A dour management team on the Cummins (CMI +2.6%) earnings call today wasn't enough to shake the bulls. Full year North American revenue growth of 9% sounds good, but the CEO was quick to point out +40% Y/Y in Q1 was followed by -8% Y/Y in Q3 and Q4. In China, inventory levels are so high, even a big spring selling season may not be enough to clear them. Mining? "The weakest of any major end market we serve ... revenues could decline by as much as 25% for the full year."