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Registered Investment Adviser Caleb Lawrence 

Despite mixed data the major averages enter the final hour with large gains. Bankruptcy filings fell 4.7% in the 1st quarter on a year ago basis, with all categories except Chapter 11 declining.

Wholesale inventories advanced .5% in March a 5th consecutive gain. Retail inventories slipped .4%. The inventory to sales ratio remains a little on the high side.

The various sanctions and other trade barriers is starting to show up in the data after the International Trade in Goods deficit fell 7.8 billion in March to 68 billion, the first decline in 9-months. Exports increased 3.3 billion while imports fell 4.4 billion.

Durable goods orders advanced 2.6% in March on gains in transportation and capital goods. The proxy for business spending core capital goods slipped .1% for the month.

The Kansas City Fed regional index jumped 9-points in April to 26 on strength in new orders and production. Price data was mixed but remains high.

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