January 26 - February 28
Monthly Interpretation Attempt: The market was visibly strong on visibly weak data.
The series for Real Retail Sales shows a visible drop in the rate of growth, the kind that can be associated with a peaking business cycle.
January 20 - February 21
The market is holding up after weak economic data and suggestions of tapering continuation.
Consumption of Durable Goods is still at respectable growth levels but slowing down. The behavior during the previous expansion suggests rates of growth will slowdown further.
December 29 - January 31
Monthly Interpretation Attempt: The market was weak on strong US data and continuing Fed tapering.