“Industrial production grew more than forecast in March, and February’s data were revised higher to show the biggest monthly advance since May 2010…For the quarter as a whole, manufacturing output rose an annualized 1.5%, while mining output gained 9.6% and utilities output surged 17.9%. Utilities benefited from the need to stay warm during the unusually frigid winter.” Story at…
While it is certainly not clear that the US economy is as dire as stated above, just based on past history, it is not likely that the stock market will make a sustained recovery until it has experienced at least one more significant downturn in the range of 40-50%.
The problem with this data is that most of China’s numbers are made up. That was proven last year when analysts showed their import/export data didn’t align with data of their trade partners.
VIX was DOWN about 9% to 14.18. The yield on the 10-year Treasury Note was up slightly to 2.63% at the close.
The Option Boys seem to think the correction is over for the S&P 500. The Bond Ghouls aren’t so sure.