The Fever Breaks

(1) A healthy development. (2) Hikes in margin requirements and in supplies have speculators running for cover. (3) US oil inventories at highest since May 8, 2009, when WTI was under $59. (4) A pop in corn stockpiles expected. (5) Obama called the bottom in stocks in 2009 and the top in commodities this year. (6) Bernanke looking smart on “transitory” call. (7) Stocks rotating from Go Global to Stay Home. (8) What about Professor Copper? (9) China’s economy was hot, not sour in April. (10) Global exports still booming. (11) Continue to overweight Industrials, in general, and Transportation, in particular.