U.S. equities took their cue from Europe and ignored bad global economic data. Flash PMIs for China and the U.S. were below expectations while Europe continues to climb deeper into a pitfall of recession.
Companies around the globe reported good earnings which seem to help equities rally.
Oil has pared half or more of its morning losses while gold and silver have pared gains to find red ink.
The markets have overlooked last weeks drudging and have found a suit of Teflon to replace last week’s burlap.
Given yesterday’s and today’s trading action the bulls are claiming that the bull leg is still intact and that new highs will be had soon.
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