On the other hand, it also reflects some technical rebound from the 12 years' low.From last week's "bottom" to today's peak, Citi up 95%, WFC up 92% and GE up 74%.After such rally, I think it is reasonable to forecast a drop in very short term.If you are a long term investor, it is a chance to buy again!!
Economic Data:
(This week, the data is pretty light)
- US Feb Retail sales ex auto up 0.7% (better, -0.1%), prior up 1.6%. Continue to increasing trend from Jan, which is one of the good sign for economic recovery (only one sign, it may not mean anything);
- US Feb Retail sales down 0.1% (better than expect, down 0.5%), prior up 1.8%. Despite the good sign on retail sales, auto sales continue to go down, if the trends continue, auto industry will be in deep trouble towards bankruptcy. And this is not we would like to see;
- US Jan wholesales inventories down 0.7% (better, down 1.0%), prior down 1.5%;
- US Jan business inventories down 1.1% (better, down 1.0%), prior down 1.6%;
- US initial jobless claim 03/07 up to 654k (worse, 644k), prior 645k;
- Canada Feb unemployment rate up to 7.7%, Feb lose 83k position and up 0.5% from Jan. Kind of expected, no surprise
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