Stock finished modestly higher last Friday as the
record on the Dow & S&P continues. (what's new??)
In addition, there was board-base dollar strength. I personally think
that there is a war out there right now in the FX market as currencies is
entering into a competitive devaluation. It is just plain ugly. I think EUR
should be a good short target if the German data weaken. Eurozone needs a
strong Germany to bail them out and a strong EUR is just killing Germany's
export business model.
It was a good week last week and I will like to see a healthy
consolidation in the equity market this week to prove that the on-going uptrend
on the market is intact. I will be worried if the market continues to go up any
higher from here as it will seem like a irrational exuberance to me.
Data to watch this week:
Monday:
- NZD House Sales
- AUD Home Loans & AUD NAB Business Condition
- CNY IP & Retail Sales Data
- USD Retail Sales
Tuesday:
- CNY FDI
- NZD Retail Sales
- EUR German CPI & ZEW Survey; Eurozone IP
Wednesday:
- JPY Tertiary Industry Index & Consumer Confidence
- EUR German GDP; Eurozone GDP
- GBP Jobless Claims & ILO Unemployment
- USD PPI, Empire Manufacturing & IP
- CAD Existing Home Sales
Thursday:
- NZD Business Performance of Manufacutring Index
- JPY GDP & IP
- EUR Eurozone CPI
- USD CPI, Jobless Claims, Housing Starts & Building Claims
Friday:
- NZD PPI, Consumer Confidence
- JPY Machine Order
- CAD CPI
- USD UoM Confidence & Leading Indicators
Interesting Read of the day
- A MUST READ from one of my favorite strategist,
David Rosenberg, whereby he thinks that nothing the Fed can do to save this
dying economy: http://www.businessinsider.com/david-rosenberg-bernanke-wizard-potemkin-mauldin-presentation-2013-5
- Paul Krugman in his weekly column disagree that a bubble is forming in
stocks and bonds: http://www.nytimes.com/2013/05/10/opinion/krugman-bernanke-blower-of-bubbles.html?ref=opinion&_r=1&
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