I hope everyone is having a terrific weekend. Last week started with optimism over another Iran MOU, although that still seems far away as of today. We also had a plethora of economic data. I have been saying for a year that the labor supply issue will make analyzing the labor market quite complicated and unlike anything we have ever seen before, and this week’s report really showed that in a big way. The economy has undergone massive demographic changes, and as such we need to compare it to its capacity and there are no real historical parallels for this.
We continue with a heavy data calendar this week. On Tuesday we get NFIB Optimism, Redbook and existing home sales. Wednesday has CPI. Thursday has PPI. Friday has retail sales and UMICH.
Let’s get into it.
Positioning Summary is below and there are some unique setups there.
