And, after all, there's a lot of bullshit out there, and I'm only now starting to find it easier to drill through all the hype and dogma to find the real truth of what's going on. Might as well share it with my dozen remaining readers.
Hey, maybe those guys reading my blog every day at RBC, BMO, Northfield or Verdmont will offer me a job?
Here's the news.
1. USDA crop report was dismal, so corn prices ended the day... down. Really? Hm? What stunning genius could ever have expected this? And here's the funny thing - corn production in China is up 8.8%. Really? No shit, other countries grow corn too? Big countries? Wow....
2. Sober Look opines that another "Jackson Hole fix" isn't coming. And I agree. But maybe you should mark the date on your calendar, go 100% short, and then after the 1- or 2-day market collapse, go back to 100% long for when the market realizes that the US economy is actually doing vaguely okay right now (aside from external problems caused by the cunts in Germany) and doesn't need a monetary stimulus to kickstart things anymore.
3. JC Parets really lifts the veil with this post. I find it extremely necessary to quote him to you:
I get into a lot of discussions with people about the market and where I think it’s going. And for some reason they always come back with some sort of economic or political issue. Are we in running for office or we trying to profit from the marketplace? What the hell does Paul Ryan have to do with S&Ps this week? And this Fiscal Cliff nonsense – enough already.Brilliant! And, as he points out, S&P short interest in now rolling over, and when that happens, the charts say you get a 100-200 point pop. The chart is the chart, and the market is the market - so the babble from the news studio and the bloggers is all bullshit.
The stock market doesn’t care about your economic issues and political beliefs, so leave it alone. The only thing that drives price is buyers and sellers. Period. End of story.
I'm loving JC Parets more and more.
4. Washington's Blog, often reposted on Ritholtz, is really just a hardcore Occupy-ist at heart, and frankly I feel that I don't need to read what he posts - it's the Americans who should be reading him, not me. And he has often propounded utterly stupid ideas, such as the one that the Occupy Movement should work with the Teabaggers - you know, that bunch of McCarthyite Moonie John-Bircher idiots. Not going to happen. Because? Because they hate you is why.
But, the nice thing about Washington's Blog is that he writes utterly encyclopedic catalogues of American plutocratic corruption. Here's this week's post on the crimes of the big banks. I dare you to read it and not reach for your revolver.
And with that, it's time for a musical interlude:
(Now GT can post a "omg that's Mission of Burma omg omg" comment....)
5. And we'll end with a neat article from Christian Science Monitor: 'Why Nations Fail': Can elites choke American prosperity?
And I'd say yeah, and in fact, I'd go further and say that quite many of the bear markets in modern history have been caused by plutocratic corruption siphoning off productive capital. Which means this bear market in the US ends only when all the bankers, politicians and corporate lobbyists get sent to what Karl Denninger calls "ass-rape prison".