Saudis Launch QE-3.0

(1) Lots of PMIs dipping, but not too badly. (2) Japan’s M-PMI rebounded back over 50 in May! (3) China’s NM-PMI rose in May, and so did the US index. (4) Super-PMIs were solidly in expansion mode during May, except for Japan. (5) Saudis pumping more liquidity into the global economy. (6) Defectors helping to target Qaddafi. (7) Lower oil prices would help to end soft patch. (8) What might the Fed do? (9) Industrials should outperform.