Digestion Continuing

I am catching up after a day watching luminaries speak at the Wired Disrupt conference yesterday.  I did stay somewhat plugged in, thanks to the Bloomberg iPad app.

There were a few things about recent trading action and macro data that stood out to me:

-April was the first negative month this year, following a red hot Q1;

-Markets up 10-12% for the year, appear to be backing and filling (which is healthy)

-Economic data continues to come in mixed, with some upside surprises (ie, ISM data);

-Yesterday’s market advance was on a big expansion in Volume over Monday’s pullback. Volume on the NYSE/Nasdaq rose ~15%;

-The strong day to multi-year highs back slid, however, closing rather weakly;

-Gasoline prices seem to have peaked and are slipping — down 18 cents per gallon from last month’s price of $3.740. Every 10% drop puts a few $Billion in the pockets of consumers;

-Spain, much larger than Greece, appears to be in as bad (or worse) shape.

-Friday’s NFP has the potential to surprise in either direction (duh);

Sell in May then Go Away tends not to work in a Presidential election year.

I have a few interesting things in the hopper I am working on. Be back soon . . .

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