Three more newsbits:
Calculated Risk - retail sales up 1.1% for March. Hey, know what that means? It means you should puke the S&P 500 because we're at a cyclical top and the market's about to crash! Economic statistics don't matter! Because potato!
TraderFeed - dealing with market insanity. Here's his take:
When traders had the Fed at their backs, money flowed into speculative issues. From the end of last year to late February alone, TSLA practically doubled. It was up roughly 5x in the past year before moving down about 20% from that February peak. The biotechnology ETF IBB rose over 50% in the past year, also hitting a peak in late February--and since is down over 20%. But utility shares (XLU) and consumer staples stocks (XLP)? They're not far off their highs at all.Alternatively, guy, maybe the no-profit speculative biotech and Nasdaq stocks just plain ran out of buyers; now that people are beginning to decide to sell, those stocks going to go back down.
Investors are acting as if the Fed no longer has their backs. They are sticking with stability and selling momentum. They started the year with the perception of tailwinds and now are behaving as if they're facing headwinds. That makes them take risk off the table.
But more importantly, Brett Steenbarger has returned to blogging, and you need to RSS him.
Reuters - new poll says BJP headed for slim majority. It won't work out that way; votes are bought and paid for at the regional level in India, and the pollsters don't seem to be able to catch that. But if people actually gave a shit about Indian gold demand, you'd think this would be bullish for gold in the near term, no?