Markets trending higher - but no theme emerging
The chase by Frances Horodelski:

An interesting music fact: Between 2008 and September 2012, there were 66 No. 1 songs, almost half of which were performed by only six artists (Katy Perry, Rihanna, Flo Rida, TheBlack Eyed Peas, Adele, and Lady Gaga); in 2011, Adele’s debut album sold more than 70 percent of all classical albums combined, and more than 60percent of all jazz albums. (HT marginalrevolution.com)

Another interesting item: according to a recent Gallup poll, the most admired Men in the world Obama, Pope Fancis, Bill Clinton, Billy Graham, GeorgeW. Bush, Ben Carson (who – possible Republican presidential candidate), Stephen Hawking, Bill Gates, Bill O’Reilly (?), Benjamin Netanyahu, VladimirPutin. This is from an Ian Bremmer tweet. Mother Jones reports that the most admired woman in America – Hillary Clinton (#10 is Laura Bush) – Americansdon’t get out much.

In things I understand (or maybe don’t) – markets are generally higher this morning (just as they were generally lower yesterday). The stories areessentially the same although the signs or the tone has shifted. So European markets are up because oil is down and Greece is more positive. Banker Lazard sees $112 billionin debt forgiveness as “reasonable”. Will the Germans think so? For perspective, Greece received 110 billion euro in debt restructuring back in 2010 inexchange for austerity initiatives. Chinese markets are up despite a weaker than expected inflation number which has encouraged traders to believe thatmore deflation-fighting stimulus is coming. U.S. markets are higher as traders mark them higher instead of lower. Oil is down as the IEA talks about risingglobal oil supply from the U.S. (versus the Saudi’s non-OPEC oil supply cut yesterday). One similarity with yesterday is that another oil service relatedstock is getting smoked in the pre-market. Yesterday it was Diamond Offshore (DO) on its special dividend elimination and today it is Helmerich & Payneon declines in Bakken and Permian Basin rig counts.

Who’s the next China? India? Today the country released a new GDP series which showed growth of 7.5% in Q3 2014/2015. Barclays is raising its own forecastfor the country to 7.4% for fiscal 2014/2015 and to 7.8% for fiscal 2015/2016 (previously 6.4%). The Sensex rallied 0.45% last night. A local Indiaopportunity includes the newly listed Fairfax Holdings (India) closed end fund (FIH.U on the TSX).

Stocks to watch in Canada today include the lifecos (GreatWest Lifeco and SunLife on earnings), Monster Worldwide, Coke, CVS, and Molsons on earnings. TAPraised its dividend 11%. Also, watch the bonds where the U.S. 10 year have again backed up to 2% (now down to 1.98%) with the street is having some issuesdigesting recent offerings (Microsoft almost $11 billion worth of debt yesterday on a book of $37 billion). Tomorrow is a bigger day with big techearnings, Eurozone finance ministers meeting and Russia, Germany, France and Ukraine meeting in Minsk.

Today’s line up include a deep dive into Big Blue IBM (11 am eastern time), an interview with the CEO of Emera (Scotiabank raised its target on the powercompany to $44 from $36 this morning), there will be more “Your Money Month” tips including a look at how you can have a decent retirement even if you are50 and haven’t yet started saving for it, we’ve got shorts by the manager of a short fund, we’ll look at crude by rail with the CEO of Altrex Energy onCommodities and ideas galore all day long.

I will repeat what I said last week, markets feel “stuck.” The sentiment indicators aren’t overly bullish or bearish. Indices seem to be in the middle ofvarious technical measures such as relative strength indices, Bollinger bands, moving averages. We’re largely through U.S. earnings season (which has beenthe same old same old with companies beating lowered expectations although the tone of the outlooks was only modest at best). The Canadian earningscalendar is fatter but it is overshadowed by macro concerns. There are important resistance levels that are being tested (and not breached) in oil andprecious metals. Old problems aren’t solved (see Greece) while new problems are waiting. I don’t get a sense of what the big new investing theme/strategyis out there. My old theory that the middle year of a decade is the pivotal one when we leave behind our old views to be replaced with new ones is yet toshow its hand (probably won’t realize what it is until 2018-2020). It will include major social and political upheaval (my view) but where and how it willstart. I do not know. Anyway – equities aren’t cheap but with bonds so very dear – it is one of the only games in town. Underneath the averages, there is ablinding amount of rotation. M&A feels like it is going to heat up (big time) with Advanced Micro Devices (AMD) one of the many rumoured candidates.

Pick your spots.