As the bulk of significant earnings has passed, the market shifts to Macro (notably inflation) away Micro. A busy schedule kicked off with China’s ‘newly adjusted’ CPI being leaked and coming in at less than feared. Importantly, (alerted) import data came in surprisingly stronger than anticipated (iron ore >18%, steel >16%,copper >5.7% month over month) and got the ‘commodity’ sub group of our Shadowlist moving. In all, the color of the tape remains consistent with nothing substantial ‘catalytic’ to cause a stir in either direction, so trade away.
Shadowlist
Momentum/earnings/“winners of ’10- pretty quiet with some names taking breather (as in some Opticals after last weeks run) while others get a bid (IPGP). Still, SOX,RUT supporting the market, which gives all our names a chance to move.
Commodities – Due to inflation fears being curbed by emerging market data focus turns to stocks linked like CLF-WLT(EPS- AMC) and X, FCX.