FYI: Surprise! US Economic Data Is Improving. Disappointing
first-quarter and April data, and obsession with Fed
interest rate hikes has skewed investor psychology,
obscuring recent improvements; investors are framing the
market narrative too narrowly, focusing on interest rates,
the dollar and oil; good reports on jobs, housing, auto
sales, personal income and construction suggest economic
surprises are troughing; at the same time, financial
conditions are improving. Consider using the range-bound
stock market to add to financials, energy, consumer
discretionary, technology and health care.
Regards,
Ted
http://www.morganstanleyfa.com/public/projectfiles/gicweekly.pdf
