Wednesday, October 23, 2013

Some evening reads

Some evening reading:

Reformed Borker (Bork Bork Bork!) - Matt Yglesias is not impressed with your perennial crash call. And he shouldn't be. Most important quote:
One of the worst things about 2008 was that it bailed out a lot of misanthropes who were then able to capitalize on their "prediction".
"Misanthropes", by the way, means people like Albert Edwards and John Hussman and Marc Faber.

Michael Shaoul - WSJ blog entry on the NFP. Basically, the NFP is chock-full of statistical noise, so you either have to smooth it out to an average to watch the trend, or be a misanthrope and crow like you're ZeroHedge whenever a bad NFP hits the wire while accusing the Obama administration of manipulation whenever a good NFP comes out.

Calculated Risk - architectural billings up for September. Again, a leading indicator is still positive.

Marc to Market - is China really driving today's price action? Well, it was actually just used as an excuse, as he points out. The other excuse, which people seem to have ignored, is this:

der Spargel - ECB test to reveal system flaws. Article focuses more than needed on Germany, but the point is this explains the EU bank weakness seen today. I guess the people who were buying European stocks didn't know this was coming.

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