Mall REIT Caution

I believe in the Efficient Market Theory -- in the long run.  By that I think that on any given day a stock is either over valued or under valued but eventually after all the various investor segments digest the total news about a company the price trend begins to trend in the direction of the stocks actual Revenue and Earnings.

Right now I see several clues that tell me that Mall REITs  may be over valued:

1. Major retailers are announcing cutbacks in their expansion plans
2. Major retailers are showing decreasing same store sales
3. Major retailers keep announcing store closings
4. The stock prices of major retailers are falling
5. Hedge funds are beginning to increase their short interest in Mall REITs

The Mall REITs are dependent on the profitability of those major retailers to pay the rents.

Right now there is a disconnect between the share prices of major retailers and share prices of the mall owners.  Common sense tells me that the prices of both sectors should eventually have a positive correlation.

Who are the major mall owners:

Simon Property Group (SPG), General Growth Properties (GGP), Washington Prime Group (WPG), Kimco Realty (KIM), Developers Diversified Realty (DDR), The Macerich Co. (MAC), CBL & Associates Properties (CBL), Regency Centers (REG) and Weingarten Realty Investors (WRI)

At this time I would choose one of these strategies depending on your risk profile:

• Not increase my holdings in any of these REITs
• If you own any of these you might want to calculate your exit point and put in stop losses
• Buy some puts on these stocks
• Short some of these stocks like the hedge funds

Time to clean house

I put in sell orders in the Barchart Van Meerten New High portfolio for the following stocks:  Weingarten Realty Investors (WRI), Omega Healthcare Income (OHI), National Health Investors (NHI), Ventas (VTR), Cubemart (CUBE), Cedar Shopping Centers (CDR), Thomas Reuters (TRI), Bed Bath & Beyond (BBBY):

Weingarten Realty Investors (WRI)

Barchart technical indicators:

• 72% Barchart technical sell signals
• Trend Spotter sell signal
• Below its 20, 50 and 10 day moving averages
• 10.66% off its recent high
• Relative Strength Index 37.09%
• Recently traded at 34.61 which is below its 50 day moving average of 36.48

Omega Healthcare Income (OHI)

Barchart technical indicators:

• 72% Barchart technical sell signals
• Trend Spotter sell signal
• Below its 20, 50 and 100 day moving averages
• 15.22% off its recent high
• Relative Strength Index 36.35%
• Recenty traded at 38.56 which is below its 50 day moving average of 41.67

National Health Investors

Barcart technical indicators:

• 72% Barchart technical buy signals
• Trend Spotter buy signal
• Below its 20, 50 and 100 day moving averages
• 12.11% off its recent high
• Relative Strength Index 32.44%
• Recently traded at 67.65 with a 50 day moving average of 72.55

Ventas (VTR)

Barchart technical indicators:

• 72% Barchart technical sell signals
• Trend Spotter sell signal
• Below its 20, 50 and 100 day moving averages
• 14.48% off its recent high
• Relative Strength Index 27.59%
• Recently traded at 70.14 which is below ts 50 day moving average of 76.29

Cubemart (CUBE)

Barchart technical indicators:

• 64% Barchart technical sell signals
• Trend Spotter sell signal
• Below its 20, 50 and 100 day moving averages
• 13.34% off its recent high
• Relative Strength Index 30.17%
• Recently traded at 22.34 which is below its 50 day moving average of 23.96

Cedar Shopping Centers (CDR)

Barchart technical indicators:

• 56% Barchat technical sell signals
• Trend Spotter sell signal
• Below its 20 and 50 day moving averages
• 14.00% off its recent high
• Relative Strength Index 34.21%
• Recently traded at 7.19 which is below its 50 day moving average of 7.65

Thomson Reuters (TRI)

Bachart technical indicators:

• Barchart technical hold signals
• Trend Spotter sell signal
• Below its 20 and 50 day moving averages
• 4.80% off its recent high
• Relative Strength Index 49.88%
• Recently traded at 39.50 which is below its 50 day moving average of 39.48

Bed Bath & Beyond (BBBY)

Barchart technical indicators:

• 8% Barchart technical sell signals
• Trend Spotter sell signal
• Below its 20 and 50 day moving averages
• 6.08% off its recent high
• Relative Strength Index 45.92
• Recently traded at 74.80 which is below its 50 day moving average of 76.07

5 Great Mid Caps

Today I wanted to find the 5 Mid Cap stocks that I thought had the best technical indicators and charts.  I used Barchart to sort the S&P 400 Mid Cap Index stocks first for the best technical buy signals and next used to Flipchart feature to find the chart with the most consistent price momentum.

