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.
Advertisement
Join the conversation as a VIP Member