There seems to be a lot of sellers above 1873, so we can’t say we’ve had a convincing new high until we can close above 1884:
Here are a bunch of interesting charts from Barclay’s Quarterly. I don’t agree with all of them but they are interesting food for thought:
- Canada Retail Sales improved to 1.3% MoM in Jan vs 0.7% exp and -1.8% prev
- CPI declined to 1.1% in Feb vs 1.0% exp and 1.5% prev. The Core measure declined to 1.2% vs 1.1% exp and 1.4% prev
- EU Consumer Confidence improved to -9.3 vs -12.3 exp and -12.7 prev. This was the highest print since November 2007.
- Chinese stocks rallied strongly across the board (SHCOMP +2.72%, CSI 300 +3.44%, HSCEI +2.44%). There really wasn’t a lot of actual news although the wires are full of talk re Beijing rolling out “mini-stimulus” programs to help stabilize growth.
- Weekend: Kuroda Speaks, China Markit Flash PMI
- Mon: EU PMI, US Markit Prelim PMI
- Tue: German IFO, UKCPI, US Consumer Confidence, New Home Sales,
- Wed: Germany GfK Consumer Confidence, Italy Consumer Confidence, US Durable Goods Orders, Markit US Services PMI, NZ Trade Balance
- Thu: Italy Business Confidence, EU Money Supply, UK Retail Sales, US Jobless Claims, Pending Home Sales, Japan Unemployment, CPI, Retail Sales, UK Consumer Confidence