Today's list includes Trinity Industries (TRN), Footlocker (FL), Eagle Materials (EXP), The Whitewave Foods Co (WWAV) and Weingarten Realty Investors (WRI):

Trinity Industries (TRN)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 4 new highs and up 6.55% in the last month
• Relative Strength Index 69.63%
• Barchart computes a technical support level at 46.43
• Recently traded at 48.06 with a 50 day moving average of 44.00

Footlocker (FL)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 12.81% in the last month
• Relative Strength Index 71.60%
• Barchart computes a technical support level at 51.78
• Recently traded at 54.21 with a 50 day moving average of 49.82

Eagle Material (EXP)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 8.60% in the last month
• Relative Strength Index 67.27%
• Barchart computes a technical support level at 97.04
• Recently traded at 99.20 with a 50 day moving average of 93.98

The Whitewave Foods Co (WWAV)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 12.27% in the last month
• Relative Strength Index 63.90%
• Barchart computes a technical support level at 33.69
• Recently traded at 34.44 with a 50 day moving average of 31.88

Weingarten Realty Investors (WRI)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 5 new highs and up .56% in the last month
• Relative Strength Index 62.66%
• Barchart computes a technical support level at 34.28
• Recently traded at 34.25 with a 50 day moving average of 33.25

REIT's Rule the Mid Caps

Today I used Barchart to sort the S&P 400 Mid Cap Index stocks to find the stocks with the most frequent new highs in the last month and I was surprised how may REITs were at the top of the list.  Among them were Camden Property Trusts (CPT), Supervalu (SVU), Weingarten Realty Investors (WRI), American Campus Communities (ACC) and Alexandria Real Estate Equities (ARE):

Camden Property Trust (CPT)

Barchart technical indicators:

• 72% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 2.82% in the last month
• Relative Strength Index 60.51%
• Barchart computes a technical support level at 73.19
• Recently traded at 72.86 with a 50 day moving average of 70.99

Supervalu (SVU)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above ts 20, 50 and 100 day moving averages
• 14 new highs and up 21.87% in the last month
• Relative Strength Index 73.69%
• Barchart computes a technical support level at 8.20
• Recently traded at 9.36 with a 50 day moving average of 8.01

Weingarten Realty Investors (WRI)

Barchart technical indicators:

• 64% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 2.28% in the last month
• Relative Strength Index 57.68%
• Barchart computes a technical support level at 33.65
• Recently traded at 33.59 with a 50 day moving average of 32.51

American Campus Communities (ACC)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 4.11% in the last month
• Relative Strength Index 61.98%
• Barchart computes a technical support level at 40.09
• Recently traded at 40.00 with a 50 day moving average of 38.86

Alexandria Real Estate Equities (ARE)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 2.29% in the last month
• Relative Strength Index 61.64%
• Barchart computes a technical support level at 78.73
• Recently traded at 78.88 with a 50 day moving average of 77.08

5 Mid Caps with Juice Left

Today's list comes from using Barchart to sort the S & P 400 Mid Cap Index for the stocks with the best Barchart technical buy signals.  The list includes Williams-Sonoma (WSM), Weingarten Realty Investors (WRI), Worthington Industries (WOR), Wendy's (WEN) and Towers Watson (TW):

Williams-Sonoma (WSM)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 7.89% in the last month
• Relative Strength Index 68.06%
• Barchart computes a technical support level at 53.46
• Recently traded at 54.372 with a 50 day moving average of 49.81

Weingarten Realty Investors (WRI)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 12.47% in the last month
• Relative Strength Index 86.21%
• Barchart computes a technical support level at 35.20
• Recently traded at 35.80 with a 50 day moving average of 31.96

Worthington Industries (WOR)

Barchart technical indicators:

• 96% Barchart technical  buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 8 new highs and up 13.24% in the last month
• Relative strength Index 67.86%
• Barchart computes a technical support level at 32.63
• Recently traded at 33.65 with a 50 day moving average of 30.38

Wendy's (WEN)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 9.57% in the last month
• Relative Strength Index 70.41%
• Barchart computes a technical support level at 5.82
• Recently traded at 6.07 with a 50 day moving average of 5.60

Towers Watson (TW)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 7.01% in the last month
• Relative Strength Index 69.31%
• Barchart computes a technical support level at 73.55
• Recently traded at 74.69 with a 50 day moving average of 69.47

