While IBM reported a solid quarter relative to expectations its stock is down and joins a growing list of companies that report good numbers but not enough to satisfy stock investors. Thus, one stock, that being INTC, is the major reason for the global rip higher this morning (VMW, JNPR, YHOO also up). Also helping European stocks was a below consensus PPI figure in Germany where it still rose a robust 6.2% y/o/y but below the forecast of 6.6%. Instead of this # hurting the euro, the $ is getting walloped, having its biggest one day decline in 2 months and the $ index is matching the lowest since Aug ’08. Both Sweden and Thailand raised interest rates by 25 bps as the Fed continues to stand alone in its belief on inflation or at the minimum, normalizing policy. The Yuan and A$ are rising to new highs vs the US$. Portugal sold 3 mo bills at a yield just 5 bps below where Greece did a few days ago. With the spring selling season here, the MBA encouragingly said purchases rose 10% on the week to a 19 week high. Refi’s rose 2.7%. II: Bulls 54.2 v 55.4 Bears 19.2 v 16.3
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