The Latest Relief Rally

(1) Reiterating our targets for a choppy market. (2) Bull/Bear Ratio back under 1.00, which is bullish. (3) This relief rally is more earnings-challenged than the previous ones since 2009. (4) Bad earnings season causes analysts to chop 2016 earnings estimates. (5) What’s driving the latest relief rally? (6) Several loose ends need to be tied up. (7) Still a soft patch in US manufacturing. (8) Oil outlook remains slippery. (9) Chinese stepping on the accelerator and the brakes. (10) Central banks gone wild facing wild cards. (11) “Ah-ha” moment at the Fed. (12) “Race” (+ +).