Telecom recovery anticipation has begun on forecasts of rising telecom carrier buildout to resume this year. Customer energy asking for prototypes be moved into production by some vendors is early leading indicator.
Watch orders rates by Level 3 and other companies for hints of business beginning to gain traction after years of languishing. Cash rich banks, Euro debt healing, some US sane management of debt management is undergirding the markets. Fed $85B bond buying/month will continue until the unemployment (including sidelined discouraged workers) are hired to drive unemployment to significantly better level than today - which looks a long way off, so continued medicine until then.