{"id":25139,"date":"2013-02-01T21:54:47","date_gmt":"2013-02-01T20:54:47","guid":{"rendered":"http:\/\/feedproxy.google.com\/~r\/zerohedge\/feed\/~3\/x_y5mgABfMk\/story01.htm"},"modified":"2013-02-01T21:54:47","modified_gmt":"2013-02-01T20:54:47","slug":"weekly-bullbear-recap-jan-28-feb-1-2013","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/weekly-bullbear-recap-jan-28-feb-1-2013\/","title":{"rendered":"Weekly Bull\/Bear Recap: Jan. 28-Feb. 1, 2013"},"content":{"rendered":"<div>\n<p><em>From Rodrigo Serrano of <a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Frationalcapitalistspeculator.tumblr.com%2Fpost%2F41468975329%2Fweekly-bull-bear-recap-jan-21-25-2013\">Rational Capitalist Speculator<\/a><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Frationalcapitalistspeculator.tumblr.com%2Fpost%2F42042293874%2Fweekly-bull-bear-recap-jan-28-feb-1-2013\">,<\/a><\/em><\/p>\n<p>This objective report concisely summarizes important macro events over the past week. It is not geared to push an agenda. Impartiality is necessary to avoid costly psychological traps, which all investors are prone to, such as confirmation, conservatism, and endowment biases.<\/p>\n<p class=\"c7\"><strong>Bull<\/strong><\/p>\n<p class=\"c7\">U.S. Economic Activity is beginning to reaccelerate:<\/p>\n<ul class=\"c9\">\n<li>Manufacturing reports this week show an improving picture. \u00a0The\u00a0ISM Index\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fjanuary-ism-factory-index-strengthens-to-531-2013-02-01%3Fdist%3Dlcountdown\" class=\"c8\" >increases from 50.7 to 53.1 in January<\/a>. \u00a0New Orders and Employment subindicies are in solid positive territory. \u00a0Meanwhile Markit\u2019s PMI Index\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fus-manufacturing-pmi-in-jan-at-9-month-high-2013-02-01%3Flink%3DMW_latest_news\" class=\"c8\" >rises from 54 to 55.8<\/a>. \u00a0Both\u00a0notch their best readings in 9 months. \u00a0Regionally, the<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Farticles.marketwatch.com%2F2013-01-31%2Feconomy%2F36646804_1_new-orders-production-index-marketwatch\" class=\"c8\" >Chicago<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>and<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.dallasnews.com%2Fbusiness%2Fheadlines%2F20130128-dallas-fed-report-texas-manufacturing-activity-spikes-in-january.ece\" class=\"c8\" >Dallas<\/a>\u00a0Feds report that activity is picking up steam. \u00a0Furthermore, Durable Goods Orders are pointing to a stabilization in demand\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323829504578269613282305052.html\" class=\"c8\" >with\u00a0business\u00a0investment\u00a0increasing for the third consecutive month<\/a>.  Manufacturers are becoming more confident in future demand.<\/li>\n<li><span>Upward revisions in November, from 161K to 247K, and December, from 155K to 196K, together totaling +127K, accompany<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.chicagotribune.com%2Fbusiness%2Fsns-rt-us-usa-economybre9100iz-20130201%2C0%2C2515655.story\" class=\"c8\" >a positive BLS jobs report<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>for January (+157K). \u00a0Meanwhile ADP<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-30%2Fadp-says-u-s-firms-hired-192-000-workers-more-than-forecast.html\" class=\"c8\" >reports<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>that companies hired at the fastest pace in almost a year. \u00a0Challenger, Gray, &amp; Christmas<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.reuters.com%2Farticle%2F2013%2F01%2F31%2Fus-usa-economy-jobs-challenger-idUSBRE90U0MQ20130131\" class=\"c8\" >announces<\/a>\u00a0that job cuts for January are the third lowest since 1993. \u00a0Firms do not see deteriorating conditions in the months ahead and are maintaining their headcount. \u00a0The job market continues to heal. \u00a0\u00a0<\/span><\/li>\n<li>Light Motor Vehicle Sales<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Ffleetowner.com%2Fequipment%2Flight-vehicle-sales-especially-pickups-stay-strong\" class=\"c8\" >start off strong in 2013<\/a>. \u00a0Consumption growth continues and will support the