Groundhog Day

Like out of a scene from ‘Groundhog Day,’ Japan announced that they will unveil another stimulus plan, their 3rd in this down cycle and I don’t have enough fingers or toes to count how many stimulus plans the 2nd biggest economy in the world has had since 1990. My point is that there is no precedent whatsoever of a country’s government printing money and spending its way to prosperity, especially in the face of a massive deleveraging.

The FTSE is gaining back most of what it lost yesterday after Marks and Spencer had better than expected sales and UK consumer confidence was 5 pts higher than forecasts and rose to the most since May ’08. Mar Euro Zone CPI rose .1% less than estimated and likely clinches an ECB rate cut on Thurs. Germany’s March jobs data was weaker than expected. Case/Shiller HPI, Chicago PMI and Confidence are out today.

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