Are we there yet?… to economic recovery?

A day after the World Bank raised its ’09 China GDP growth estimate to 7.2% from 6.5%, the Shanghai index broke out for a 2nd day to the highest level since July. The economic green thumb was passed around overnight as IMF official Lipsky said they will revise their global growth estimates “modestly upward.” Also, optimism was revealed at the EU summit when they said “further budgetary stimulus would not be warranted and attention should shift toward consolidation, keeping pace with economic recovery…there is a clear need for a reliable and credible exit strategy.” BoE Gov King said the rate of economic decline “is beginning to flatten off,” but he didn’t think “anyone should draw strong conclusions” and “it’s very easy to lose confidence quickly.” With most of the open interest at the 900 strike in the SPX and the index 18 pts above, today’s quad witch expiration will likely be uneventful.

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