economy. \u00a0<\/li>\n<li><span>Overall, Consumer confidence is stabilizing. \u00a0While we\u2019ve seen some indicators point to souring prospects, other surveys, such as<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.gallup.com%2Fpoll%2F160151%2Feconomic-confidence-surges-five-year-weekly-high.aspx\" class=\"c8\" >Gallup\u2019s Poll of Consumer Confidence<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>and<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-02-01%2Fu-s-michigan-consumer-sentiment-increase-may-boost-spending.html\" class=\"c8\" >University of Michigan\u2019s Survey of Consumer Sentiment<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>point to reduced concern over upcoming negotiations in Congress. \u00a0<\/span><\/li>\n<li><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.usnews.com%2Fnews%2Fblogs%2Fhome-front%2F2013%2F01%2F29%2Fcase-shiller-us-home-prices-continue-to-climb\" class=\"c8\" >Rising home prices<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>remain a positive for consumer psychology. \u00a0Prices are set to climb throughout 2013, partly counterbalancing worries over higher taxes. \u00a0Meanwhile Detroit<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323301104578255892908885644.html%3Fmod%3DdjemITP_h\" class=\"c8\" >is seeing a revival<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>\u2013(<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Frationalcapitalistspeculator.tumblr.com%2Fpost%2F3901171305%2Fthe-deal-of-a-lifetime%23notes-container\" class=\"c8\" >told you so!<\/a>). \u00a0<\/li>\n<\/ul>\n<p class=\"c7\">+ \u00a0The global economy is set to reaccelerate in the coming months<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Feconomictimes.indiatimes.com%2Fnews%2Finternational-business%2Fglobal-manufacturing-revives-in-january-pmi-jumps-to-51-5%2Farticleshow%2F18296420.cms\" class=\"c8\" >according to JP Morgan\u2019s Global Manufacturing PMI<\/a>, led by a reacceleration in<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.reuters.com%2Farticle%2F2013%2F02%2F01%2Fus-china-economy-hsbcpmi-idUSBRE91003Z20130201\" class=\"c8\" >China<\/a>\u00a0(<em>due to domestic demand<\/em>) and\u00a0firming U.S. activity. \u00a0Improvement in these countries is spilling over into Europe\u2026<\/p>\n<p class=\"c7\">+ \u00a0\u2026Germany\u2019s Markit Manufacturing PMI is<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.chicagotribune.com%2Fbusiness%2Fsns-rt-us-poll-germanbre9100cl-20130201%2C0%2C4041349.story\" class=\"c8\" >now just a smidgen below 50<\/a>, which\u00a0delineates\u00a0between contraction and expansion, at 49.8 (an 11-month high). \u00a0Furthermore,\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.sharecast.com%2Fcgi-bin%2Fsharecast%2Fstory.cgi%3Fstory_id%3D20653100\" class=\"c8\" >Consumer climate<\/a>, reported by the\u00a0Gesellschaft f\u00c3\u00bcr Konsumforschung\u00a0(Gfk) group, reveals an improving state of confidence. \u00a0Perhaps this is due to a<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-31%2Fgerman-unemployment-unexpectedly-declined-in-january.html\" class=\"c8\" >recovering job market<\/a>. \u00a0Meanwhile, while still contracting, the majority of country-specific PMIs (<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.investing.com%2Fnews%2Feconomic-indicators%2Fspain-rsquo%3Bs-manufacturing-pmi-rises-more-than-expected-243747\" class=\"c8\" >Spain<\/a>,<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.chicagotribune.com%2Fbusiness%2Fsns-rt-us-poll-italianbre9100cn-20130201%2C0%2C7822904.story\" class=\"c8\" >Italy<\/a>,<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fblogs.wsj.com%2Femergingeurope%2F2013%2F02%2F01%2Fcentral-european-pmis-improve-hungary-gains-most%2F\" class=\"c8\" >Hungary, and Czech Republic<\/a>) indicate the worse is over of the region\u2019s recession. \u00a0The improvement in the global economy can also be seen in Brazil, where the unemployment rate<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-31%2Fbrazil-s-unemployment-rate-dropped-to-a-record-in-december-1-.html\" class=\"c8\" >has fallen to a record low<\/a>.