Currency war indeed. Countries are devaluing against the US$, pushing the US$ ever higher in an attempt to gain a shrinking piece of the global trade. And this comes at the expense of US multi-nationals. The Chicago PMI is down reflecting the weakening manufacturing sector due to the strong US$. It means lower earnings for Q1. Meanwhile, the US trade deficit was $41B in January which is $500B annualized.
Why "Competitive Devaluation" Doesn't Work : http://www.zerohedge.com/news/2015-03-06/why-competitive-devaluation-doesnt-work Excerpt: Both imports and exports fell year-over-year in January, as weakness, contraction even, is now universal in terms of US demand for foreign goods and foreign demand for US goods. Trade has ground to a startling halt.
On the export side, the drop was by far the worst since 2009. That may suggest another reason for the Chicago PMI’s dramatic collapse of its own, which would be very concerning since it would mean that far more than just the energy sector is contracting under the weight of lack of “demand.”
The Fibonacci zone (1) 2069.93-2130.46 is stiff. On 11/21/14, SPX made its first entry into this zone. On 02/25/15, SPX marked ATH 2119.59. On 03/10/15, SPX closed below this zone.
(4) SPX Short term Lower rail
2029.52, 2005.40, 2004.02, 1973.79-1965.20 for detailed breakdown, refer to the table
(5) 2015 General Outlook
All the pieces keep adding up into a very serious economic and geopolitical game changer for 2015 - Gerald Celente link
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