Everyone is trying too hard. Careful of a smack in the face ...

I think many would agree that balancing the latest negative economic data with the latest positive economic data would reveal no balance at all - the negative easily outweighs the positive.

But let's not forget "trying to do too much" is coincidently the modus operandi of governments and central banks across the globe. That's why the go-to strategy of market participants is now ... expect more QE. When yesterday's US jobless claims report signaled ongoing softness in the labor market, 'they' believed the Fed was that much closer to swooping in again and saving the day. With each reminder that Europe's bailouts are insufficient 'they' believe the ECB is that much closer to unabashedly unleashing credit and liquidity into the system.

Commodities Essential. 20 April 2012

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