Rosenberg Daily Soundbites (5/12 edition)

• It’s still far too early to tell, but we may look back at the March-April period as showing the first cracks in this last leg of the post-credit collapse rally; portfolio managers are in the process of becoming more defensive; we had a significant negative reversal in equities and commodities yesterday that should not go unnoticed
• I’ve been in the business 25 years and I have to say that when bank stocks and bond yields are going down in tandem it has not been a development that foreshadowed anything much good down the road
• A small comment on US fiscal policy … closing the loop: The U.S. fiscal system is plugged with so many tax loopholes that cause inefficiencies, misallocation of resources and lost revenues and to eliminate the deficit they must eliminate these distortions
• Do we have complacency on our hands? The short answer is yes
• A mixed bag: We received some good and not-so-good news in the latest data flow