9:00 AM CT
Factory Orders for Dec
Prior 1.8% Forecast -2.0%
Overnight the Asian markets took another beating and European equities were trading lower across the board. Today at 9:00 AM CT the factory orders should show a decrease of about -2.0%. The market breakdown is shaping up to be the correction that traders have been expecting. A market correction is generally defined as a 10% or larger break. It was a long ride to the top so we should expect a pretty big move down. Trade wisely.
The markets started the new month with a continuation of January's losses. Yesterday's worse than expected manufacturing number only helped exasperate market worries. Traders are still reeling from a terrible January, a less than stellar earnings season and the fact that emerging markets continue to take a thrashing.