TPC

• Chinese PMI came in at 51.7 a 7 month low. Stated as positive because it shows manf. sector is cooling

Bespoke

• Higher CPI on the horizon. Whenever ISM Commodities reported up/down in price (net) goes up there is a correlation w/ CPI Y/Y
  

TN

• Muni-Bonds will suffer $10 - $30B in defaults at some point. Watch for etf MUB crashing. I suggest buying around $64 (6% yield)

FT

• NE permit for deep water drilling approved. May 6, 2010 it was suspended. Stock bottoms in June 4, 2010. Starts moving beginning of December (8 months after drilling should be allowed to resume)