• China Flash PMI from HSBC is at 48.1 lowest in eight months and only one other print worse than this in last 18 months
  • China PMI and recent data now giving market room to expect further stimulus projects including subways, solar, and electric grid
  • Copper prices hit lowest level since March 13th and are at lows that go back over 4years. China numbers not helping
  • Watch commodity currencies to be pressured further (CAD, AUD, ZAR)
  • Europe's breakdown more concerning to me than the SPX inability to break to new highs
  • Russell 2000 tomorrow for signs of US weakness
  • Brazil running countertrend right now as SOE's sentiment improving on Dilma political weakness
  • Fertilizers have fundamentals and supply issues on their side
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