Here’s a chronological look at our titles (which include our summary assessments) of the various data points that found their way into our July 2017 “Current Trends” file. I’ll add long-term implication color-coding (where clearly applicable).

The key takeaway being, on balance, the global economy looks pretty good.

Just shoot me an email if you’d like to see the graph/commentary under a heading:

• Entering historically worst season of the year; July, August, September.
• Historically-speaking, the Nasdaq 100 breaking below its 50 dma (while not a reliable long-term indicator) doesn’t bode well for the next 3 months.
• Despite last week’s selloff, tech leads sectors year-to-date
• Japan surveys suggest a solid economy presently
• Northeast Asia PMIs basically mixed, but not at all concerning
• While most Euro-area PMIs missed expectations, all in all, the region’s economy looks solid
• U.S. Markit Manuf PMI lackluster
• ISM Manuf Index very strong!
• GM’s June numbers missed expectations
• Ford’s June sales beat estimates
• While the Eurozone economy picks up, inflation pressures simply don’t yet exist, leaving the ECB free to stay easy
• Australia trade numbers very strong! Explained largely by commodity price bounce, as well as global demand
• Global developed market PMIs are showing expansion across the board. Emerging Mkts is where there’s some weakness.
• Fed minutes confirm mixed views among voting members. Staff ups their growth projections. Roll-off likely beginning later this year
• Factory order data points to continued broad growth at reasonable pace
• June ISM Services Index beat expectations
• U.S. export growth denotes improving global economy
• Commodity prices higher
• China foreign reserves up
• Canada’s jobs numbers best in 7 years
• Very strong industrial production out of Eurozone
• UK economy not looking so good
• Brexit is clearly bad news for Britain’s economy
• Financials and Industrials took the weekly lead, last week
• ISMs point to a solid economy going forward
• Commentary from ISMs speak of optimism going forward
• Mixed inflation signals
• Late day buying suggests the smart money is comfortable with equities
• German industrial production surges 
• China’s CDS spreads at 4-year low
• Consumer Discretionary stocks seeing high short interest heading into earnings season
• Credit growth slowing in Australia
• Italy’s industrial production beat expectations
• Next few decades will see electric cars take over
• Britain is the one country not markedly benefiting from Europe’s economy
• Canada’s central bank bumps benchmark rate a quarter point
• Canadian dollar rallies on rate hike
• Consumer sentiment losing some steam, but not in a concerning manner at this point
• Australian stocks looking up on soft central bank
• Emerging Mkts rallying presumably on the Fed.. I suppose so, but I think the present setup transcends merely the Fed.
• University of Michigan preliminary consumer sentiment off, but overall remains optimistic
• U.S. industrial production beat expectations. Cap utilization above 76% (high for recent past, but not historically inflationary)
• U.S. breakeven price for a barrel of oil falling
• U.S. stock market breakout and successful retest sets up very well for extended gains
• Monthly MACD looks very bullish here
• New York Stock Exchange Index has successfully tested its 50 day moving average
• While the retail sales number was off in June, the internals were actually pretty good
• China data impressive
• ZEW econ sentiment survey shows growing optimism in major EU countries (although Germany slipped a bit) and Japan. U.S. notably slipping however.
• Foreign buying of treasuries stabilizing lately
• Housing data says good things about the economy
• Philadelphia area capex plans highest in 33 years!
• Oil looks technically and fundamentally better. Energy stocks look technically good.
• Regional surveys, on balance, suggest capex will grow going forward
• The Bank of Japan looks to remain dovish going forward
• The European Central Bank to stay dovish (there’s dissent within however) in the face of a growing economy… lack of inflation inspires it.
• Hugely strong tech sector breadth bodes well for returns going forward
• Multinationals benefitting from weaker dollar
• Japanese investors are extremely bullish on India’s stocks
• Speculators are very bearish on the dollar
• A much stronger Euro becomes problematic for Euro company earnings
• Euro Stoxx 50 lags global peers as Euro strengthens
• While remaining in expansion mode, flash manuf PMIs among developed nations (with the exception of France), show waning optimism
• There’s optimism within Emerging Mkts earnings outlook
• Muni bonds look expensive
• Halliburton says U.S. may slow rig count growth as price stays below $50
• While Eurozone optimism, per the PMIs, may be peaking, growth momentum is very much intact
• Fed model shows a tightening bias for now
• Caterpillar seeing very good numbers!
• 3m disappoints on estimates
• Bank of Japan’s newest members have no interest in walking back easing
• Shale producers are cutting back, this could a spark for a second half rebound (energy)
• Business sentiment remains strong in Europe
• China’s growth outlook improving, allowing policymakers a window to curb excessive and speculative borrowing
• Swelling Emerging Mkt debt could exacerbate market moves should there be a shock
• Lack of EM distressed debt adds to the potential fallout story
• Treasury VIX action says traders are very sanguine
• Hedge funds are extremely short the dollar
• Key takeaways from today’s oil inventory report are, on balance, bullish for the price
• Russia sees fastest economic growth in 5 years
• The Richmond Fed Manuf Survey was, on balance, quite good
• Conference Board’s Consumer Confidence came in much better than expected
• European oil companies are seeing their best performance since the plunge in prices 3 years ago
• Rising commodity prices measurably helping China
• German consumer confidence at an all-time high, Spain data looks very impressive, Sweden just okay, Eurozone credit growth falls.
• The world is warming up to China, per the Yuan’s pickup in global payments
• Homeownership rising thanks to what was record high rents and low vacancies
• Copper looking very strong technically. It, and iron ore dynamics appear healthier
• French consumer sentiment fell markedly, while Italian economic sentiment hits its strongest since the crisis
• Fund manager U.S. equity positioning — lack thereof — favors U.S. equities going forward
• Fund managers’ lack of U.S. exposure relative to foreign equities counterintuitively favors U.S. equities going forward
• Heavy European equity positioning among funds, relative to U.S., hurts European equity prospects (counterintuitively) going forward. However, I’m not yet in that camp
• Fund managers heavy EM exposure speaks (counterintuitively) negative about their prospects. Too soon to get bearish, however, in my view
• Fund managers are underweight global bonds. While that would be a contrarian buy signal, I think they’re right this time
• Fund managers high cash levels bullish for stocks going forward
• Gold stuck in long-term triangle… looking to break out… I’d take the short side of that trade
• India central bank likely to cut a quarter point next week
• South Korea industrial production missed badly, despite positive PMI. Japan unemployment at cycle lows. Japan’s household spending strongest since 2014.
• Europe overall, save for Britain, looks good economically
• One analyst sees this stubbornly low volatility as a ticking timebomb. However, there’s lots of data to dispute his opinion…
• Traders are shorting Emerging Mkt bonds big time. Fits my view of a rising dollar and higher U.S. rates going forward
• Bank of Russia likely on pause for now due to low inflation and weak Ruble.. However, economists see more easing in second half
• The potential fallout when the ECB cuts QE should be negated by reinvestment, as it was with the Fed
• Durable goods surged, but it was all about Boeing. Ex-aircraft the report was very mixed.
• The Eurozone’s credit impulse suggest the ECB won’t go near raising rates until 2019
• The Euro looks overbought here
• Earnings guidance spread looks very strong at this point in earnings season
• Housing data has missed of late, but not dramatically. Positive setup remains
• Jobless claims continue to point to a very healthy labor market
• Consume confidence spiked higher in July
• Q2 GDP’s first estimate looks sold enough, prospects good for second half