Market sells off initially in response to 30,000 more jobless claims than consensus estimates.
Initial Claims 445K vs 415K
December PPI +1.1% vs +0.8%
December Core PPI +0.2% vs +0.2%
Continuing Claims falls to 3.879 mln from 4.127 mln
November Trade Balance -$38.3 bln vs -$41.0 bln
1290 is now a key level on the ES assuming we trade that high today or tomorrow. CPI, Retail Sales and Industrial Production due out tomorrow morning... I continue to like shorting new highs as we are approaching a short-term market top. Just remember, no defense on shorts in this bullish environment. Shorts now are speculative as there has been no break in this bull market's up-trend.
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