COPPER TECHS: (N5) Corrective Bounce Still In Play

ERJ5 97.87/97.9375cs, bought for 1.25 in 12k.

Uncertainty prevails when it comes to the Dutch pension transition situation.

• ING note that “Dutch pension funds in the midst of the transition process have been looking with unease at the law proposal of two Dutch parties that would introduce a requirement for each fund to obtain a vote of approval from its participants before transitioning assets to the new system. The Minister of Social Affairs had asked the State Council’s advisory body to evaluate the proposal, and some news outlets indicated last week that it would likely be very critical”.
• They go on, “the State Council indeed came back with serious objections to the proposal yesterday, saying that it could have severe consequences which had not been adequately considered, such as undermining the solidarity and collective nature of the pension system. According to the Council, the proposal also failed to meet legislative quality standards and would disrupt the ongoing transition, which has already been extensively discussed with all social partners and where some funds have already made the transition”.
• They conclude by noting that “the parties that introduced the proposals have signalled some initial defiance to the advice, but it puts the Minister of Social Affairs in a particular tight spot since his party was one of the backers”.

• MNI: US FEB INDUSTRIAL PROD +0.7%; CAP UTIL 78.2%
• US JAN IP REV TO +0.3%; CAP UTIL REV 77.7%
• US FEB MFG OUTPUT +0.9%