International and market signals in recent weeks have been quite significant, in our judgment. While not conclusive, they merit very close attention, in our view. Since we are in a pre-eminently global economic and financial environment -- in contradistinction to the America-centric environment of the past, it behooves us to be hyper-attentive to signals emanating from key foreign economic powers. Insofar as market signals are concerned, we recall the ancient formula: "The economy cannot move as fast as the ticker."
The international signals we deem most significant are now emanating from China, India, and Brazil. The market signals are global, but an assessment of our own market should prove instructive.
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