China Giving Stocks a Hangover

U.S. stocks declined on Tuesday, with the S&P 500 retreating from its record, as news from China hit commodity prices, concern about Ukraine lingered and investors awaited signals on the direction of the economy.

On Monday, stocks fell as a deceleration in China’s exports had investors concerned about the global economy.

And, a default last on a bond payment by China’s Chaori Solar rattled the copper market, leading to three days of heavy selling.

Ukraine’s interior minister reportedly said Tuesday the country could mobilize 20,000 to protect its borders. Russia has nearly 19,000 troops in Crimea, according to Ukraine officials.

Data Tuesday had wholesale inventories rising a more-than-expected 0.6 percent in January, but sales fell the most in almost five years.

Wednesday

7:00 a.m.: Mortgage applications, 10:30 a.m.: EIA oil and gasoline inventories, 1:00 p.m.: $21 billion 10-year Treasury auction, 2:00 p.m.: Federal budget

News Sources:  CNBC and CNN Money

My Market View:

When China posts a trade deficit it leaves you scratching your head.  Considering that they export like crazy.  So given the fact that we have seen the market shoot up from the Beginning of February, it not surprising that the jitters are setting in and profits are being gleaned.  Still nothing to worry about as of yet, it could still go higher here, possibly taking a pause only.

The portfolio:

Filled on PRLB right before the market dropped.  Still this stock has taken a beating due to a lack of confidence in the 3d printing sector.  It is bound to bottom out soon.

Only ULTA bucked the trend today, but as I said in my notes yesterday, we are due some profit taking, but no need take any broad action just yet.