Thursday, May 15, 2014

I was reading the morning news and you won't believe what happened next!

Here is some morning reading:

BI - Cisco CEO on the global economy. He says the US is fine, Europe seems to be bottoming, and the EMs look atrocious. Then again, maybe he's just repeating what he reads on Marketwatch.

Bespoke - utilities drag down industrial production. Which is funny, cos the market has been buying the utilities like crazy.

Bespoke - jobless claims at 7-year low. That's really good for consumer stocks, isn't it? Then again, it's also a harbinger of inflation, according to a swarthy gentleman whose name rhymes with "Splichael Splaoul".

Bespoke - bullish sentiment increases. But it increases from a very low level to a slightly less very low level. Here, look at this:

Is that nuts or what? Literally, a short period of a few months of sideways chop has resulted in, or been driven by, profoundly negative AAII readings. The last time sentiment was this bad, Europe was about to collapse into a pile of rubble. Supposedly. It didn't after all, but... you get it, right?

IKN - why does everybody hate Rio Alto? Hey, I haven't looked at the hole locations, but adding 2 years to oxide production is a great way to ensure Rio can pay for its stage 2. And the nagging doubt about having the money for stage 2 is the reason Rio's at $2 instead of $4. So quit hating Rio Alto Mining, you meanies!

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