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Notes to myself, possibly of interest to others.
-- Bill Northlich

Wednesday, May 18, 2011

Rosenberg Daily Soundbites

  • In a complete reversal from yesterday, most equity markets are in the green column this morning; Treasuries continue to behave fabulously; DXY is still consolidating around the 50-day m.a.
  • What I’m thinking: I think there are numerous risks to the macro and market outlook with the primary risk being how the economy performs once the Fed’s monetary spigots are turned off
  • Never before have housing starts, the most credit-sensitive sector of the economy and the quintessential leading indicator, been lower at this point of the business cycle compared to the time the recovery began … until now
  • Another softie: The broad trend is moderating in U.S. industrial production
  • Canadian securities remain in vogue
Bill: My italics.  It must be realized that many industries, housing in particular, have been devastated during the GR, and can't just magically start up on a dime.  Still...

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