Bulls want to put the euro zone in the rearview mirror and change the focus on earnings and the calendar. Typically, the fall is when we do get the best opportunities to be long. The problems have been well publicized and now portfolio managers are in the mood and mode to make their year.
Friday's Retail Sales, only marginally better than expected at 1.1% vs .8% expected and .6% ex-autos vs .4% expected, got bulls fired up. On a day like Friday and with momentum building it's easy to ignore the poor Consumer Sentiment data (57.5 vs 60 expected and prior at 59.4) and higher import prices (.3% vs -.5% expected and prior -.2%). It might even be asserted higher import prices may account for a portion of higher Retail Sales data but let's not waste time on thoughtful details when the tape is on fire.
Subscribe to our RSS feed