The core reason was depressed US gas prices - that have become low margin at best - negative plays over full cycle economics at worst.
However, based solely on the Four Year Presidential Cycle it does look like 2011 should be a low-risk year, even though the first two years of the cycle were already quite positive.
"Because these girls and boys do not have access to education, they become trapped in low-skilled, low-income jobs, which further push them into the vicious cycle of inter-generational poverty, " he said.
Although I am still intermediate-term bearish on the market, not expecting the low for this second year of the Four-Year Presidential Cycle until October or November, this short-term rally might have longer legs than the last three oversold rally attempts that have taken place since the market topped out in April.
But with a low-cost structure and a quick development cycle, Socialbakers can be a big winner.
But there seems to be broad consensus among industry observers that average returns on equity through the economic cycle will be in the low- to mid-teens henceforth, well down on the 20%-plus achieved before the current crisis.
What would more likely happen is that devices would be replaced on a typical three-year refresh cycle with those that feature low power consumption.
Nothing in the expected rally, or in surrounding economic conditions, changes my expectations for the important market low in this second year of the Four-Year Presidential Cycle to be seen in October or November.
At this juncture, there appears to be very little evidence of that happening, especially with long-term interest rates hovering around their current cycle low.
The first stage in the cycle is that of factor-driven economies which focus on low-cost basic factor conditions, such as low-skilled labour, natural resources and geographic location.
Flood-tide: rising tide, part of the tidal cycle between low water and the next high water.
The exuberance of recent months might turn out to be well founded, if the fourth quarter of 2012 turns out to be the low-point of Europe's recession, and falling borrowing costs start to produce a virtuous cycle from higher confidence to improving growth.
Ebb-tide: the falling tide, part of the tidal cycle between high water and the next low water.
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