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Global Macro: A Closeup on the Asian Pacific

The last chart is of SPDR S&P Retail ETF (XRT) over S&P Equal Weight ETF (RSP). This pair has shown considerable strength in 2013, but looks to be at a point of resistance. April retail sales release Monday, and should give this pair's direction more clarity.

The report will also tell a lot about the strength of the underlying economy. The economy is driven by the consumer, as consumer spending accounts for around 70% of U.S. GDP. The equity markets have seen a huge run up lately, and if retail sales show that consumer spending is strengthening, then this could be a catalyst for further US equity strength.

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DBC $18.04 0.22%
RSP $82.14 0.05%
USO $19.63 0.56%
XRT $99.45 -0.45%
JGBL $21.55 -0.85%


DOW 18,074.67 +36.70 0.20%
S&P 500 2,112.07 +3.15 0.15%
NASDAQ 5,060.6130 +0.3670 0.01%

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