Duelling Commentators on Industrial Production and Recession

Ryan Puplava has a bullish piece called Soft Patch Not So Squishy, where he makes the case that Japan is roaring back and driving an economic recovery:

`` It's June 30th, month and quarter-end, and the market is up 4% week to date. Something must have changed. It's called a V-spike recovery in Japan ladies and gents as I've pounded the table on for the past month. In addition, the safety trade has been unwinding since the Greek and EU-IMF agreement last Thursday with Treasuries and gold rolling over and into stocks.''

Mish, however, is not quite so convinced, in Manufacturing Weaker Than It Looks:

For all the excitement over the 1.8 point rise, much of it is restocking inventories in the wake of the tsunami... If anything, an increase in inventories is a negative for future activity. The remaining 0.7 point of the headline increase was due to small increases in new orders (by 0.6 point to 51.6), production (by 0.5 point to 54.5), supplier deliveries (0.6 point to 56.3) as well as a more sizable increase in employment (1.7 points to 59.9).

He thinks the US industrial report is an outlier (i.e. compared to China, Europe). We report, you decide.