5 Great Mid Caps

Today's list comes from sorting the S & P 400 Mid Cap Index for the stocks with the best Barchart technical buy signals.  The list includes Weingarten Realty (WRI), Westar Energy (WR), Waste Connections (WCN), Wabtec (WAB) and Rock-Tenn (RKT):

Weingarten Realty (WRI)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 7.13% in the last month
• Relative strength Index 75.78%
• Barchart computes a technical support level at 33.32
• Recently traded at 33.80 with a 50 day moving average of 31.38

Westar Energy (WR)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 4.55% in the last month
• Relative Strength Index 70.20%
• Barchart computes a technical support level at 34.11
• Recently traded at 34.69 with a 50 day moving average of 32.59

Waste Connections (WCN)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 5 new highs and up 5.06% in the last month
• Relative strength Index 73.70%
• Barchart computes a technical support level at 36.94
• Recently traded at 37.80 with a 50 day moving average of 35.49

Wabtec (WAB)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50  and 100 day moving averages
• 3 new highs and up 2.51% in the last month
• Relative Strength Index 62.84%
• Barchart computes a technical support level at 101.98
• Recently traded at 104.67 with a 50 day moving average of 99.67

Rock-Tenn (RKT)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 3 new highs and up 6.64% in the last month
• Relative Strength Index 65.04%
• Barchart computes a technical support level at 94.27
• Recently traded at 98.95 with a 50 day moving average of 88.75

3 Great Mid Cap Stocks

This morning I used Barchart to screen the Mid Cap S & P 400 stocks to find 3 with steady upward price momentum and found Weingarten Realty Investors (WRI), W R Berkley (WRB) and T W Telecom (TWTC)

Weingarten Realty Investors (WRI)

Barchart technical indicators:

• 96% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 5.83% in the last month
• Relative Strength Index 66.67%
• Barchart computes a technical support level at 26.61
• Recently traded at 27.24 with a 50 day moving average of 25.83

W R Berkley (WRB)

Barchart technical indicators:

• 96% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 6.13% in the last month
• Relative Strength Index 60.17%
• Barchart computes a technical support level at 38.24
• Recently traded at 38.63 with a 50 day moving average of 36.53

T W Telecom (TWTC)

Barchart technical indicators:

• 80% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving average
• 6 new highs and up 3.17% in the last month
• Relative Strength Index 60.17%
• Barchart computes a technical support level at 22.62
• Recently traded at 22.80 with a 50 day moving average of 21.94

Barchart Morning Call 3/1

Barchart Morning Call

Barchart.com - 53 mins ago

Overnight Developments

• Global stocks this morning are mixed with the Euro Stoxx 50 up +0.67% and Mar S&Ps up +3.60 points. The dollar and Treasuries are lower and commodities gained as Spanish borrowing costs declined. Spain sold 4.5 billion euros of debt, its maximum target, with the 3-year notes yielding 2.617%, down from 3.332% at a similar auction last month. EU leaders will debate how to increase the region's bailout fund at a 2-day summit starting today in Brussels. European and U.S. stocks received a boost after Feb China PMI manufacturing expanded more than expected, while Feb German PMI was unexpectedly revised up to 50.2 from the originally reported 50.1. The euro fell back to little changed against the dollar after the Feb Euro-Zone CPI estimate unexpectedly accelerated to +2.7% y/y, stronger than expectations of +2.6% y/y, while Jan Euro-Zone unemployment rate unexpectedly rose +0.1 to 10.7%, the highest in 14-1/4 years.
• Asian stocks today closed mostly lower with Japan down -0.16%, China -0.03%, Australia -1.00%, South Korea closed for holiday, India -0.95%. Asian stocks played catch-up with other global stock bourses as they shed early gains and finished lower. Losses in Japanese stocks were limited after Q4 Japan capital spending excluding software unexpectedly rose +4.9% y/y, stronger than expectations of -7.4% y/y and the largest gain in 4-3/4 years. Chinese stocks were little changed as growth in the manufacturing industry for a third straight month overshadowed concern the nation's tight monetary policies will restrict economic expansion. The Feb China manufacturing PMI rose +0.5 to 51.0, stronger than expectations of +0.3 to 50.8 and its best level in 5 months.

