Goldman's Noah Weisberger makes the call...
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We are recommending a short position in the S&P 500 index with a target of 1285 (roughly 5% below current levels) and a stop on a close above 1390. This morning, the Philly Fed print of -16.6, down sequentially and worse than expected, provides further evidence that weakness has extended into June.
So today's ugly Philly Fed number tipped the scaled.
He goes onto note that despite the FOMC's easing, analysts had already expected that, and that monetary policy is now on hold.
