I'm busy today with getting laid off from work, so let's see if I can quickly slap together a list of the various newsblobs that have cought my eye:
Seeking Alpha - Basel III and gold. Originally noted by (I think) Gary Tanashian, a very interesting idea: gold could now become Tier I instead of Tier III. Is it true? I dunno, it could just be yet more of the fucking stupid misinformation spread by idiot goldbugs; I'll wait til I see confirmation in a real news outlet. And will Basel III even get implemented? If so, Deutsche Bank is immediately bankrupted; that's why there's been talk in Europe about delaying Basel III implementation, like, indefinitely. But if it is true it's an interesting new factor in the gold supply/demand dynamic.
der Spargel - a story on the Greek 1%, who are nothing but parasites and thieving robber barons.
A Dash of Insight - weighing the week ahead. I've dumped several people off my reading list and am thinking of adding this guy back to it.
Ritholtz - meta questions. This is essentially a response to the conspiracy theory that the Fed "sends Janet Yellen to the mic" whenever the market needs a boost. To wit:
Why does it always seem that when markets become deeply oversold, politicians and the Fed seem to react? Are they closet technicians or is it something else?Correlation does not prove causation, Gary.
Its something else: The most likely answer is that similar factors drive all these events simultaneously. Politicos note when markets are in a distressed phase; that shows up in all sorts of other psychological measures from Consumer Sentiment to Capex Spending and broad hiring trends. When markets go into freefall, politicians sit up and take notice. Even a milder correction of < 10% such as we have had recently adds pressure to public officials’ decision-making behavior.
No, Bernanke is not watching his Bloomberg concerned about the 200 day moving average, nor is he watching the DeMark indicators nor doing MACD studies. But the same sort of pain that leads investors to capitulate and puke up stocks is also at work on decision makers. We saw that at work in March 2009, when both groups overreacted to the market collapse. And we are seeing shades of that now, with the reaction (and over reaction) to this pullback.
NY Times - investors rush to beat threat of higher taxes. As noted in previous news updates. In fact, they all rush out the door in 2 fucking days. Then they buy everything back next week when Obama sells out Main street for Wall Street and maintains the low tax rates for dividends.
Bespoke - weekly BIG reader poll shows bullishness spiking. Maybe cos I'm just an average intellect, and every fucktard in the market can see that all the selling was silly? Question is, does this last for one day only, or is it the mark of the broad market bottom?
BI - The Homebuilder Confidence Jump Is Foreshadowing A Huge Boost To GDP. Maybe that's the answer to the question!
Anyway, I'm sure this blog will soon turn into a load of screaming about the lunacy of the Canadian employment insurance system over the next few weeks, so enjoy the sanity while you can.