Rosenberg Daily Soundbites

• Unwinding of the speculative longs: While much of the net speculative long positions have unwound, there is still more to go
• Leaders lagging? A further decline is likely on its way in the Conference Board’s index of U.S. leading indicators 
• Overseas growth waning
• Spot of trouble? The complexion has really changed and at the heart of this change is the countertrend rally in the U.S. dollar and the corresponding end of the carry trade into riskier assets
• Lots of cheese in that Philly steak: Continuing in this ‘soft patch’ theme, the Philly Fed index joined in with New York Empire index and came in quite weak in May
• Jobs market losing steam