Overnight U.S. Stock News

• March S&Ps this morning are trading up +3.60 points. The U.S. stock market Wednesday fell back from multi-year highs and closed lower after Fed Chairman Bernanke gave no indication the Fed is considering additional stimulus measures: Dow Jones -0.41%, S&P 500 -0.47%, Nasdaq Composite -0.67%. The S&P 500 and the Dow posted 3-3/4 year highs and the Nasdaq posted an 11-year high, but they all erased their advance and closed lower. Bearish factors Wednesday included (1) testimony to Congress from Fed Chairman Bernanke in which he gave no indication the Fed is considering additional easing measures to spur the economy, (2) weakness in energy and raw material producers after a rebound in the dollar prompted long liquidation in most commodities, and (3) profit-taking in stocks after the S&P 500 rallied nearly 20% in the past 3-months up to Wednesday's 3-3/4 year high.
• Bullish factors included (1) the unexpected upward revision to Q4 U.S. GDP (+3.0 annualized versus expectations of no change at 2.8% annualized), (2) the bigger-than-expected increase in the Feb Chicago PMI which expanded at its fastest pace in 10-months (+3.8 to 64.0 versus expectations of +0.8 to 61.0), (3) comments from Dallas Fed President Fisher who said the risks of a recession have fallen in recent months as the U.S. economy is accelerating as businesses increase hiring, and (4) the upbeat assessment of the economy in the Fed's Beige book that said the U.S. economy expanded at a "modest to moderate pace" in Jan and early Feb, fueled by manufacturers, including automakers.

Today's Market Focus

• June 10-year T-notes this morning are down -10.5 ticks. T-note prices Wednesday closed lower on strong U.S. economic data along with comments from Fed Chairman Bernanke that dampened speculation the Fed will expand its stimulus measures: TYM2 -14.0, FVM2 -7.0, EDU2 +2.5. Bearish factors Tuesday included (1) the unexpected upward revision to Q4 U.S. GDP (+3.0 annualized versus expectations of no change at 2.8% annualized), (2) the bigger-than-expected increase in the Feb Chicago PMI which expanded at its fastest pace in 10-months (+3.8 to 64.0 versus expectations of +0.8 to 61.0), (3) disappointment that Fed Chairman Bernanke failed to hint at QE 3 or any other additional Fed stimulus measures, and (4) comments from Dallas Fed President Fisher who said the risks of a recession have fallen in recent months as the U.S. economy is accelerating as businesses increase hiring. Bullish factors included (1) the Fed's purchase of $1.813 billion of long-term Treasuries as part of its Operation Twist program to replace $400 billion of shorter-maturity Treasuries in its holdings with longer-term debt to cap borrowing costs and (2) increased safe-haven demand for Treasuries as stock prices weakened.
• The dollar index this morning is weaker with the dollar/yen -0.13 yen and the euro/dollar +0.09 cents. The dollar index Wednesday recovered from a 2-3/4 month low and settled higher when the euro weakened after European banks took more ECB 3-year loans than expected and after Fed Chairman Bernanke dampened speculation of further Fed easing: Dollar Index +0.464, USDJPY +0.686, EURUSD -0.01332. Bullish factors included (1) weakness in the euro after the ECB allotted 529.5 billion euros in 3-year funds to European banks, more than estimates of 470 billion euros, (2) the unexpected decline in Jan French consumer spending for a second month, which is euro negative, and (3) comments from Fed Chairman Bernanke who said "We have seen some positive developments in the labor market," which dampened speculation the Fed would increase its dollar negative stimulus measures. Bearish factors included (1) strength in the pound which rallied to a 3-1/2 month high against the dollar after Jan U.K. mortgage approvals climbed +58,728, the most in 2-1/2 years and (2) the statement from the IMF that it backs currency intervention as a valid instrument for central banks to use against excessive volatility in foreign-exchange markets.
• Apr crude oil prices this morning are up +21 cents a barrel and Apr gasoline is +0.88 of a cent per gallon. Crude oil and gasoline prices Wednesday slipped to 1-week lows on dollar strength but recovered their losses and settled higher on signs the U.S. economy is expanding: CLJ12 +$0.52, RBJ +3.25. Bullish factors included (1) the larger-than-expected decline in weekly DOE gasoline stockpiles (-1.60 million bbl versus expectations of -350,000), (2) the unexpected upward revision to Q4 US GDP to 3.0% annualized from 2.8% annualized, which signals increased energy consumption, and (3) the larger-than-expected increase in the Feb Chicago PMI to its best level in 10 months, which signals increased fuel demand. Bearish factors included (1) a rebound in the dollar after the dollar index recovered from a 2-3/4 month low and closed higher, which discourages investment demand in commodities, (2) the larger-than-expected increase in weekly DOE crude stockpiles to their highest in 5 months (+4.16 million bbl to 344.9 million versus expectations of +1.1 million bbl), (3) Fed Chairman Bernanke's testimony to Congress in which he gave no indications of additional Fed stimulus measures, and (4) Bloomberg data that showed Feb OPEC crude output increased by +255,000 barrels to an average of 31.055 million barrels a day, a 3-1/4 year high.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): KR-Kroger (BEST earnings consensus $0.49), KOS-Kosmos Energy Ltd. (0.11), FL-Foot Locker (0.51), DRC-Dresser-Rand Group (0.94), WRI-Weingarten Realty Investors (0.09), ASNA-Ascena Retail Group (0.67), ESL-Esterline Technologies (0.65), VNR-Vanguard Natural Resources LLC (0.53), DIN-DineEquity (0.87), PRIM-Primoris Services (0.22), SPPI-Spectrum Pharmaceuticals (0.30), PETD-Petroleum Development (0.21), TPC-Tutor Perini (0.75), NAT-Nordic American Tankers Ltd. (-0.34).
Global Financial Calendar

