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This week was a bit of an in-betweener as the economic calendar was extremely light (there are no reports on the calendar for Friday), and we’re still a couple of weeks from the peak earnings season. With respect to the data we did see, housing data, the index of leading indicators, and movements in various points on the yield curve suggest that a recession is imminent if we aren’t already in one. Earnings results told a different story, though. Maybe it’s just a factor of low expectations, but companies reporting so far have delivered predominantly better-than-expected reports. Even stranger in some respects was the fact that through Thursday, stocks were actually up on the week!
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