昨天标志着过去六个月大部分时间内不同行业组合引领市场走势特征的回归。尽管昨天总的上涨与下跌的比例是3比1，但93%的能源股，95%的金融股，以及87%的工业股均上涨。我们不能确定能源行业标志着长期保持领先地位，但是从战术上来讲，衰退的程度应该足以让其反弹。金融行业在周一逆转之后态势依旧，我们继续寻求对该行业的买入机会。尽管核心消费品行业重回近期高点，但是上涨的比例略显逊色，只有54%的行业股票处于上涨趋势区域（与去年夏天的92%形成对比）。鉴于风险偏好有所提高，我们预计在过去48小时内2/10年国债收益率曲线应该会陡峭一些，尽管目前为止该曲线持续下降，但现在正处于重要的支持水平。这可能是走势的关键图表。

从全球角度来看，法国/德国利差回落，许多欧洲市场持续表现良好（昨天意大利和西班牙的交易所创下新高）。葡萄牙在经历了8个月的低迷之后最近也有所上涨。展望亚洲，澳门博彩股也有所回升，传达着和世界其他博彩市场一样的积极信息。

年内第二次日内区间+/-1%

2/10收益率曲线接近支持水平。。。重要的图表和重要的水平

Good Follow Through For Financials

Yesterday marked a return to the leadership mix that characterized much of the last 6 months.  While breadth was split at +3 to 1 advancers vs. decliners, 93% of Energy stocks, 95% of Financials, and 87% of Industrials were up on the day.  We’re not convinced that Energy marks long-term leadership, but tactically, it is likely washed out enough to bounce.  Financials are exhibiting follow through following Monday’s reversal, and we continue to look to the group in the context of buyable weakness.  While the Consumer Staples sector is back to recent highs, participation is less impressive under the surface with only 54% of constituents in an uptrend (vs. 92% last summer).  We would have expected the 2/10 curve to steepen over the last 48 hours given improved risk appetite, though this has been a holdout so far and is now at an important support level.  This is likely a key chart moving forward.

Globally, French/German spreads have receded and many European markets continue to act well (both the Italian and Spanish bourses hit new highs yesterday).  Portugal is also the latest to turn up following 8 months of basing.  Looking to Asia, the Macau gaming stocks have also turned back up and are consistent with the positive message from that part of the world. 

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