Personal income from wages and salaries were down $12 billion last month. So how did income show an increase ? A large increase in "government benefits" and a decline in taxes accounted for the gain. The increase was the effect from the recent stimulus package, not the result of a recovering economy. On the chart above we are coming from levels well below 2001 bear.
We are getting end of quarter money manager goosing in attempt to make their performance look better. This will end next week.
We had rebalancing of the Russel index which causing some buying and selling.
The Head and shoulders pattern I showed a few days ago is still a possibility, the market has stayed under 930 SPX, a break of 888 and hold may seal it.
Have great weekend, listen to Thriller and good bye FArah
D
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