With huge equity rallies from the lows across Japan, US, and China, markets are trying to decide if this is anticipation of growth or if it’s the euphoria from surviving a near economic-death experience. Unfortunately with retail sales and industrial production collapsing around the globe, it should come as no surprise that earnings for companies worldwide are a disaster.

The canaries in the global trade mine are China and Japan. Chinese growth is expected to slip to 6% this quarter as the global economy has seen a massive drop in demand for their exports. Japan is experiencing a similar situation. … …READ MORE