While You Where Sleeping

Posted by David Rosenberg : Gluskin Sheff

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US retail_041612
  • Its a broadly mixed start to the day. Asian equities are down yet again, even in the face of a bigger-than-expected rate cut out of India
  • On the data front, the German ZEW investor index improved in April – both the current conditions and expectations components picked up nicely.

Another deja vu?

  • The ‘Sell in May and go away’ mantra worked so well in the past two years that it can’t be ignored

The rain in Spain is not contained

Even with the ECB buying more Spanish Bonds, the problems within Spain have obviously not been solved

One dismal U.S. macro backdrop

  • It’s so easy to get caught up in the high-frequency data flow that it is not difficult to lose sight of just how bad it is out there. 

But retail sales hang in

  • The consensus on March retail sales was for a 0.3% gain but instead we got +0.8% and the gains were fairly broad based
US retail_041612

April data bring on some showers

  • It’s merely a diffusion index, but the New York Fed Empire Survey did disappoint in a major way

Nothing loonie here

  • Despite the pullback in global investor risk appetitie and faltering commodity prices, the Canadian dollar has managed to remain at par against its strong ‘safe haven’ U.S. counterpart

Getting high on yield Conference

Many readers have heard me discuss the vitures of a S.I.R.P. strategy. We continue to believe in well thought out S.I.R.P. investments and my colleague Reno Giancola and I will be discussing investment strategies and investment ideas as a conference May 31st at the Design Exchange in support of Mount Sinai Hospital. 

Great Opportunity below:

I subscribed to a Free 7 Day Trial to David Rosenberg’s great Breakfast with Dave daily report so that you can piggyback on the trial. Just put in my username and password below and try it out! I have read it for years and really like the full report (the above “While You Were Sleeping” is just a minor part of the daily letter) it so see what you think. Only 3 more days on the trial but every report that’s ever been issued is available by putting in my email address and Password. Regards Robert Zurrer Editor-Moneytalks.net  email – zurrermoneytalks@shaw.ca or zurrer@shaw.ca

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