Last week there were more POSITIVE than NEGATIVE developments, and the stock market strung together its best two weeks since June.

ECONOMIC REPORTS LAST WEEK

Positives:

1) Private sector payroll growth solid in March
2) ISM mfr’g solid but some key components moderate
3) Feb Pending Home Sales better than expected
4) Irish debt gets some relief as bank stress test in line with bailout cost estimates
5) Taiwan raises rates to join other Asian nations in fighting inflation
6) Yen at 3 1/2 month low providing breather to Japanese exporters (but cost of needed imports go up)

Negatives:

1) No wage growth as inflation pressures continue, WMT endorses that as fact
2) Case/Shiller Home Price Index back to near the lows
3) Consumer Confidence at 4 mo low as 1 yr inflation expectations rise to 6.7%
4) Portugal and Greek debt ever more toxic
5) 3yr, 5yr, 7yr U.S. Treasury auctions soft

Source: The Big Picture