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THOUGHTS ON THIS MORNING’S DATA

Stocks are trading lower this morning after disappointing earnings from JNJ and a downgrade of Goldman Sachs by Meredith Whitney.  JNJ repeated the trend that we’ve seen in recent earnings reports where revenue were lacking.  Shares are trading down by over 2%.   A prudent downgrade of Goldman also has investors worried about the market’s overall valuation.  The PE expansion over the course the last 6 months is one of the fastest on record.

In other news the Rebook and ICSC both posted year over year gains.  The Redbook came in at 0.6% while the ICSC came in at 1.0%.  The consumer appears to be gaining to a little traction over the last few weeks. This bodes well for tomorrow’s Commerce Department report on retail sales.

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