Some newsbits for this morning:
BI - on fuel costs. Seriously, how can you be bearish the US economy when gasoline prices are dropping?
Bespoke - bullish sentiment now 50/50. Lordy lordy, even the data-fetishist Vulcans running Bespoke are now casting a sneer at the bubble callers:
We've heard a lot of commentary from talking heads recently about the new stock market "bubble" that we're in, but a "bubble" is driven by investors, and so far investors aren't acting very bubbly. As shown below, Bespoke Market Poll respondents were evenly split at 50/50 this weekend on the direction of the market over the next month. Bullish sentiment dropped 6 percentage points week over week from 56% down to 50%, while bearish sentiment increased 6 percentage points from 44% up to 50%.When even emotionless robots snigger at the bubble calls, that makes it very apparent how wrong the bubble calls must be.
Up until recently, everyone was calling this "the most hated bull market in history," and all of a sudden it has turned into a "bubble." It seems to us that it's the same people that have yet to even acknowledge we're in a bull market that are now calling it a "bubble."
But it's true, no? You have no right to call something a "bubble" until you first define it as a bull market; anyone who fails that test is simply an insincere clown. Probably one with political motives.
Mineweb - Chinese gold consumption to drop after this year. Seems they predict this by saying "people bought too much gold this year". And by "they" I mean the Vice GM at China Gold Group speaking in Tianjin. Which leads me to think this is another story plant by the Lizard People, trying to keep the gold price down so they can load up.
Sorry, but just because I'm paranoid doesn't mean nobody's out to get me.