MONDAY 2/9/15; China Trade Data; Greece Angst; Ukraine Turmoil; HAS; MAS; DNB

China trade data disappoints with exports falling -3.3% year on year and imports collapsing the worst in five years down -19.9%; the domestic Chinese economy appears weak. China reports a trade surplus of $60 billion. Imports of coal, iron ore, other commodities and oil are lower as evidenced by the Baltic Dry Index (BDI) at 30-year lows. 

As America enjoys Sunday evening, the new trading week begins in Asia. Euro 1.1311. Dollar/yen 119.06. If the dollar/yen remains above 119, the Nikkei Index should float higher. Pound 1.5234. WTIC oil 52.89. Brent oil 58.66. Natty gas 2.65. Gold 1238. Silver 16.775. Copper 2.58.

As a new week is set to begin, US Treasury yields are










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 reports weak revenue. DNB earnings miss profit forecasts.

The bullish market sentiment remains. BMO’s Brian Belski continues to pound the table for bullish markets forward proclaiming that stocks are only in the sixth year of a 20-year rally. Former Legg Mason executive Bill Miller remains bullish on the stock market saying stocks are fairly valued and cheap compared to bonds. Permabull Tom Lee with Fundstrat maintains his SPX 2325 target for this year. Lee says the choppy sideways stock market this year is frustrating traders and this frustration will send markets higher.

Fed’s Powell is pushing back against politicians calling for an audit of the Fed. Of course the Fed does not want to open the books since there is phony baloney occurring. Last year Fed Chair Yellen said a Fed audit would be a “grave mistake.” A serious audit of the Federal Reserve will likely never occur. The central bankers are always protected.

President Obama comments in a softball interview that the threat of terrorism is “overstated.” The president blames the media and cable news outlets for creating public fear and angst over ISIS and other terrorist groups. The president continues to downplay global terrorism and refuses to label the daily heinous acts around the globe as radical Islam. If a major terrorism event occurs in the US, the president will have egg on his face and his complacency and laissez-faire attitude concerning the rise of militant Islam, and the new Holy War pitting Western culture against Islamist radicalism, will be exposed as gross incompetence.