<\/p>\n<p class=\"c7\"><img decoding=\"async\" alt=\"image\" src=\"http:\/\/media.tumblr.com\/f5d3b3dbc4e9e0ab4fadf8f5d7da10f2\/tumblr_inline_mhk2vdrSVp1qz4rgp.png\" class=\"c10\"\/><\/p>\n<p class=\"c7\"><span>(Source:<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Ftwitpic.com%2Fbxuxa0\" class=\"c8\" >Markit Economics<\/a><span>)\u00a0<\/span><\/p>\n<p class=\"c7\"><span>\u00a0<\/span><\/p>\n<p class=\"c7\"><strong>Bear<\/strong><\/p>\n<p class=\"c7\">&#8211; Investors have piled into bullish bets (<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2013-02-01%2Fq4-earnings-season-will-be-worst-2012-earnings-set-decline-1-over-prior-year\" class=\"c8\" >but earnings have flatlined since Q2\u00a02011<\/a>),\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323854904578264101716263888.html%3Fmod%3DdjemITP_h\" class=\"c8\" >economists all agree that the economy is poised to expand<\/a>, the\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Ffinance.yahoo.com%2Fecharts%3Fs%3D%255EVIX%2BInteractive%23symbol%3D%255Evix%3Brange%3Dmy%3Bcompare%3D%3Bindicator%3Dvolume%3Bcharttype%3Darea%3Bcrosshair%3Don%3Bohlcvalues%3D0%3Blogscale%3Doff%3Bsource%3Dundefined%3B\" class=\"c8\" >VIX is at 2007 levels<\/a>\u00a0before the crisis struck, and the bears\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323644904578267793711380064.html%3Fmod%3DdjemITP_h\" class=\"c8\" >are capitulating<\/a>. \u00a0All are signs of extreme complacency in the face of festering bearish macro trends\u2026\u2026 \u00a0<\/p>\n<p class=\"c7\"><img decoding=\"async\" alt=\"image\" src=\"http:\/\/media.tumblr.com\/3a047ae2cc757790b2584f16fe18b316\/tumblr_inline_mhk4oho2yL1qz4rgp.png\" class=\"c10\"\/><\/p>\n<p class=\"c7\">(Weekly Readings \u2013\u2013 Solid Line = 32-week average)<\/p>\n<p class=\"c7\">&#8211; \u2026..and why are investors giddy? \u00a0Because stocks keep on rising. \u00a0But smart investors know to use REAL, not Nominal gains to correctly value wealth. \u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2013-02-01%2Fkyle-bass-tells-nominal-stock-market-cheerleaders-remember-zimbabwe\" class=\"c8\" >\u201cZimbabwe\u2019s stock market was the best performer this decade \u2013 but your entire portfolio now buys you 3 eggs.\u201d<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>\u2013 Kyle Bass<\/p>\n<p class=\"c7\">&#8211; The U.S. Economy is extremely vulnerable and is on the cusp of recession:\u00a0<\/p>\n<ul class=\"c9\">\n<li><span>Bull are doused with a bucket of cold water as 4th quarter U.S. GDP<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.nytimes.com%2F2013%2F01%2F31%2Fbusiness%2Feconomy%2Fus-economy-unexpectedly-contracted-in-fourth-quarter.html%3F_r%3D0\" class=\"c8\" >prints negative for the first time since Q2\u00a02009<\/a><span>. \u00a0The negative print is a crystal clear indication of how weak and vulnerable this recovery is. \u00a0Curtailing government expenditures, higher taxes, and rising gas prices as the summer approaches<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><span>will be too much for the economy to bear.<\/span><\/li>\n<li><span>U.S. Consumer confidence, as per the Conference Board Consumer Confidence survey,\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fthe-conference-board-consumer-confidence-index-declines-188837361.html\" class=\"c8\" >plunges again in January<\/a><span>, erasing all of 2012\u2019s gains. \u00a0Furthermore, the Bloomberg Consumer Comfort Index<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-31%2Fconsumer-comfort-in-u-s-falls-for-fourth-straight-week.html\" class=\"c8\" >falls for the fourth straight week<\/a><span>. \u00a0Weekly sales metrics, such as<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fbloomberg.econoday.com%2Fbyshoweventfull.asp%3Ffid%3D455498%26amp%3Bcust%3Dbloomberg-us%26amp%3Byear%3D2013%26amp%3Blid%3D0%26amp%3Bprev%3D%2Fbyweek.asp%23top\" class=\"c8\" >Goldman ICSC<\/a><span>and<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fbloomberg.econoday.com%2Fbyshoweventfull.asp%3Ffid%3D455555%26amp%3Bcust%3Dbloomberg-us%26amp%3Byear%3D2013%26amp%3Blid%3D0%26amp%3Bprev%3D%2Fbyweek.asp%23top\" class=\"c8\" >Redbook<\/a><span>, reveal weakening consumption trends. \u00a0<\/span>This ongoing trend\u00a0casts a cloud over the direction of consumer spending as worries over reduced incomes due to the expiring 2-yr payroll tax holiday ferment.