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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