Industrial Sector Weighed Down

Industrial production out yesterday morning underscores the problem for the market and the economy.  It’s all stalled and feels like everyone is kind of looking around.   Industrial production results of +0.1% versus consensus of +0.2% is disappointing, but construction was a bright spot.

• Consumer -0.2%
• Business Equipment -0.2%
• Construction +0.8

I don’t think the market can spin its wheels indefinitely.  The clock is ticking on some kind of spark, which could come after the close with results from IBM.  I think the company reverses some awful long term trends, but the street will be critical on how fast cloud is growing.  I continue to say management must be even more aggressive and seek out a massive deal to build share and momentum.