Loading ...$US, stocks, Oil all seem to be getting squeezed and going higher due to an interpretation that there will be NO RECESSION.
The PMI data (if you want to believe it or not seems to be a moot point, as the algorithms and CTA’s will take things where they want to) released indicates (from ZH)
“none of the three factors point to a recession: the past relationship between the manufacturing PMI and the overall economy indicates that the April reading (48.7 percent) corresponds to a change of +1.8 percent in real gross domestic product (GDP) on an annualized basis.” (says ISM’s Timothy Fiore).
That’s all it takes to flip the script……