Economic news from China last week overshadowed improving technicals for in many parts of the market, including the specific areas highlighted by MoneyShow senior editor Tom Aspray.
Stocks took a breather last week, as fears over a slowing Chinese economy scared some out of stocks as well as crude oil, which dropped sharply. The latest data on manufacturing from both China and Europe spooked some investors.
Several weeks ago, Chinese Premier Wen had cut the GDP target to 7.5% for 2012, from 8% in 2011. But only a week later, Nomura Securities raised their forecast from 7.9% to 8.2%. In their opinion, further lowering of interest rates and the bank reserve requirement will turn the economy around.
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