NEW YORK ( ETF Digest) -- Eurozone issues stole the show on Monday... again. An austerity deal in the Netherlands hit a stalemate, meaning the country could lose its AAA rating. In France election results weren't kind to Sarkozy and it's uncertain, especially with the strong right wing showing, how the final vote on May 6 th will work out. If Sarkozy loses and the socialist Hollande wins then the financial alliance for the EU between France and Germany could be undone. To make matters worse Monday, the eurozone reported the important PMI (Purchasers Managers Index) at weak 47.4 vs expectations of 49.3 and prior 49.1. China also reported another weak manufacturing survey also at 49.1. Toss-in recent U.S. data and the three important regions in the world are experiencing clear economic contraction.Stocks were hit hard again early but recovered some losses as the day wore on. Apple (AAPL) shares were only modestly lower and may remain pegged until earnings are released after the close on Tuesday. The dollar (UUP) was stronger making for weaker commodity prices (DBC, USO, GLD & JJC) while the only bright spots were biotech (XBI) and bonds (IEF & TLT).
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