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Monday, October 7, 2013

The news at noon



Bespoke - bullish sentiment increases. Y'know, the market was waiting for a big pullback so they could buy the dip. Now there's been a bit of a pullback; I'm wondering if everyone gets caught flat-footed by a Republican-caused calamity?


Calculated Risk - shutdown update and schedule. He thinks everything will work out fine.


Reformed Borker (Bork Bork Bork!) - scared straight. Yeah guess what Josh, the Republicans will just blame Obama.


Bonddad - US market analysis. A good earnings season after a successful debt limit increase would be something that could change this rounding trend.


Calculated Risk - framing lumber prices increasing. Indicative of housing construction strength.


NY Times - Canadian spies targeted Brazil's mining ministry. I guarantee you this was only to hand over inside information to the Canadian government's buddies in the mining industry. Canada has no other reason to give a damn about Brazilian mining.


Reuters - Indian gold importers start processing orders. Quote:
Exports have begun, so jewellery makers are expected to replenish stock ahead of the peak Christmas season, traders said.

"A government bank has told us to keep stocks ready, so it's a just a matter of time for imports to re-start," a official with a foreign bank, which supplies bullion to India.
What's that you said about the US debt?


Mineweb - Rick Rule interview. Useful, for what it's worth. Here was one part that was interesting to me:
TD: Rick, you’ve commented in the past that there are about 200 or so global corporate issuers that are qualified as far as being deserving of your firm’s capital. How is that market developing in terms of those people being realistic in terms of asking for money and what they’re willing to give in return?

RR: Tekoa, they are absolutely willing to take capital but they are amazingly stubborn in terms of the conditions that they’re asking for in the context of contributing the capital that they very much need.

Those issuers are certainly aware of the fact that they are the best of the best and I think given that they’re entrepreneurs, they are very, very optimistic in their outlook which is a good thing generally. It’s a bad thing if you happen to be a capital provider because I think one of the things that happen as a consequence of their naturally optimistic orientation is they regard the capital raising conditions that existed in the period 2003 to 2010 as normal conditions rather than optimal conditions and they believe that this market downturn is much more temporary than I happen to believe it is.

I am in most cases older than they are and I have been through more cycles than they have and I think I understand more about normalized funding conditions than they do. But the truth is that the market will teach us over the next 18 months who is right and who is wrong.

xkcd - open letter. Here, let me reprint it for you:



1 comment:

  1. I read some other interview with Slick saying he was cash, cash, cash right now... WTF did he not just try to pump Lydian and his crush Friedland's deal a month or so back on BNN?

    ReplyDelete