“Into each life some rain must fall”
A double dose of bad news on the economic front this morning, slowing GDP and a jobless claims shocker…
Here’s Dave Kansas at MarketBeat:
Initial jobless claims spiked unexpectedly by 25,000 to 429,000 for the week ended April 23. The previous week’s figures were revised up to 404,000 from 403,000….the first estimate of first-quarter GDP growth came in at 1.8%, down from 3.1% in the fourth quarter
This is all bump-along-the-bottom stuff and personally I welcome a bit of weakness here. Charts are extended and things have gotten a mite carried away in the metals and the industrials. Let’s chill for a moment.
In the meantime, to go with the gloomy data (and dreary weather here in NYC), I’ve got something nice for you below…
THE day is cold, and dark, and dreary; It rains,and the wind is never weary; The vine still clings to the mouldering wall, But at every gust the dead leaves fall, And the day is dark and dreary. My life is cold, and dark, and dreary; It rains,and the wind is never weary; My thoughts still cling to the mouldering past, But the hopes of youth fall thick in the blast, And the days are dark and dreary. Be still, sad heart, and cease repining; Behind the clouds is the sun still shining; Thy fate is the common fate of all, Into each life some rain must fall, Some days must be dark and dreary. ~Henry Wadsworth Longfellow