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Off To A Bad Start In Europe Today -- Tuesday Feb. 15, 2011

|Includes:SPDR S&P 500 Trust ETF (SPY)

The GDP (QoQ) data of most EU countries missed today. The table below has the data.

 

Country

GDP (QoQ)

Expected GDP (QoQ)

Previous GDP (QoQ)

Germany

+.40%

+.50%

+.70%

France

+.30%

+.60%

+.30%

Czechoslavakia

+.50%

+.80%

+1.00%

Hungary

+1.80%

+2.10%

+1.70%

Austria

+2.40%

+2.25%

+2.40%

The Netherlands

+2.40%

+2.90%

+1.80%

Italy

+.10%

+.20%

+.20%

Greece (YoY)

-6.60%

-5.00%

-4.70%

EU

+.30%

+.40%

+.30%

Click to enlarge

 

 

As you can see Austria was the only country that did not miss. Portuguese GDP missed yesterday at +1.20% vs. an expected +1.30% and a previous +1.30%.

In addition to the GDP data the German ZEW Economic Sentiment missed badly at 15.70 vs. an expected 20.20 and a previous 15.40. The EU ZEW Economic Sentiment missed at 29.50 vs. an expected 31.30 and a previous 25.40. The EU trade balance missed slightly too.

While Greece data was depressing, no other country seemed dramatically troubled. Still this has to be a negative way to start off the day today, Tuesday Feb. 15, 2011.

The volume on the SPY was low yesterday. This was a negative indicator. Plus CNBC presented data showing the market sentiment was almost as bullish now as at the top in 2007. It was much more bullish now than at the DOT COM top. CNBC expressed the opinion that we may be in for a pullback soon. Who knows what will actually happen, but the above data would tend to make the pullback scenario more likely.

Good Luck Trading.

Stocks: SPY