Copper Inventories are now at levels seen in April, less than two months after the market bottom
On a more comical Note… We are indeed trying to throw money at every single problem!
…more recovery stories (not).
The consumer is of a new type…frugality
This just doesn’t go away….
Market seems to be having problems keeping over the 1100 mark. What I’m looking at at the moment is the currency markets since the dollar has pretty much dictated where the stock market will go. Looking at the EUR/USD and AUD/USD, two currency pairs that have typified the beta trade are running into strong resistance at the 1.50 and .93/.94 levels respectively, 75 on the DXY. Whether they break through or not will most likely dictate where we are going in the short term.
End of the year performance chasing is upon us as fund managers try to make the best out of 2009. But it seems to me that everyone is expecting this and the market rarely does what everyone expects. Caution is required, especially given the poor home sales data we just got. Isn’t housing the crux of this whole recession? If housing comes back down, watch out for the financials (check XLF. This hasn’t been following the market higher.) and if the financials begin to fall, kiss the rally goodbye.