Monday blahs – US markets posted solid gains last week, but as a new earnings season starts, investors are taking some money off the table. JP Morgan, J&J, JB Hunt and Wells Fargo report their Q1’s tomorrow, followed by BofA, Citi, Goldman and UnitedHealth Wednesday. Retail (thanks to Amazon +4.4% and eBay +2.2%) and Food (Walmart +1.6%) are the only sectors in the green, with Homebuilders (-6.9%) and Banks (-3.9%) underperforming. With many international markets closed for Easter Monday, US volumes are tracking down 16% versus their 20 day average.
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