Outside of the economic data, bulls point to the continued strength in corporate earnings and the lack of warnings from corporations who in theory have better sight lines on what is happening than anyone else. Well guess what has recently been changing? I neglected to mention both Texas Instruments (TXN), and Altera (ALTR) warned last night - so both chemicals and semis have seen a change in condition very recently. Both of these groups are 'deep cyclicals'. Somewhere this morning the folks at ECRI need to be smiling.
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