Fundamentals 9/9

Wholesale Inventories (July)
Inventories month/month were +0.8%. This bit of data reflects the fact that we saw that increase in discretionary consumer spending in the Consumer Metrics data of early July.

At the open, markets did not react positively to the President’s jobs speech. My own humble opinion is that most folks realize that the problem at present is that the consumer is still overleverged and unable or unwilling to increase spending. Economic recovery is out of the hands of Washington. “Ultimately, our recovery will be driven not by Washington, but by our businesses and our workers,” said the President.