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When the only thing you have left to fall back on is a little luck, things are bad out there. Futures were limit up at one point overnight, but those gains have faded as we near the close. Conditions in the credit markets aren’t faring as well, though. Despite all of the central bank actions over the last several days, credit spreads continue to widen.
Retail Sales were just released and came in much weaker than expected (-0.5% vs +0.2%), so despite all that shopping at Costco and stores like that as consumers stocked up on supplies, the overall total was weak.
Read today’s Bespoke Morning Lineup for a discussion of overnight moves in the credit markets, the latest stimulus plans coming out of Washington, and the trading in Asia and Europe.
Normally, when the equity market reaches extreme overbought or oversold levels it doesn’t stay that way for long. That hasn’t been the case recently, though, as the S&P 500 has been consistently at extreme oversold levels for a number of days now. There’s only so much time that the market or investors can stand these types of oversold readings.