Today’s Philly Fed figure was rather disappointing. Markets totally tanked, with some of our risk markets pretty much collapsing. OMX, which is a great risk market to watch, ended down almost 7%. People still have a hard time realizing, the US market is still relatively high. With the Philly Fed figure today, one should try to remember where we were last time Philly was so bad. Unless Apple will employ everybody, the jobs market is to resume the free fall. Chart from Zero Hedge.
and don’t forget where SPX traded back then…..
