Some observations :
- ECB has an exit strategy, so after they implemented for the downturn, they did not prepare for a further downturn
- less jobs are lost each month. Jobs are a lagging indicator
- Copper prices continues to rise, Zinc hits 13-1/2 month high
- However, Baltic Dry index is down for 3 months allready
So, I think we re not there yet. But a I believe in a next week uptrend, as a “compensation” for this week. We still enjoy the good news, as a compensation for last year bad news.
Looking a the chart of SPY, we had 2 higher highs, and 2 higher lows. Heading for 106 ?