<\/li>\n<li><span>The Household Survey, embedded beneath the widely touted headline jobs number this morning, has not confirmed the improving job market for the third\u00a0successive\u00a0month. \u00a0<\/span><\/li>\n<li><span>The FOMC meeting<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.forbes.com%2Fsites%2Fafontevecchia%2F2013%2F01%2F30%2Ffomc-fed-warns-of-halted-economy-and-disinflation-qeternity-is-here-to-stay%2F\" class=\"c8\" ><span class=\"Apple-converted-space\">\u00a0<\/span>reveals that Fed officials are worried about a stalling economy (confirmed by Q4 numbers) as well as creeping disinflation<\/a><span>. \u00a0Monetary policy is powerless to arrest continued sluggish in the economy; worse, as investors\u00a0appreciate<\/span><span>\u00a0the negative impact of reduced consumer incomes, there will be a crisis of confidence. \u00a0\u201dDon\u2019t Fight the Fed\u201d will be a maxim of the past. \u00a0<\/span><\/li>\n<\/ul>\n<p class=\"c7\">&#8211; Europe\u2019s troubles lurk in the background, receiving very little press. \u00a0The budget scandal in Spain<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Flatino.foxnews.com%2Flatino%2Fpolitics%2F2013%2F02%2F01%2Fspain-rajoy-could-be-quizzed-in-corruption-scandal%2F\" class=\"c8\" >is quietly picking steam<\/a>\u00a0and Retail Sales in the country\u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.guardian.co.uk%2Fworld%2F2013%2Fjan%2F29%2Fspanish-retail-sales-slump-austerity\" class=\"c8\" >fell for the 30th consecutive month<\/a>\u00a0in December. \u00a0Spanish 10-yr borrowing costs advance roughly 5% this week. \u00a0<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.marketwatch.com%2Finvesting%2Fbond%2FTMBMKES-10Y%3Fcountrycode%3DBX\" class=\"c8\" >Looking at a 3-month view<\/a>, we now see a higher high. \u00a0Meanwhile, car sales throughout the periphery<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.reuters.com%2Farticle%2F2013%2F02%2F01%2Feurope-autos-idUSL5N0B1B8Z20130201\" class=\"c8\" >remain in a distinguishable downtrend<\/a>\u00a0and retail sales<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.businessinsider.com%2Fgerman-retail-sales-plunge-in-december-2013-1\" class=\"c8\" >throughout<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>the<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.investing.com%2Fnews%2Feconomic-indicators%2Ffrench-consumer-spending-remains-unchanged-unexpectedly-243674\" class=\"c8\" >region<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>signal consumer retrenchment. \u00a0Moreover, Italian Consumer Confidence<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.nasdaq.com%2Farticle%2Fitaly-consumer-confidence-hits-17-year-low-in-january-20130128-00050%23.UQv9KkpU6FZ\" class=\"c8\" >slumps<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>to a 17-yr low and Business Confidence<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-30%2Fitalian-business-confidence-unexpectedly-falls-on-recession.html\" class=\"c8\" >unexpectedly falls<\/a>.<\/p>\n<p class=\"c7\">&#8211; If China has really bottomed and is on the brink of a sustainable recovery, try telling that to the Australians. \u00a0Straya\u2019s mining-based economy<span class=\"Apple-converted-space\">\u00a0<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.businessinsider.com%2Faustralia-manufacturing-pmi-2013-1%3Futm_source%3DTriggermail%26amp%3Butm_medium%3Demail%26amp%3Butm_term%3D10%2520Things%2520Before%2520the%2520Opening%2520Bell%26amp%3Butm_campaign%3DPost%2520Blast%2520%2528moneygame%2529%253A%252010%2520Things%2520You%2520Need%2520To%2520Know%2520Before%2520The%2520Opening%2520Bell\" class=\"c8\" >is signaling a red flag<\/a><span class=\"Apple-converted-space\">\u00a0<\/span>for global recovery\u00a0enthusiasts.