Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
So far we are getting the David Tepper ethos in reaction to the poor data out of U.S. ISM Mfg… good data is good and bad data is fine too since it means QE. European data (PMIs) overnight were the usual of late – nothing really positive, while China’s was ok but a lot of stocks tied to China are not doing that well today, which is an interesting reaction. Of course we can take anything reported out of China with a lot of grains of salt.
After a big move, sideways to small downward moves are big wins for the bulls. The highs of last week are still the first bogey, and then 1370.
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