Last week, noted the lack of notable eco’/corporate data until April (maybe some from flash PMI’s late this week) to give market any visibility or direction. Yesterday, cited a weekend void of catalysts of any sort. Today, a market grappling with nothing to go on decided to move on one particular rehashed China macro story from BHP …”China iron ore demand is “flattening out” …growth in China iron ore demand would drop to “single digits, if it isn’t already there. The big infrastructure build clearly will come to some end…steel growth rates will flatten…”. In this view, BHP said nothing that the market already doesn’t know about China. It’s old news on growth in another form, that’s all!. Let’s see what the flash PMI’s from China say. This macro concern allowed Monday’s late profit taking to continue into the morning bell, however, the premise yesterday of ..“A revolving door you can say with some exiting and some entering”…took place as the SP retraced back to 1405 by the close.
Here, TIF earnings overshadowed the market ‘BHP’ story premarket giving the retail sec’ a boost. Considering, so many stocks closely followed here are retail, growth stories, it was good see TIF reverse course from last Q report. AH’s, ORCL, did the same showcasing both are back on track.