Looking toward tomorrow, we’ve got just about the only scheduled events of the entire month happening – – the Fed meeting/press conference and, earlier in the day, the release of the monthly retail sales report. The hyper-kinetic “V” of the shutdown is well behind us, so the market is anticipating a more drab, dull 1% pop.
Looking at the retail ETF symbol XRT, key support is at 49.39.
The liftoff since the late-March bottom has been impressive, with the ETF doubling in the span of just a few months. In real life, of course, everything of import remains shuttered. Where I live, I’m surrounded by giant malls that have been closed since March and mom ‘n’ pop shops that have been going bankrupt, one by one.
But no matter. It isn’t about reality. It’s about money-printing. And it’s magic.