- The bulls are treating today’s ISM as a trophy, and they have the upper hand to be sure for now and perhaps into the summer
- Market thoughts: We have a heck of a short covering rally on our hands, but in our view, this rally lacks conviction
- High yield looking more attractive than equities at current relative pricing
- Watch the unemployment rate next week
- Sentiment turning up: It does not take much to get the masses excited again
- Just as the onus was on the bulls to prove the 4% growth case that never came to be, it is now up to the bears to prove that the U.S. economy will not recover that quickly from the recent torpor
Bill: I don't know if Rosie is changing his tune. I'll watch it. FWIW, Vitus has cautiously capitulated to the upside. Cautiously
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