If there was any indication to me of where the Street lies in their positioning, still bullish or at least not bearish, yesterday was it. After officially getting bearish, I got all of 2 emails and ZERO phone calls on my note. I digress. China again raised reserve requirements just a day after the 5.3% CPI print and higher than expected loan growth. Before the move the Shanghai index closed at a 3 month low and copper is now at a fresh 5 month low. Oil fell at 4am after the IEA cut its 2011 oil demand forecast due to the response from higher prices. Indonesia left rates unch as expected but South Korea is forecasted to hike tonight. In Europe, Finland will go along with the Portugal bailout after a deal was reached within their gov’t and the Portuguese 2 yr yield is falling to a 3 week low. Greek unemployment hit 15.9% in Feb from 15.1% in Jan and Euro zone IP in March unexpectedly fell .2%. AAII: Bulls 30.8 v 35.5 Bears 35.5 v 31.9
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