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Markets Say Double Dip Less Likely

Double dip: off the table? The action of the markets — stocks, bonds, and commodities — in the past three days indicate that a double dip is far less likely.

Are other issues off the table? Pres. Obama made a pitch for tax cuts for small businesses, but did not mention other types of tax breaks. And what about the Fed? If the data keeps improving, is QE off the table as well? Will Bernanke have the consensus for expansion of QE?

1) 10-year Treasury yields have moved up from 2.47 percent at the close Tuesday to 2.70 percent today, an amazing 23 basis point move.

2) Metals have moved up during the same period:

Aluminum up 5.4 percent

Copper up 4.8 percent

Nickel up 4.8 percent

Zinc up 4.8 percent

3) cyclical sectors of the stock market are far outperforming the S&P 500 (up 4.8 percent this month).

Housing up 7.5 percent

Retailers up 7.2 percent

Banks up 7.0 percent

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