POSITIVES & NEGATIVES OF THE WEEK

Positives:

1. Despite some trouble in select areas of the market, the Dow made new all-time highs this week.
2. Initial jobless claims came in at 319k, less than expected and down from last week.
3. Total exports increased 2.1% m/o/m in March, up from a 1.3% decline in February
4. Purchase applications jumped .9% w/o/w as 30 yr mortgage rates hit a 26 week low.
5. The trade deficit narrowed to $40.4B in March, down from $41.9B in February.
6. ISM non-manufacturing increase to 55.2 in April, up from 53.1 in March.
7. EU PMI services index came in at 53.1, the highest level since June 2011.

Negatives:

1. Japan April PMI services index fell to 46.4, the lowest level since September 2011.
2. Productivity fell 1.7% annualized in Q1 v exoectations of a 1.2% fall.
3. The Russell 2000 closed below its 200 day moving average for the first time since 2012.
4. China services PMI fell to 51.4 from 51.9.