Rosenberg Daily Soundbites

• Well, it’s a complete reversal from yesterday. Global equities are giving up much, if not all, of yesterday’s advances; the U.S. dollar is undergoing a nice bounce; the UK pound is being hit today by the news that jobless claims there jumped; the current loss of technical momentum combined with extremely disappointing economic data suggest to me that we are entering a period where instead of buying the dips, we should be selling the rallies
• The retail sales story: The good news is that U.S. retail sales did come in better than expected, the bad news is that they still fell
• Inflation scare is over: U.S. producer prices came in about as expected and it was the softest increase for the headline since July 2010
• Small biz gets smaller: The National Federation of Independent Business (NFIB) small business index was the latest in a stream of disappointing economic data releases in the United States