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July 22 2010

Commentary by David Fuller

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The author of yesterday's excellent report: "What Double Dip?", has forwarded two more charts of important fundamental data for our perusal, which were attached to this email

"Attached is Germany's latest PMI for Manufacturing and Services. Self explanatory. In the same spirit as yesterday's article "What Double Dip?""

David Fuller's view Many thanks, these clearly provide further evidence that people are too bearish. Also, the DAX is not behaving like a bear market although it needs to break to a new recovery high to reaffirm the cyclical bull trend.

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