Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

Lane...

Agreed. The only positive things I have seen has been housing starts and NOK. Jobless claims were up sharply, and (surprise) last week's drop was revised to show less of a drop. Industrial production and capacity utilization were both down although they were expected to be up. CY, as predicted, guided sharply lower and is cutting workforce and R&D. EMC guided lower.

Earnings season so far is quite poor yet the markets are in a rocket launch, with the dollar being ramped and gold being flogged - we are seeing a PPT managed market recovery that has nothing to do with reality.The problem for the bears, of course, is that the rally itself is real and has to be dealt with. The question is how far are they planning to take it, and I have no idea what the answer to that one is.

mlsoft