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Grinding Higher, and Higher, and …

April 16, 2013

The rally continues to be led by defensive sectors, which historically has not been a sustainable dynamic.
-Jason D. Pride, director of investment strategy, Glenmede

- Markets ground upwards to a new high last week. The rally continues to be led by defensive sectors,
which historically has not been a sustainable dynamic.

- Leading indicators continue to indicate moderate growth at best. The Empire Manufacturing and Philly Fed indices, the first leading indicators for April, will be released this week.

- Slower growth expectations surfacing. The IMF lowered 2013 US and world economic growth projections (now 1.7% and 3.4%, down from 2.0% and 3.5%, respectively) due mainly to the US budget impasse.

- Earnings Season is unlikely to settle the debate over direction. As the earnings season begins, expect

Also:

 

  • Political Churning Continues
  • Europe: Reduce to a Simmer

 

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