Friday, February 28, 2014
Was busy yesterday, but it's not like there was a lot of news anyway.
Here's some of today's news for your consideration, or not:
Bespoke - another decline in bullish sentiment. Seems like the perfect time to buy into the S&P, if you consider yourself a smartass contrarian. Not the perfect time to be short.
Ritholtz - Buffett's favourite indicator is worthless as a buy/sell signal. The "market cap as % of nominal GDP" chart should be worthless. Because how the hell does US national GDP have anything to do with the market cap of multinationals? This ratio should have been steadily increasing over the past 20 years as US-traded businesses extended their dominance over the world. Yet another case of a chart not measuring what you think it's measuring; yet another case of the variable changing over time.
Value Walk - world radar screen favours financials and Japan. I just don't see the Japan bullishness in the chart. I'm just giving you this in case you're interested. Personally, and with utter ignorance on the topic, I can see US financials outperforming the next few months.
Gavyn Davies - ECB must face deflation risk. Apparently, worrying about secular deflation in the ECU is now a thing. Just putting this out there for you.
FT Alphaville - QE in the ECU? More on the same. I guess a lot of people now have expectations of QE in the ECU. Unfortunately they must have forgotten that Germany doesn't believe in QE for anyone except themselves.
FT beyond brics - Putin is not about to give up on the Ukraine. Presented to you because this guy actually knows his stuff about the political realities, unlike the fearmongers in the lamestream media. There's no imminent nuclear war, people.
Bloomberg - China crisis gauge rises to record high. I'll worry once we see collateral liquidation. Still, putting that out there for you China dooooom watchers.
Ritholtz - do China's risk signals point to a meltdown? I'm not giving you this link because of some misguided belief that Ritholtz knows his ass from a hole in the ground when it comes to China; he doesn't. I'm giving you this article so you can see how the best of America's ignorant traders are interpreting the dooooom du jour.
Bloomberg - PBOC stokes volatility. It's graduated from speculation to fact now: the PBOC saw a one-way trade that was causing appreciation of the yuan, so they smacked the fuckers down. Frankly I like that sort of leadership. How very Irish of them.
Reuters - Hebei Iron & Steel says steel capacity expansion is continuing. This can't possibly end well.
Mineweb - GLD sees first monthly inflow in over a year. Just in time for PDAC and the spring lull in physical gold buying, Whitey! Man, that's perfect timing! You wonder why I mock these people?