About That Light at the End of the Tunnel...
Wall Street Journal:
Risk in Market's One-Track Mind
Bears dismiss the proverbial light at the end of the tunnel as an oncoming train.
If only: U.S. railroad freight traffic is running about a fifth lower than a year ago. It is one of several less-obvious indicators that all isn't well, despite the financial-market rally since early March.
The slump in weekly rail traffic reflects sluggish industrial activity and consumption. Shipments of industrial products are down almost a third in the past year, while raw materials like coal, metals and crops also show steep drops. The pace of decline has picked up relative to the first quarter's 16% fall, according to Credit Suisse analyst Chris Ceraso...
Risk in Market's One-Track Mind
Bears dismiss the proverbial light at the end of the tunnel as an oncoming train.
If only: U.S. railroad freight traffic is running about a fifth lower than a year ago. It is one of several less-obvious indicators that all isn't well, despite the financial-market rally since early March.
The slump in weekly rail traffic reflects sluggish industrial activity and consumption. Shipments of industrial products are down almost a third in the past year, while raw materials like coal, metals and crops also show steep drops. The pace of decline has picked up relative to the first quarter's 16% fall, according to Credit Suisse analyst Chris Ceraso...