Europe and Asia were leading the way higher for S&P futures early this morning…until this ugly bucket of cold water was thrown at the optimists.
What you’re looking at here is July Retail Sales broken down by sector. Don’t get too fired up over the Cash 4 Clunkers-induced gain for the autos. We’re not going to be able to raffle off cars forever.
The markets weren’t shocked by these numbers, even though they were below official estimates.