As global markets rally higher on Tuesday, we focus on the improving macro and how this is supporting expectations of policy change. 

Europe continues to be a bright spot strong composite PMI data  joined yesterday’s inflation readings that were bullish in their strength.  We are growing increasingly concerned about overbot technical positioning of the SPX.  We put this in a historical context.

The Fed is adding upward pressure on the Dollar yet we have seen some decoupling between a stronger DXY and commodity prices and EM asset pricing.  This morning Oil and Copper lead commodities higher but plenty of skeptics about the (also) overdone oil positioning.  Meanwhile what is good for copper is not necessarily what’s good for Freeport McMoran.  We explain.

US Retail earnings reports out today underscore what’s been working and what will be challenged.  Fade the Walmart result?   Is Home Depot only just starting to get its mojo?  …Tune into your account for more information.

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