...for the first time since October 2007, all 12 Fed districts reported improved economic conditions, and we were also surprised at the broad strength across industries contained in the report...There are almost three strong or improving sectors for every one that was weak or deteriorating. You would have never thought that the leading indicators and the equity market were both rolling over as this book was being written. Anyways, it never hurts to do a gut-check over one’s view.
---Rosenberg 6/11
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