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BULLS CHERRY PICK NEWS

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U.S. GDP Data was worse than expected (2.2% vs 2.6% expected & prior 3%). There's nothing good about this data unless you believe spring weather caught up with a warm winter. Is that the spin? Perhaps. Others might just return to the previous mantra from the past few years: "bad news is good, good news is better" cynically meaning the Fed will launch another round of QE. It's the belief by bulls that no matter the data the Fed has your back until its QE effect exhausts itself. Nevertheless the weaker GDP data confirms what we're seeing globally-economic contraction.

Better news came from the U of Michigan Consumer Sentiment Report (76.4 vs 75.8 expected and prior 75.7) which is weighted more heavily by stock market prices than Consumer Confidence released last week which missed.

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