(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )    AMERICAN CONSUMERS KEEP ON SPENDING November 14, 2014 American economy is the largest in the world, 70% of the economy is consumer oriented.  For this reason, Retail Sales x-auto carry a heavy weight in our models.  We exclude autos because auto sales are very volatile and can confuse our algorithms. Retail Sales x-auto came at 0.3% vs. 0.2% consensus.  Prior month Retail Sales x-auto were revised to 0.0% from -0.2%. WTI oil has broken the

(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )  MARKET REACTION TO THE EMPLOYMENT REPORT WILL BE A TELL November 7, 2014 October non-Farm Private Payrolls came at 209K vs. 230K consensus.  For the last several years, such below consensus numbers have been treated positively by stocks, bonds, and gold.  The reasoning has been that weaker numbers meant more QE.  Now that the QE is over, we will be carefully observing the internals of various markets in the aftermath of this employment number. Gold