In Spite of Weak Earnings and Internals, European Markets Continue Higher

As we noted a couple of days ago (here), MSCI Europe appears to be the region with the weakest Q1 earnings results so far this reporting season.  Meanwhile, European stock market indices have continued higher and, in some cases, are making new all-time highs:




Individual stocks, however, are NOT making new highs:




And the number of advancing stocks has fallen back quite a bit over the last couple of months:



Fewer European equities are outperforming the World Index:




And the number of stocks in European sectors that are above their respective moving averages is declining:



Regular readers will not be surprised by most of this data-- a common theme leading up to and since our most recent quarterly call.