WEDNESDAY 4/22/15; NIKK 20K; SSEC 4400; Greece 3-Year Yield 30%; Earth Day; Administrative Professionals Day; BA; BK; MCD; KO; DHI; OC; Existing Home Sales; T; FB; TXN; EBAY; PBR

Japan and China stocks close at multi-year highs. The NIKK closes above 20K for the first time in 15 years. The Nikkei Index gains +1.1% to 20134. Japan exports are stronger than expected but imports weaker than expected. Japanese banks and securities firms leap from +3% to +7% higher. The BOJ may abandon its +2% inflation target to the +0.5%-1.0% range citing the drop in oil prices. The central bankers are the market and conveniently when a goal cannot be reached despite the obscene money printing (+2% inflation goal), then simply lower the bar so the goal can be attained more easily.

Australia stocks trade lower with the SPASX200 down -0.6%. Aussie inflation is running at +1.3% annually. Aussie dollar 0.7766. Australian banks are weak since interest rate cuts remain on hold. S&P cuts the rating on Fortescue Metals. The KOSPI is flat. Steel maker Posco falls -4% on weaker than expected earnings.

The SSEC jumps +2.5% to 4400 another seven-year high (February 2008). The Shanghai Index is parabolic and the increase in margin requirements on the over-the-counter stocks on the weekend has no effect on dampening the euphoric rally. The SSEC is up from 3200 to 4400, 1200 points, +38%, in only 33 days. The Shanghai is rising at the rate of 36 points, +1.2%, per day for the last two months! No wonder the market is in frenzy with cab drivers, dishwashers, housewives and folks of modest means throwing money at the market. Infrastructure stocks trade strongly higher. The HSI gains +0.3% at 27934.

The NIKK, SSEC and HSI indexes are pumped higher by the BOJ and PBOC central bankers with the remainder of Asian markets negative overnight. The happiness in Asia cascades to Europe.

European indexes begin trading running higher. The DAX and MIB are each up +0.7%. CAC +0.6%. FTSE +0.2%. Greece FM Varoufakis says there is “clear convergence” to reach a deal but not at Friday’s important meeting of European finance ministers. The optimism creates a happy mood. The Greece 3-year yield is 29.63% after teasing above 30% a level not seen since the 2012 European turmoil. A UK poll, about three weeks in front of the election, shows David Cameron’s Conservative Party trailing Britain’s opposition Labour Party by two percentage points.

UK grocer Tesco rises nearly +4% after reporting a record annual loss and expecting a challenging environment going forward. French luxury goods provider Kering loses -5%. Luxury goods maker Richemont drops -1.5% on disappointing sales. Swedish carmaker Volvo jumps +13% on news of robust profits and a change of CEO leadership. Drug maker Roche bounces over +2% on strong sales. Chip equipment maker ASML jumps +8% on new orders for their specialized machines.

US futures spike higher after the European opening bell. S&P +6. Dow +52. Nasdaq +14. Euro 1.0758. Dollar/yen 119.56. Pound 1.4953. Aussie dollar 0.777.

Oil drops on less tensions in the Middle East after Saudi Arabia ends the Yemen airstrikes. Oil inventories also remain high pressuring prices lower. EIA Oil Inventories are released at 10:30 AM EST. WTIC oil 56.01. Brent oil 61.61. Natural gas 2.56. Gold is 1203 continuing to oscillate above and below the 1200 level. Silver is 16.04 remaining sticky at 16. Copper is flat at 2.7065.

US Treasury yields are; 2-year 0.52%, 


















[Text is Redacted: Purchase April 2015-04 to Read the Complete Chronology]



































corruption scandal. PBR trades down -2.6%. Many questions remain for the troubled Brazilian oil giant.

The bullish market sentiment continues. The TRIN Arms Index drops to 0.42 indicating uber bullish euphoria. Volatility remains subdued. VIX 12.71. Television commentator Larry Kudlow continues his bullish mantra telling investors to “buy any and all dips.”