This is what happens when China diversifies and starts stockpiling commodities. The bobbleheads are sure going to point this out and how it's signaling the start of a new bull market. I personally consider this a blow-off top with negative divergences. Who knows how long it can last though. The scary thing is as far as I can tell the nearest pivot is at 2.91'ish.
Random blather of the day
Kneale is being clever in that he's calling for the 'end of the recession' and predicting those 'mean spirited bloggers (a/k/a Digital Dickweeds)' will take issue with that. No one is taking issue with that directly but instead are pointing to a "Jobless Recovery" and how the data suggests we will be right back into another recession soon (and also pointing out that he is clueless). Whatever NBER declares on their charts is irrelevant. Hell for all we know Kneale got some 411 from his TARP producer, that came from the GE head honcho by way of Barney Frank and Goldman. It takes a 2.0-2.5% GDP growth to sustain the current employment rate (I think in China it's 5% to sustain the population). Think on that one a minute or two then add in the debt overhang. Also note the Depression was not really felt until the second dip when misguided policy sent them into a deflationary spiral.
[addendum] Here is more price discovery and liquidity today. Heisman maneuver can only be pulled off during good news.
