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“By day the banished sun circles the earth like a grieving mother with a lamp.” – Cormac McCarthy

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Futures this morning have moved modestly into positive territory after trading lower overnight, but after two straight days of modest declines for stocks, there’s a heavy feeling into the weekend. The only economic data on the calendar this morning are preliminary PMI data for April from S&P.  In reports for other countries we have seen already this morning, the general trend has been one of weaker readings in manufacturing and improvement in services.

Treasuries are generally trading higher this morning with the biggest moves coming at the short end of the curve. In Fedspeak overnight, Philadelphia Fed President Patrick Harker made some common sense comments when he said that “We need to be a little cautious here to not just respond to the current level of inflation, but where we think it’s going.”

With tomorrow being Earth Day, we wanted to take a quick look at how global equities look heading into the weekend and as we’re close to four full months into the (no longer) new year.  While the S&P 500 has been struggling to even take out its February high, the highs from last August before Powell’s Jackson Hole speech tanked the market still loom above.  Global equities, however, have fared better.  In addition to trading right at the February highs, the MSCI All Country World ETF (ACWI) is also right at the highs from last August as the low-$90s range is a level that has acted as resistance multiple times in the last seven months.   Bulls will point to the fact that during the pullback that followed the last unsuccessful breakout, ACWI made a higher low, while bears will highlight the fact that volume during the last leg higher was anemic.  Whichever way it breaks from here, though, the move is likely to be a significant one.

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