Here's some market news:
Bespoke - morning commentary. Quote:
Following the sun’s departure from the United States yesterday evening, Asia-Pacific markets opened sharply lower, putting an end to their more localized regime of price moves. Early in trading, the Nikkei was off sharply (-1.6%), the ASX index of Australian stocks was down over 60 bps, Hong Kong was 1% lower and China started off 40 bps below Thursday’s close. But the universal reaction from these indices was for traders to buy the dip: every single major regional market gained steadily through the morning on the western edge of the Pacific, with gains of roughly 60 bps across the board, taking China and Australia positive on the day and all indices well off their early lows, which were not seen again. In other words, while a repricing took place (Hong Kong off 28 bps, Nikkei off 101 bps), there was no acceleration of concerns, and markets found a clearing price for the new risk premium with steady demand for risk assets in the face of lower prices.Buying the dip? That's good. So I guess my shorting $VIX at the close turned out to be the right move?
Chronicles of Brodrick - smart money chart. Hey Sean, there's other people in the blogosphere who have been saying "smart money has been selling for months! Get out of the markets because only the dummies are buying!" So are there multiple "smart money indicators" which are in disagreement with each other? If so, that's not very smart, is it?
Bonddad - get ready for an awesome Q2 GDP print. Or maybe I should avoid all the "smart money indicators" commentary altogether and spend 10 minutes a week reading the economic analysis at Bonddad and Calculated Risk? Following "smart money indicators" seems like a shortcut to avoid reading real economic commentary. That doesn't sound very smart, does it?
The Irrelevant Investor - cherry picking. I think this one's about gold, but Tumblr is blocked here at work so I dunno. Message to bloggers: posting stuff on Tumblr doesn't count as blogging. It counts as getting in the way of my enjoyment of teen girl selfies.
Chronicles of Brodrick - blah blah charts. Except for this:
And my consolations to anyone who lost someone on the plane. Why was it flying over a war zone, anyway?It was flying over a war zone because air traffic controllers, whose profession it is to control air traffic, cleared it to fly above 32,000 feet. Air traffic controllers tell you where to fly: a pilot doesn't get to do whatever he wants. If planes had to avoid all war zones there would be no air travel. Perhaps the question you should ask is "why did a Russian soldier decide to commit a violation of the rules of war by not sending an interrogation signal to determine if it was a civilian plane before firing a SAM at it?"