Dallas F_E_D Misses BIG

Expectations were for a print of +1.9, the headline print came in at -13.2! The print is the lowest since last September, but as always, the devil is in the details.

The main print is almost as bad as it was back in 2009, the General Business activity Index saw a MtM change of -19 points which is the worst since APRIL OF 2005! The Outlook For Capital Expenditures saw a huge disappointment.

Not good news at all, which the market usually takes as GREAT news on hopes of more QE or QE3 and with the F_O_M_C meeting this week, the market's reaction is curious, gold's reaction is even more curious.

 SPY's reaction

GLD's reaction...

Time to take a closer look at GLD.