Friday, February 7, 2014

Noon news

Here's some reading for you:

Bespoke - the bulls left the building (yesterday). AAII sentiment dropped pretty low.

Liz Ann Sonders - pullback (as of yesterday) could become a correction. Eesh, Liz. You fell for it, eh?

Bonddad - bonddad thinks the Japan trade is over. EWJ had six failed attempts to break $12 in the past year. You could probably argue that this indicates too much money was chasing Japan all last year, pushing their market too far above what's justified giving the boots-on-the-ground data.

Reformed Borker (Bork Bork Bork!) - fatty thinks the Japan trade isn't over. He looks at the entire 1989-2013 trend to arrive at his opinion. Now that's charting, bitch!

Reuters - BOJ's Iwata thinks Japan can withstand tax hike pain. This probably inspires selling by the market til there's data showing the tax hike didn't destroy their economic revival. In other news, former Cub bassist and I Am Spoonbender member Robynn Iwata now heads the Bank of Japan.

Yahoo Finacne - Netco Silver drops to single-A ball, renames themselves Brisio Innovations or something. Apparently their new business is smartphone apps or something. Who was the guy who was calling this stock a buy last year?

Mineweb - new technology will revolutionize gold mining sector. Uh-oh. I don't know anything about this, but if this makes waste mineable, there's your ten year bear market in gold right there. 170MPa concrete is half the strength of steel, so assuming you can place it properly, this does indeed turn pillars into ore. Quote from another article:
SA’s mines are enormously labour intensive and half of mines’ costs are wages. This technology will take some years to develop and the costs have to make financial sense — something Mr Newberry declines to be drawn on as the work is still in the testing phase. Mining companies are notoriously averse to rushing into new technology, so it will take years to phase it in.

"If we don’t find a new mining method there will be no jobs in 30 years from now. This process creates jobs. You can’t just switch off the labour-intensive drill-and-blast type mining we do now," Mr Newberry says.

"We will be able to open ore bodies that we are not mining because they’re not viable. It will create a technical and financial model to convert more resources into reserves which means more mining over a longer period of time," he says.
Mazel tov to Anglogold Ashanti for apparently inventing this. And as for you goldbugs: you better fucking pray that this new technology doesn't work, because the last time miners invented something useful (leach pads) you had a ten-year bear market in gold.

Krebs on Security - Adobe pushes update for Flash player zero-day attack. Update your Flash.

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