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Economic data may favor the bulls

David Russell (david.russell@optionmonster.com)

The calendar focuses on macroeconomic data this week, which could be bullish.

The schedule begins with the release of Chinese industrial production and retail sales early this morning. Data from that country has been strong recently, especially measures of consumer activity.

U.S. retail sales for April follow at 8:30 a.m. ET. Economists expect a decline of 0.3 percent  versus March's 0.4 percent drop.

Tomorrow keeps the focus overseas as Germany's Zew institute releases its index of financial sentiment and the Eurozone reports industrial production.

Germany, France, and Italy announce report gross domestic product numbers the next day. The New York Federal Reserve also releases its Empire regional manufacturing index, and the NAHD will publish its gauge of homebuilder sentiment.

Thursday brings initial jobless, housing starts, and building permits. The University of Michigan's consumer sentiment report is the big event on Friday.

The calendar also includes import/export prices tomorrow, producer prices on Wednesday, and consumer prices on Thursday, though inflation has not been a major concern for more than a year.

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