TraderWise

My forecast during the last month pointed to a decline that would start this week. Dismal economic numbers were going to result in a selloff, but they did not. They were weak, but the market is moved higher on the releases. A concerning trade balance report in China two weeks ago showed that imports had declined substantially. Manufacturers had cut back on supplies and I believed production would fall. The PMI in China has been declining for months and I forecasted that it would dip below 50. Consensus estimates were 52 and it came in at 51.7.