© 2012 ROHR International, Inc. All International rights reserved.

Very Quick Post indeed today, as it is all consistent with previous expectations. In addition to the negative psychology out of Europe, the economic data still remains very weak on balance. And the additional news from the late week data crunch on Asia can be added to that. Possibly a bit perverse that a day where Ireland is seemingly confirming its commitment to Euro-zone membership and austerity that sentiment there is so weak as well. Yet it is the case that the mild upward revisions from the Advance figures still leave Euro-zone PMI’s significantly weaker on the month…

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© 2012 ROHR International, Inc. All International rights reserved.

In addition to the negative psychology out of Europe, economic data remains very weak on balance. And one key indication would suggest that the early year economic bounce is over. More on that below. But first it is important to recognize that even prior to today there was a limited amount of silver lining behind a more than ample dark cloud.

And the negative factors over the past several days have been very prominent, beginning with Tuesday's US Consumer Confidence and Dallas Fed Manufacturing Index. That was followed by Wednesday's suggestions from the European Commission (discussed and linked to in yesterday's TrendView Market Alert) on broader European integration to solve the current Sovereign Debt Crisis. While constructive if considered in a vacuum, they only pointed up the mechanisms and agreements that are currently lacking as the situation becomes more critical in Spain. Of course, while the expectation is it will pass, it is important to keep an eye on today's Irish Stability Treaty referendum voting as well.

However, aside from the technical trend aspects discussed extensively in yesterday's TrendView Market Alert, the real story is the continued weakness in the data and other news…

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© 2012 ROHR International, Inc. All International rights reserved.

The Weekly Report & Event Calendar is still available through the link in the right hand column. The focused comments below it are now also available as well in the calendar section as the now regular weekly Summary Perspective on Key Influences. We hope you find that useful as well. It also has the Concise Market View at the end.

For those of you who have not already seen it, there is a lot of emphasis again this week on Wednesday and especially into Thursday... with a much lighter reporting/influence day on Friday. However, as opposed to last week’s clear focus on the negativity generated by the potential Greek expulsion/departure from the Euro-zone, it’s a somewhat more balanced perspective as we head into the informal European summit tomorrow.

Can they really craft the sort of hybrid approach outlined at the G8 meeting that blends the further growth encouragement into the necessary fiscal rebalancing? It's going to be quite a balancing act, and there are no small numbers of fiscal purists who might act as bomb throwers. While the Left-leaning governments on Europe's periphery are all for it, the idea of greater funding for supranational organizations splashing out spending across the weaker portions of peripheral Europe is not necessarily a new idea.

In fact, that has already been articulated today…

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© 2012 ROHR International, Inc. All International rights reserved.

The Weekly Report & Event Calendar is now available through the link in the right hand column. The focused Summary Perspective on Key Influences below it will be provided later today, as we felt it more important to get right to the Concise Market View from the end of that due to the volatility already apparent early this week.

For those of you who have not already seen it, there is a lot of emphasis again this week on Thursday. And just as was the case last week, clear focus on the extensive data will be vying with facts on the ground out of Europe. There are some other items worth noting earlier in the week, but mostly not in today’s very slow economic data day.

Yet, even as early as tomorrow morning we see China’s Conference Board Leading Economic Index, and the OECD Economic Outlook along with Euro-zone Consumer Confidence. And the US has some interesting influences cropping up as well in a speech in Hong Kong on Monetary Policy by the Fed's Lockhart along with…

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© 2012 ROHR International, Inc. All International rights reserved.

After initial negative equities reactions to the swing to the Left in Europe settled down, the stock markets are not doing too badly. Even in Europe (with the UK and Ireland Closed for a holiday today) the relative damage is modest. We need to allow that is in the context of European markets that have been trending down for the past month-and-a-half.

Considering how far June S&P 500 future has fallen since shortly after the ECB press conference last Thursday (when it was still in the mid-low 1,390s), it is still only back down to important support. As we had noted in the Rohr-Blog post that morning Weak data, France headed for Socialism, ECB against stimulus… “…fundamental drivers for the markets are possibly headed for another significant disconnect.” And June S&P 500 future foreshadowed that by closing on Thursday below the key 1,390.20 level.

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