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The Nikkei is now officially in bear market territory. That had other world markets in a funk early on Thursday. But our economy and stock market have been just fine most of the last 20 years while Japan was mired in a deflationary spiral. So forgive me for not getting upset about this.
Obviously I was not alone in this sentiment as US stocks barely registered in the red early in the session yet ended the day at +1.5%. Yes, I would prefer a healthier world economy as it becomes easier for our economy to grow, but itís not an essential ingredient given our large consumer base and the internal demand it creates.
Speaking of the US consumer, they flexed some muscle in the estimate beating Retail Sales report Thursday morning. Plus weekly Jobless Claims was 5% better than expected which bodes well for more job adds in future employment reports.
So the range bound trading may continue for a while. Yet the reasons to remain long term bullish are in ample supply.
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