(1) Muddling along still path of least resistance for global economy. (2) Headwinds in US, Europe, and China. (3) Industrial commodities index drifting lower despite weaker dollar. (4) Flash PMIs uninspiring on balance. (5) Global output at new high, as US production edges higher. (6) Euro area credit still shrinking. (7) Forward earnings at record highs in US, recovering elsewhere. (8) Focus on overweight-rated S&P 500 Information Technology.
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