U.S. stocks: poised to outperform?
What's more important: improving economic data or the Eurodebt worries?
Bears argue that it is excess debt, because it chokes off growth. They also argue that this is a variant on the decoupling argument, and that there is no decoupling.
But bulls have been arguing that U.S. economic news has been improving, and that U.S. stocks are poised to outperform.
This morning's news supports that thesis. Chicago PMI was well above expectations and the highest since April. We have also seen better numbers from the Philadelphia and Richmond surveys.
November consumer confidence was also above expectations and the highest since June.
ISM data for November is expected tomorrow. Consensus is for a small downtick to 56.5 from 56.9, but some are talking about a surprise rise. If it passes 60, it would be the highest level since May of this year, and then the "U.S. outperforms" arguments will get louder.
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