ISA has always been negative the European economy.  Our bearish emerging market posture is more recent, yet when China becomes serious about fiscal stimulus will we look to be heavily involved in the materials stocks.  Until then, we’ll observe.  Stresses in China’s manufacturing sector point to further economic slowdown at Sober Look.

Meanwhile, the U.S. economy has held up well so far.  This morning’s U.S. economic numbers were lackluster (Iacono) while this Philly Fed chart (Reuters) is spooky.

So precious metals are the current favorite ISA play.  Silver and the Myth of Diminishing Returns From QE at Safe Haven.

Pragmatic wisdom from Jim Chanos:  Ritholtz.

Long term sector chat from Casey: