Asian indexes rally across the board pushed higher by
oil-related stocks. The dollar/yen currency pair moves higher above 119.50 so
the weaker yen provides lift to the NIKK that ends marginally higher +0.1%. The
SSEC gains +0.7% at a four-year high. Agricultural Bank of China and Bank of
China each explode +10% higher. Utility stocks catapult +10% higher. HSI +1.3%.
The SPASX200 is up +1.9%. Australian PM Tony Abbott
[Text is Redacted: Purchase December 2014-12 to Read the Complete Chronology]
SCS is beaten -8% after releasing earnings that post a profit. Office furniture is a key indicator of broad economic health and Steelcase is a leading supplier. If companies are expanding and hiring workers they are buying cubicle walls, desks and filing cabinets. If not, as the stock reaction indicates, business and the overall economy is flat and stagnant. CHK bounces +3% after announcing a share buyback. Chesapeake fell -3.6% during the regular session.
[Text is Redacted: Purchase December 2014-12 to Read the Complete Chronology]
SCS is beaten -8% after releasing earnings that post a profit. Office furniture is a key indicator of broad economic health and Steelcase is a leading supplier. If companies are expanding and hiring workers they are buying cubicle walls, desks and filing cabinets. If not, as the stock reaction indicates, business and the overall economy is flat and stagnant. CHK bounces +3% after announcing a share buyback. Chesapeake fell -3.6% during the regular session.
The CPC put/call ratio is down to 0.75 and the CPCE put/call drops to 0.49 both clearly indicating rampant market complacency and a near-term market top at hand.
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