Thursday 3/1/12
United States
0830 ET	Weekly initial unemployment claims expected +4,000 to 355,000, previous unchanged at 351,000. Weekly continuing claims expected +23,000 to 3.415 million, previous 52,000 to 3.392 million.
0830 ET	Jan personal spending expected +0.4%, Dec unchanged. Jan personal income expected +0.4%, Dec +0.5%. Jan PCE deflator expected +2.3% y/y, Dec +2.4% y/y. Jan PCE core deflator expected +0.2% m/m and +1.9% y/y, Dec +0.2% m/m and +1.8% y/y.
1000 ET	Fed Chairman Ben Bernanke delivers semi-annual monetary policy report to the Senate Banking Committee.
1000 ET	Jan construction spending expected +1.0%, Dec +1.5%.
1000 ET	Feb ISM manufacturing index expected +0.4 to 54.5, Jan +1.0 to 54.1. Feb ISM prices paid sub-index expected +2.5 to 58.0, Jan +8.0 to 55.5.
1030 ET	Feb ICSC chain store sales, Jan +4.8% y/y.
1030 ET	Fed Governor Sarah Bloom Raskin speaks on the economic outlook at the Unitarian Church in Westport, CT.
1230 ET	Atlanta Fed President Dennis Lockhart speaks to the Atlanta Fed?s Banking Outlook Conference on the economy and banking.
1700 ET	Feb total vehicle sales expected 14.00 million, Jan 14.13 million. Feb domestic vehicle sales expected 11.0 million, Jan 11.05 million.
1630 ET	Weekly money supply report and Fed balance sheet.
2330 ET	San Francisco Fed President John Williams speaks at the CFA?s Economic Forecast Dinner in Honolulu, HI.
Japan
0000 ET	Feb Japan vehicle sales, Jan +40.7% y/y.
1830 ET	Jan Japan job-to-applicant ratio expected 0.72, Dec 0.71. Jan jobless rate expected -0.1 to 4.5%, Dec +0.1 to 4.6%.
1830 ET	Jan Japan overall household spending expected -0.9% y/y, Dec +0.5% y/y.
1830 ET	Feb Tokyo CPI expected -0.2% y/y, Jan -0.3% y/y. Feb Tokyo CPI ex-fresh food expected -0.4% y/y, Jan -0.4% y/y. Feb Tokyo CPI ex food & energy expected -1.1% y/y, Jan -1.1% y/y.
1830 ET	Jan Japan national CPI expected -0.1% y/y, Dec -0.2% y/y. Jan national CPI ex-fresh food expected -0.2% y/y, Dec -0.1% y/y. Jan national CPI ex food & energy expected -1.1% y/y, Dec -1.1% y/y.
France
0130 ET	Q4 French ILO mainland unemployment rate expected +0.2 to 9.5%, Q3+0.2 to 9.3%. Q4 mainland unemployment change, Q3 +37,000.
0350 ET	Revised Feb French PMI manufacturing expected no change at 50.2.
Germany
0355 ET	Revised Feb German PMI manufacturing expected no change at 50.1.
United Kingdom
0430 ET	Feb U.K. PMI manufacturing expected -0.1 to 52.0, Jan +2.4 to 52.1.
Euro-Zone
0500 ET	Feb Euro-Zone CPI estimate expected +2.6% y/y, Jan +2,7% y/y.
0500 ET	Jan Euro-Zone unemployment rate expected unchanged at 10.4%, Dec unchanged at 10.4%.
1100 ET	EU leaders hold a 2-day summit in Brussels.
Canada
0830 ET	Jan Canada industrial product prices expected +0.3% m/m, Dec -0.7% m/m.
0830 ET	Jan Canada raw materials price index expected -0.5% m/m, Dec -2.4% m/m.

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