The equity markets opened up huge this morning with strong news coming out of China. Bloomberg details:
Production in China rose 16.1 percent from a year before, the most since March 2008, the statistics bureau said today. The trade surplus almost doubled from September, to $24 billion, as a drop in exports eased.
Separately, Japanese machinery orders, an indicator of business investment in three to six months, climbed 10.5 percent from a month earlier, according to the Cabinet Office in Tokyo. The median estimate of 25 economists surveyed by Bloomberg was for a 4.1 percent increase.
And the analysis of the day goes to Jeffrey Saught, chief investment strategist of Raymond James.
You got people out there saying the bear market rally’s over, I think they’re smoking dope.Source: Haver