<\/p>\n<div class=\"fivestar-static-form-item form-item\"><label>Average:<\/label><\/p>\n<p><span class=\"user-rating\">Your rating: <span>None<\/span><\/span> <span class=\"average-rating\">Average: <span>1<\/span><\/span> <span class=\"total-votes\">(<span>1<\/span> vote)<\/span><\/p>\n<\/div>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pixel.quantserve.com\/pixel\/p-89EKCgBk8MZdE.gif\" border=\"0\" height=\"1\" width=\"1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<div>\n<p><em>From Rodrigo Serrano of <a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Frationalcapitalistspeculator.tumblr.com%2Fpost%2F41468975329%2Fweekly-bull-bear-recap-jan-21-25-2013\">Rational Capitalist Speculator<\/a><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Frationalcapitalistspeculator.tumblr.com%2Fpost%2F42042293874%2Fweekly-bull-bear-recap-jan-28-feb-1-2013\">,<\/a><\/em><\/p>\n<p>This objective report concisely summarizes important macro events over the past week.&nbsp; It is not geared to push an agenda.&nbsp; Impartiality is necessary to avoid costly psychological traps, which all investors are prone to, such as confirmation, conservatism, and endowment biases.<\/p>\n<p><strong>Bull<\/strong><\/p>\n<p>U.S. Economic Activity is beginning to reaccelerate:<\/p>\n<ul>\n<li>Manufacturing reports this week show an improving picture. &nbsp;The&nbsp;ISM Index&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fjanuary-ism-factory-index-strengthens-to-531-2013-02-01%3Fdist%3Dlcountdown\" target=\"_blank\">increases from 50.7 to 53.1 in January<\/a>. &nbsp;New Orders and Employment subindicies are in solid positive territory. &nbsp;Meanwhile Markit&rsquo;s PMI Index&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fus-manufacturing-pmi-in-jan-at-9-month-high-2013-02-01%3Flink%3DMW_latest_news\" target=\"_blank\">rises from 54 to 55.8<\/a>. &nbsp;Both&nbsp;notch their best readings in 9 months. &nbsp;Regionally, the<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Farticles.marketwatch.com%2F2013-01-31%2Feconomy%2F36646804_1_new-orders-production-index-marketwatch\" target=\"_blank\">Chicago<\/a><span>&nbsp;<\/span>and<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.dallasnews.com%2Fbusiness%2Fheadlines%2F20130128-dallas-fed-report-texas-manufacturing-activity-spikes-in-january.ece\" target=\"_blank\">Dallas<\/a>&nbsp;Feds report that activity is picking up steam. &nbsp;Furthermore, Durable Goods Orders are pointing to a stabilization in demand&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323829504578269613282305052.html\" target=\"_blank\">with&nbsp;business&nbsp;investment&nbsp;increasing for the third consecutive month<\/a>. &nbsp; Manufacturers are becoming more confident in future demand.<\/li>\n<li><span>Upward revisions in November, from 161K to 247K, and December, from 155K to 196K, together totaling +127K, accompany<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.chicagotribune.com%2Fbusiness%2Fsns-rt-us-usa-economybre9100iz-20130201%2C0%2C2515655.story\" target=\"_blank\">a positive BLS jobs report<\/a><span>&nbsp;<\/span>for January (+157K). &nbsp;Meanwhile ADP<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-30%2Fadp-says-u-s-firms-hired-192-000-workers-more-than-forecast.html\" target=\"_blank\">reports<\/a><span>&nbsp;<\/span>that companies hired at the fastest pace in almost a year. &nbsp;Challenger, Gray, &amp; Christmas<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.reuters.com%2Farticle%2F2013%2F01%2F31%2Fus-usa-economy-jobs-challenger-idUSBRE90U0MQ20130131\" target=\"_blank\">announces<\/a>&nbsp;that job cuts for January are the third lowest since 1993. &nbsp;Firms do not see deteriorating conditions in the months ahead and are maintaining their headcount. &nbsp;The job market continues to heal. &nbsp;&nbsp;<\/span><\/li>\n<li>Light Motor Vehicle Sales<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Ffleetowner.com%2Fequipment%2Flight-vehicle-sales-especially-pickups-stay-strong\" target=\"_blank\">start off strong in 2013<\/a>. &nbsp;Consumption growth continues and will support the economy. &nbsp;<\/li>\n<li><span>Overall, Consumer confidence is stabilizing. &nbsp;While we&rsquo;ve seen some indicators point to souring prospects, other surveys, such as<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.gallup.com%2Fpoll%2F160151%2Feconomic-confidence-surges-five-year-weekly-high.aspx\" target=\"_blank\">Gallup&rsquo;s Poll of Consumer