This market ROTS
And will rot further, do not follow da hype.........
S&P still looks down hard, my target for July of 900 has been held off, but for how long.
July not over.
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Weekly Leading Index Slips Further
07/23/2004
NEW YORK, July 23 (Reuters) - The pace of U.S. economic growth slipped in the latest week to its lowest level since April of last year, underscoring signs of a slowdown on the horizon, a report said on Friday.
The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index fell to 131.2 in the week ended July 16 compared with a reading of 131.5 in the previous week.
For the second week in a row, diminished appetite for new mortgage applications and lower stock prices pushed the index lower.
The index's annualized growth rate, which smooths out weekly fluctuations, edged further down to 1.1 percent from 1.6 percent in the previous period. The growth rate hit its lowest level since the week of April 18 last year.
"This reinforces earlier signs of a broad-based slowdown ," the group's managing director Lakshman Achuthan told Reuters. "Meanwhile, underlying inflation pressures remain on an uptrend," he added.
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