Auto Zone

Europe stocks are lower this morning, and so are the US futures. No doubt they will be pumped up after Europe closes, but in the meantime the cause of the selling is (for once) obvious – after Europe closed yesterday, new car sales were published.

Now, it is beginning to hurt: The European new car market crashed in February. According to data released by the European manufacturers’ association ACEA, new car sales were down 9.7 percent in February. Two months into the year, car sales in the EU are down 8.3 percent from the same period a year earlier

Mild and short recession? Right. But AAPL is still over 600, so the fever is still burning. And it burn, burns, burns, the ring of fire…

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