China today comes back into focus

With the Greece fire out for now and earnings season over, the other factor that was a catalyst for the near 10% correction in stocks late Jan into Feb, China, becomes a focus again. With speculation building that China may soon raise interest rates, they report their CPI tonight. Ahead of it, Feb exports rose 45.7% y/o/y, well above expectations of 38.3%. Import growth was also above forecasts. Also, a housing price index rose at the fastest pace since Apr ’08. Portugal successfully sold 10 yr notes at an avg yield of 4.17%, about 65 bps below an issue sold last month and well below the 6.39% yield where Greece sold 10 yrs. ABC confidence was unchanged at -49, remaining 2 pts below the one yr avg. The MBA said purchases rose 5.7% and has now risen 15% since hitting its lowest level since 1997 two weeks ago. Refi’s fell 1.5%. Gasoline prices rose to a fresh 17 month high at $2.77. II: Bulls 44.9 v 42.1 Bears 23.6 v 22.7

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