FRIDAY 4/10/15; NIKK 20K; SSEC 4K; Chinese Stock Rally Continues; Global Equities at Record Levels; DAX All-Time High; GE $50 Billion Buyback Fuels Bull Party

Asian indexes set record multi-year highs to end the week. The NIKK moves above 20K for the first time in 15 years but ends the session down -0.2% at 19908. The KOSPI is up +1.40% and Aussie stocks gain +0.6%.

China CPI is up +1.4% same as last month and the PPI, wholesale prices, fall -4.6% month on month compared to -4.8% last month; inflation is stabilizing. China reports manipulated numbers to decrease worries about deflation. Chinese banks trade higher.

China and Hong Kong equity indexes remain on fire with traders throwing money at any stock with a heartbeat. Traders are running into stocks willing to buy at any price sending indexes parabolic. The SSEC and HSI are at 2008 highs finishing up +2% and up +1.2%, respectively. The HSI is a hair away from 28K and SSEC is above 4K. Volume levels are setting records. Anyone that can scrape a few yuan together are running to the stock exchange to buy equities worried that they are missing out on the euphoric rally.

For the week, the NIKK gains +2.4%, KOSPI +2.1%, SPASX200 +1.2%, SSEC is up +4.4% and HSI gains a huge +7.8%. Chinese stocks are in a buying frenzy. The Hang Seng Index catapults from 23.7K to 28.0K, +18%, in only 18 days. The HSI is gaining +1% per day over the last month. No wonder retail investors are placing their life savings in stocks. It all will come to an ugly end.

Iran rebuts the nuclear agreement with the West saying that sanctions must be lifted immediately when the agreement is approved and there will be no inspections of nuclear facilities. The nuclear deal is becoming more difficult each day as disagreements on what was actual said during the negotiations keep surfacing. Iran says the US is untrustworthy. When dealing with a terrorist nation such as Iran, do not be surprised that the radicals do not deal in good faith; it is naïve to think otherwise.

At 2:48 AM EST, FTSE futures indicate a higher open up +0.4%. DAX futures are up +0.7% and CAC set to begin up +0.3%. France and Spain industrial production data is 



































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appearing for sale on EBAY at about a 40% premium. The new watches that sell for $400 at the Apple store are selling for $500 and more on EBAY. Jordan Spieth is turning the Masters Golf Tournament on its head at -14 under par after two record-setting rounds. UA is up +5.5% this week, a sponsor of Spieth. The Under Armour logo (a ‘U’ on top and interlocked with an ‘A’ underneath) is sported by many consumers these days especially young athletes. The golf play intensifies with the two remaining rounds on Saturday and Sunday.

Euro 1.0602. Dollar/yen 120.21. Pound 1.4629. WTIC oil 51.69. Brent oil 57.98. Natural gas 2.512. Gold 1207. Silver 16.43. Copper 2.7365.

Treasury yields are; 2-year 0.56%, 5-year 1.40%, 10-year 1.95%, 30-year 2.58%.