The chart above was yesterday very popular to show too many people are bearish. That could be very well true.
The S&P has not reacted favourably enough on the accelerating credit growth in the US (despite the four big banks where credits declines, so the smaller banks are clearly giving credits) (chart of Bianco).
The help from lower oil prices to the real retail sales (especialy cars of course) and so to the initial claims seems underappreciated.
The comments of Morgan Stanley that the Euro crisis is getting less black is very positive for risk on. It is strange they say it is not a tradable rally because problems are not over, it is still black. Minack should know better: when it gets less black it is bullish. So don’t say it gets less black unless you are becoming bullish or less bearish. Now he is only describing how big the wall of worry is.