Confidence<\/a><span>&nbsp;<\/span>and<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-02-01%2Fu-s-michigan-consumer-sentiment-increase-may-boost-spending.html\" target=\"_blank\">University of Michigan&rsquo;s Survey of Consumer Sentiment<\/a><span>&nbsp;<\/span>point to reduced concern over upcoming negotiations in Congress. &nbsp;<\/span><\/li>\n<li>\n<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.usnews.com%2Fnews%2Fblogs%2Fhome-front%2F2013%2F01%2F29%2Fcase-shiller-us-home-prices-continue-to-climb\" target=\"_blank\">Rising home prices<\/a><span>&nbsp;<\/span>remain a positive for consumer psychology. &nbsp;Prices are set to climb throughout 2013, partly counterbalancing worries over higher taxes. &nbsp;Meanwhile Detroit<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323301104578255892908885644.html%3Fmod%3DdjemITP_h\" target=\"_blank\">is seeing a revival<\/a><span>&nbsp;<\/span>&mdash;(<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Frationalcapitalistspeculator.tumblr.com%2Fpost%2F3901171305%2Fthe-deal-of-a-lifetime%23notes-container\" target=\"_blank\">told you so!<\/a>). &nbsp;<\/li>\n<\/ul>\n<p>+ &nbsp;The global economy is set to reaccelerate in the coming months<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Feconomictimes.indiatimes.com%2Fnews%2Finternational-business%2Fglobal-manufacturing-revives-in-january-pmi-jumps-to-51-5%2Farticleshow%2F18296420.cms\" target=\"_blank\">according to JP Morgan&rsquo;s Global Manufacturing PMI<\/a>, led by a reacceleration in<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.reuters.com%2Farticle%2F2013%2F02%2F01%2Fus-china-economy-hsbcpmi-idUSBRE91003Z20130201\" target=\"_blank\">China<\/a>&nbsp;(<em>due to domestic demand<\/em>) and&nbsp;firming U.S. activity. &nbsp;Improvement in these countries is spilling over into Europe&hellip;<\/p>\n<p>+ &nbsp;&hellip;Germany&rsquo;s Markit Manufacturing PMI is<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.chicagotribune.com%2Fbusiness%2Fsns-rt-us-poll-germanbre9100cl-20130201%2C0%2C4041349.story\" target=\"_blank\">now just a smidgen below 50<\/a>, which&nbsp;delineates&nbsp;between contraction and expansion, at 49.8 (an 11-month high). &nbsp;Furthermore,&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.sharecast.com%2Fcgi-bin%2Fsharecast%2Fstory.cgi%3Fstory_id%3D20653100\" target=\"_blank\">Consumer climate<\/a>, reported by the&nbsp;Gesellschaft f&uuml;r Konsumforschung&nbsp;(Gfk) group, reveals an improving state of confidence. &nbsp;Perhaps this is due to a<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-31%2Fgerman-unemployment-unexpectedly-declined-in-january.html\" target=\"_blank\">recovering job market<\/a>. &nbsp;Meanwhile, while still contracting, the majority of country-specific PMIs (<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.investing.com%2Fnews%2Feconomic-indicators%2Fspain-rsquo%3Bs-manufacturing-pmi-rises-more-than-expected-243747\" target=\"_blank\">Spain<\/a>,<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.chicagotribune.com%2Fbusiness%2Fsns-rt-us-poll-italianbre9100cn-20130201%2C0%2C7822904.story\" target=\"_blank\">Italy<\/a>,<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fblogs.wsj.com%2Femergingeurope%2F2013%2F02%2F01%2Fcentral-european-pmis-improve-hungary-gains-most%2F\" target=\"_blank\">Hungary, and Czech Republic<\/a>) indicate the worse is over of the region&rsquo;s recession. &nbsp;The improvement in the global economy can also be seen in Brazil, where the unemployment rate<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-31%2Fbrazil-s-unemployment-rate-dropped-to-a-record-in-december-1-.html\" target=\"_blank\">has fallen to a record low<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"image\" src=\"http:\/\/media.tumblr.com\/f5d3b3dbc4e9e0ab4fadf8f5d7da10f2\/tumblr_inline_mhk2vdrSVp1qz4rgp.png\"\/><\/p>\n<p><span>(Source:<span>&nbsp;<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Ftwitpic.com%2Fbxuxa0\" target=\"_blank\">Markit Economics<\/a><span>)&nbsp;<\/span><\/p>\n<p><span>&nbsp;<\/span><\/p>\n<p><strong>Bear<\/strong><\/p>\n<p>&#8211; Investors have piled into bullish bets (<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2013-02-01%2Fq4-earnings-season-will-be-worst-2012-earnings-set-decline-1-over-prior-year\" target=\"_blank\">but earnings have flatlined since Q2&nbsp;2011<\/a>),&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323854904578264101716263888.html%3Fmod%3DdjemITP_h\" target=\"_blank\">economists all agree that the economy is poised to expand<\/a>, the&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Ffinance.yahoo.com%2Fecharts%3Fs%3D%255EVIX%2BInteractive%23symbol%3D%255Evix%3Brange%3Dmy%3Bcompare%3D%3Bindicator%3Dvolume%3Bcharttype%3Darea%3Bcrosshair%3Don%3Bohlcvalues%3D0%3Blogscale%3Doff%3Bsource%3Dundefined%3B\" target=\"_blank\">VIX is at 2007 levels<\/a>&nbsp;before the crisis struck, and the bears&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424127887323644904578267793711380064.html%3Fmod%3DdjemITP_h\" target=\"_blank\">are capitulating<\/a>. &nbsp;All are signs of extreme complacency in the face of festering bearish macro trends&hellip;&hellip; &nbsp;<\/p>\n<p><img decoding=\"async\" alt=\"image\" src=\"http:\/\/media.tumblr.com\/3a047ae2cc757790b2584f16fe18b316\/tumblr_inline_mhk4oho2yL1qz4rgp.png\"\/><\/p>\n<p>(Weekly Readings &mdash;&mdash; Solid Line = 32-week average)<\/p>\n<p>&#8211; &hellip;..and why are investors giddy? &nbsp;Because stocks keep on rising. &nbsp;But smart investors know to use REAL, not Nominal gains to correctly value wealth. &nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2013-02-01%2Fkyle-bass-tells-nominal-stock-market-cheerleaders-remember-zimbabwe\" target=\"_blank\">&ldquo;Zimbabwe&rsquo;s stock market was the best performer this decade &mdash; but your entire portfolio now buys you 3 eggs.&rdquo;<\/a><span>&nbsp;<\/span>&mdash; Kyle Bass<\/p>\n<p>&#8211; The U.S. Economy is extremely vulnerable and is on the cusp of recession:&nbsp;<\/p>\n<ul>\n<li>\n<span>Bull are doused with a bucket of cold water as 4th quarter U.S. GDP<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.nytimes.com%2F2013%2F01%2F31%2Fbusiness%2Feconomy%2Fus-economy-unexpectedly-contracted-in-fourth-quarter.html%3F_r%3D0\" target=\"_blank\">prints negative for the first time since Q2&nbsp;2009<\/a><span>. &nbsp;The negative print is a crystal clear indication of how weak and vulnerable this recovery is. &nbsp;Curtailing government expenditures, higher taxes, and rising gas prices as the summer approaches<span>&nbsp;<\/span><\/span><span>will be too much for the economy to bear.<\/span>\n<\/li>\n<li>\n<span>U.S. Consumer confidence, as per the Conference Board Consumer Confidence survey,&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fthe-conference-board-consumer-confidence-index-declines-188837361.html\" target=\"_blank\">plunges again in January<\/a><span>, erasing all of 2012&rsquo;s gains. &nbsp;Furthermore, the Bloomberg Consumer Comfort Index<span>&nbsp;<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-31%2Fconsumer-comfort-in-u-s-falls-for-fourth-straight-week.html\" target=\"_blank\">falls for the fourth straight week<\/a><span>. &nbsp;Weekly sales metrics, such as<span>&nbsp;<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fbloomberg.econoday.com%2Fbyshoweventfull.asp%3Ffid%3D455498%26amp%3Bcust%3Dbloomberg-us%26amp%3Byear%3D2013%26amp%3Blid%3D0%26amp%3Bprev%3D%2Fbyweek.asp%23top\" target=\"_blank\">Goldman ICSC<\/a><span>and<span>&nbsp;<\/span><\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fbloomberg.econoday.com%2Fbyshoweventfull.asp%3Ffid%3D455555%26amp%3Bcust%3Dbloomberg-us%26amp%3Byear%3D2013%26amp%3Blid%3D0%26amp%3Bprev%3D%2Fbyweek.asp%23top\" target=\"_blank\">Redbook<\/a><span>, reveal weakening consumption trends. &nbsp;<\/span>This ongoing trend&nbsp;casts a cloud over the direction of consumer spending as worries over reduced incomes due to the expiring 2-yr payroll tax holiday ferment.