Was This Finally A Day For The Reflation Trade?

For a month, the few bulls have argued that government efforts to flood the world with liquidity will eventually reflate the world economy.

Today, on a midday drop in the dollar, we saw a notably rise in oil, copper, gold and other commodities, with a corresponding rise in commodity stocks providing the main lift.

Still, this call is way too early to make.

On earnings, the best we can say is that financials are finally mostly done, and now we get into the real meat of earnings: industrials, energy, and materials.

How are we doing in the first three weeks? Don't even ask: the Dow is up ONE WEEK in the LAST TWO MONTHS!

For the week, Dow down 2.5 percent, S&P down 2.1%, NASDAQ down 3.4 percent. Note the Transports, down 5.8 percent, at a new low.



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