Today’s results of the Conference Board’s Leading Economic Indicators showed another significant monthly increase climbing 1.2% compared to April while cutting the annual decline to just 1.67% compared to May 2008 leaving the index at a level of 100.2.On the face of it this is clearly a Bullish “Green Shoots” development as this series (an aggregate of 10 component leading indices) is signaling a clear shift from leading contraction to expansion though the strong “V”-shaped bounce is clearly reflecting the large move up in stocks recently as well as a six month surge in M2 (both components).