<\/li>\n<li><span>The Household Survey, embedded beneath the widely touted headline jobs number this morning, has not confirmed the improving job market for the third&nbsp;successive&nbsp;month. &nbsp;<\/span><\/li>\n<li>\n<span>The FOMC meeting<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.forbes.com%2Fsites%2Fafontevecchia%2F2013%2F01%2F30%2Ffomc-fed-warns-of-halted-economy-and-disinflation-qeternity-is-here-to-stay%2F\" target=\"_blank\"><span>&nbsp;<\/span>reveals that Fed officials are worried about a stalling economy (confirmed by Q4 numbers) as well as creeping disinflation<\/a><span>. &nbsp;Monetary policy is powerless to arrest continued sluggish in the economy; worse, as investors&nbsp;appreciate<\/span><span>&nbsp;the negative impact of reduced consumer incomes, there will be a crisis of confidence. &nbsp;&rdquo;Don&rsquo;t Fight the Fed&rdquo; will be a maxim of the past. &nbsp;<\/span>\n<\/li>\n<\/ul>\n<p>&#8211; Europe&rsquo;s troubles lurk in the background, receiving very little press. &nbsp;The budget scandal in Spain<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Flatino.foxnews.com%2Flatino%2Fpolitics%2F2013%2F02%2F01%2Fspain-rajoy-could-be-quizzed-in-corruption-scandal%2F\" target=\"_blank\">is quietly picking steam<\/a>&nbsp;and Retail Sales in the country&nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.guardian.co.uk%2Fworld%2F2013%2Fjan%2F29%2Fspanish-retail-sales-slump-austerity\" target=\"_blank\">fell for the 30th consecutive month<\/a>&nbsp;in December. &nbsp;Spanish 10-yr borrowing costs advance roughly 5% this week. &nbsp;<a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.marketwatch.com%2Finvesting%2Fbond%2FTMBMKES-10Y%3Fcountrycode%3DBX\" target=\"_blank\">Looking at a 3-month view<\/a>, we now see a higher high. &nbsp;Meanwhile, car sales throughout the periphery<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.reuters.com%2Farticle%2F2013%2F02%2F01%2Feurope-autos-idUSL5N0B1B8Z20130201\" target=\"_blank\">remain in a distinguishable downtrend<\/a>&nbsp;and retail sales<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.businessinsider.com%2Fgerman-retail-sales-plunge-in-december-2013-1\" target=\"_blank\">throughout<\/a><span>&nbsp;<\/span>the<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.investing.com%2Fnews%2Feconomic-indicators%2Ffrench-consumer-spending-remains-unchanged-unexpectedly-243674\" target=\"_blank\">region<\/a><span>&nbsp;<\/span>signal consumer retrenchment. &nbsp;Moreover, Italian Consumer Confidence<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Farticle%2Fitaly-consumer-confidence-hits-17-year-low-in-january-20130128-00050%23.UQv9KkpU6FZ\" target=\"_blank\">slumps<\/a><span>&nbsp;<\/span>to a 17-yr low and Business Confidence<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-01-30%2Fitalian-business-confidence-unexpectedly-falls-on-recession.html\" target=\"_blank\">unexpectedly falls<\/a>.<\/p>\n<p>&#8211; If China has really bottomed and is on the brink of a sustainable recovery, try telling that to the Australians. &nbsp;Straya&rsquo;s mining-based economy<span>&nbsp;<\/span><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.businessinsider.com%2Faustralia-manufacturing-pmi-2013-1%3Futm_source%3DTriggermail%26amp%3Butm_medium%3Demail%26amp%3Butm_term%3D10%2520Things%2520Before%2520the%2520Opening%2520Bell%26amp%3Butm_campaign%3DPost%2520Blast%2520%2528moneygame%2529%253A%252010%2520Things%2520You%2520Need%2520To%2520Know%2520Before%2520The%2520Opening%2520Bell\" target=\"_blank\">is signaling a red flag<\/a><span>&nbsp;<\/span>for global recovery&nbsp;enthusiasts.<\/p>\n<div>\n<label>Average:<\/label><\/p>\n<p><span>Your rating: <span>None<\/span><\/span> <span>Average: <span>1<\/span><\/span> <span>(<span>1<\/span> vote)<\/span><\/p>\n<\/div>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pixel.quantserve.com\/pixel\/p-89EKCgBk8MZdE.gif\" border=\"0\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"author":1213,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[487],"tags":[],"class_list":{"0":"post-25139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking-news"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/25139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1213"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=25139"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/25139\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=25139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=25139"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=25139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}