THE BASIS POINT

Fundamentals 10/4: Will 10yr Note Hit 1.47% ?

 

Factory Orders
-Factory Orders (August) were -0.2%
-Previous was +2.4%
-Consensus was -0.3%
-Consumer was not keeping pace and we have seen supply-side data reveal that business is now bringing its thinking in line with the consumer.
Factory Orders

Retail Sales
-ISCS-Goldman Store Sales, Week/Week: +0.1%
-ISCS-Goldman Store Sales, Year/Year: +3.7%
-Redbook Store Sales, Year/Year: +4.1%. Previous was +4.2%.

Techs
Our call was for a technical objective of a 1.47% 10-year yield. We are still headed in that direction. The Dow is suffering a technical correction and its first stop on its downward path should be 10,000.

 

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