THURSDAY 5/21/15; Global PMI’s; AAP; BBY; BONT; DLTR; TTC; Philly Fed; Existing Home Sales; Leading Indicators; Fed Vice Chairman Fischer Speaks; SPX All-Time Record high; ARO; BRCD; HPQ; GPS; LGF; MRVL; ROST

Asia indexes are mixed overnight. The SPASX200 gains +0.9%. Building products company James Hardie Industries catapults +12% higher on strong profits. The KOSPI drops -0.8% with heavy-hitters such as Kia Motors and Samsung Electronics trading lower.

The NIKK finishes dead flat at 20202 after printing a HOD at 20320 at levels not seen in 15 years. Panasonic bounces +2.3% printing seven year highs. The BOJ begins its two-day policy meeting.

China PMI is 

[Text is Redacted: Purchase May 2015-05 to Read the Complete Chronology]

























 ongoing theme of earnings beats but weak top line sales numbers continues across all sectors for the last couple years. Companies can continue meeting EPS by simply firing workers and forcing the existing employees to pick up the slack but consumers remain hesitant to spend.

In the evening Fed’s Williams voices concern that the meeting minutes are far too detailed and creating too intense a focus by traders and investors. Reap what you sow. The Federal Reserve and other central bankers have manipulated markets for the last six years and now complain that investors pay too close attention to their every move. That’s rich.