The Bottom Line
The trend is your friend. North American equity markets continue to trend higher. The focus is on economically sensitive equities and ETFs that have favourable seasonal characteristics until at least May.

…..go HERE to view 45 charts including seasonality charts and commentary

U.S. equity index futures are mixed this morning. S&P 500 futures were unchanged in pre-opening trade. The favourable impact on index futures from weakness in the U.S. Dollar and strength in the Chinese stocks was offset by growing concerns that the conflict in Libya will become a full blown civil war.

The conflict in Libya triggered further gains in crude oil, up another $2.15 to $106.57. Energy equities are expected to respond at the opening. President Obama is considering access by the energy sector to the Strategic Oil Reserve in order to potentially curtail rising crude oil and gasoline prices.

The Shanghai Composite Index added 53 points to close at a four month high. The Chinese government pledged in its State of the Union address that economic growth will continue without additional inflation pressures.

Weakness in the U.S. Dollar added to strength in commodities priced in U.S. Dollars. Gold added $9.40 to reach another all time high. Silver increased $1.04 to reach a 31 year high. Platinum added $5.

Weakness in the U.S. Dollar prompted a gain in the Euro despite news that Moody’s downgraded Greece’s sovereign debt by three notches to B1 and maintained its negative outlook.

Higher crude oil and jet fuel prices prompted Air Canada to assign a fuel surcharge to passengers traveling to the U.S.

Western Digital offered to acquire Hitachi’s hard drive division for $4.3 billion cash.
Family Dollar Stores was unchanged after Normura downgraded the stock from Buy to Neutral.

Molson Coors fell $1.00 after Argus downgraded the stock from Buy to Hold.
Cienna plunged 6.8% after the company reported less than consensus fiscal first quarter earnings.

Silver Wheaton added 2.5% despite a downgrade by RBC Capital from Outperform to Sector Perform.

…..go HERE to view 45 charts including seasonality charts and commentary