Empire State Manufacturing Survey indicates business activity for New York manufacturers declined. The index printed -3.6 versus an expectation of +12.0. These regional surveys are often volatile, but this report is the first negative reading in the past 2 years. More importantly, the Federal Reserve will release its Industrial Production report at 9:15 ET.
Spain, up 1.0%, is the strongest market in Europe today. Notably, WTI has also regained its footing around $58 / bbl. Today will be interesting to see how large of a bounce the market can muster. Of course, it will be crucial to see this bounce hold.
Big week of insider buying last week. Econintersect.com reports insiders buying $190 million of stock last week versus $40 million the previous week. Insiders sold $1.34 billion last week versus $1.47 the previous week.
The Russian Ruble is down another -3.8% today to 60.5 RUB / USD. The damage to the Ruble is shocking. A 50% decline in less than one year is staggering. Scary to think of the potential aftershocks of this devaluation.
This interactive article from the Washington Post is depressing. Median income peaked for 81% of U.S. counties.
Michael Grove, CFA