Kevin Lane notes the moderating of excessive bullishness
recently is a net positive for the markets:
10 Week Moving Average AAII Bullish Sentiment
click for larger chart
Source: Technimentals
KL: “The fact that bullish sentiment has moderated, not
expanded, on this recent move up in equities is a positive. It suggests to us
investors are NOT totally complacent yet.”
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Quote of the Day:
"We must not, in trying to think about how we can make a big
difference, ignore the small daily differences we can make which, over time,
add up to big differences that we often cannot foresee." ~ Marian Wright Edelman
Adding to the library:
China’s spectacular economic success has prompted speculation that the country’s software-outsourcing industry could soon compete with India’s. A recent McKinsey study of China’s software sector, however, shows that it will be many years before the country poses a threat to its continental rival in this arena.
To compete effectively in global outsourcing, China’s software industry must consolidate. The top 10 IT-services companies have only about a 20 percent share of the market, compared with the 45 percent commanded by India’s top 10. Furthermore, China has about 8,000 software-services providers, and almost three-quarters of them have fewer than 50 employees. No company has emerged from this crowded pack; indeed, only five have more than 2,000 employees. India, on the other hand, has fewer than 3,000 software-services companies. Of these, at least 15 have more than 2,000 workers, and some–including Infosys Technologies, Tata Consultancy Services and Wipro Technologies–have garnered international recognition and a global clientele.
Without adequate scale, Chinese players are unlikely to attract top international clients.
http://news.com.com/Can+China+compete+in+IT+services/2030-1069_3-5520233.html