Rosenberg Daily Soundbites

• We have a bit of a reversal on our hands to kick off the day with equities up everywhere; Chinese economic data were impressive
• Sentiment takes another turn for the worse: The IBD/TIPP poll for July showed some very bad news for President Obama
• While it was widely expected that net foreign trade was going to add to Q2 U.S. GDP growth, it looks like the contribution is going to be smaller than many had been expecting
• No time for short memories: Everyone seems to think the stock market is so undervalued at a 15x trailing P/E multiple