the morning was the Philly Fed Index coming in at a reading of 8 for June after a 21.4 reading in May.  That is an amazing drop in manufacturing activity for the Philly region.   That was the last straw and the market moved to the downside and is testing again the........you got it, 200 day moving average at 1108.