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The S&P futures are trading positive right now despite much weaker than expected UoM Consumer Sentiment data. The S&P's resilience is a bit odd considering the EU's GDP data also printed weaker than anticipated. Therefore, what we take from current strength in U.S. equities is that the widening of the U.S. Trade Balance indicates an increase in demand for imports, and thereby a higher rate of domestic consumption. Hence, the larger than expected decline in the U.S. Trade Balance might even be counteracting the disappointing Consumer Sentiment numbers. As a result, the S&P futures are heading back towards previous 2009 highs along with the highly psychological 1100 level.
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