WEDNESDAY 3/25/15; German IFO; Greece Angst; Durable Goods; US Stocks Selloff; PVH; RHT

Asian indexes are calm overnight. The NIKK is marginally higher. Aussie stocks are flat. The KOSPI is flat after reporting Q4 GDP at +0.3% the slowest growth in six years. The SSEC drops -0.8% ending the record-setting 10-day winning streak. Traders will maintain lofty levels in the Shanghai Index, however, since the PBOC will keep printing easy money just like other global central bankers. The central bankers are the market. The Hang Seng Index gains +0.5%.

Yemen is in chaos with lawlessness and regional wars flaring up across the country reflecting failed US foreign policy. Fighting continues in Iraq with the ISIS Islamist radicals continuing to rebuff coalition forces in sections of Tikrit. Iran continues to exert a wider influence across Iraq and Yemen causing increasing worry and concern by Saudi Arabia, UAE, Kuwait and other more US-friendly nations.

President Obama continues to destroy relations with Israel and PM Netanyahu threatening to allow a Palestinian state to move forward in the United Nations, a major change of US policy. In the past, the United States always sided with Israel. As the Middle East and northern and western Africa situations deteriorate, the US is poking a stick in Israel’s eye, its strongest ally in the region. Fighting continues in eastern Ukraine despite the cease fire.

At 3:30 AM, S&P futures are -1. Dow -6. Nasdaq +1. European futures point to a lower open. WTIC oil 47.10. Brent oil 54.84. Natty gas 2.72. Gold 1190. Silver 16.93. Copper is down -0.6% to 2.7855 taking a rest after the huge +14% run higher from the back half of last week into early this week that was missed by the media.

Brazil does not plan to 













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 Investors Intelligence Survey continues to report bullish sentiment at about 57% and bearish sentiment at about 14% for the last month; extreme readings on both ends. The uber bullishness and lack of bearishness is reinforced by the comments from money managers in the previous paragraph as well as the low VIX and low CPC and CPCE put/call ratios. A relaxed attitude by traders about buying the upside in stocks without fear or worry usually results in a market selloff.

NATO scrambles Danish and Italian fighter jets to intercept four Russian fighters above the Baltic Sea. The Russian jets have their transponders turned off to avoid detection. President Putin keeps poking a stick in the West’s eye.