Data is not good

This morning's PPI showed, as we have known for sometime, that input costs are hitting or close to hitting record highs. Food costs are the highest is 36 years. Housing starts were also a major disappointment, all in all, not good, not good at all.

The Market is continuing the slide that we witnessed late yesterday with a negative divergence around 3 p.m., however, before that we had seen some accumulation for most of the day, whether this is a morning blip or a lower close remains to be seen. We should see some changes around 11 a.m. after they get done screwing the retail traders that left limit orders in place.