US markets ended a little weaker on Friday night and there wasn’t much action elsewhere. Markets are still in hibernation at the moment given bad weather and a run of soft data. Existing home sales were the latest on Friday and they were pretty bad – down 5.1 per cent in January, after a 0.8 per cent rise the month prior.
Combined with the view that US stocks are already expensive, there’s no reason to be bullish at this point. However, no one is really selling either, with stocks doing little over the last week.