Thursday, July 31, 2014

Some noontime noos

Very busy here at work, and only have time for a short update.

Meanwhile, for some reason the market has decided to take a hissy-fit. The media is casting about for explanations like Chicago PMI (worthless datapoint), Argentina (make me larf) and individual companies like Samsung (again make me larf).

I want to short $VIX at >+3SD again but I'm too busy to watch a screen. Besides, maybe it should be above 16? Maybe that's the right price for $VIX?

So here's some news, then back to work for me:

Reformed Borker (Bork Bork Bork!) - the labour market versus the bond market. Know what Josh? I can guarantee you four things. One, bond yields will go up when the Fed normalizes rates. Two, they have a long way to go before rates can strangle the economy. Three, workers making more money is good for the economy. Four, wages have a long way to go before they strangle profits. Now quit piddling your pink panties and buy the dip, mister "trading in and out of the market does nothing but cost transaction fees and capital gains taxes".

Bespoke - the no-bull bull market. With a chart you just have to see to believe.

Calculated Risk - more on Q2 GDP. Bill McBride expects private investment to still increase over the coming quarters. I assume McBride has already taken interest rate rises into account when formulating this theory, him being smart and all.

FT beyond brics - India unveils ambitious plan to bring banking to the poor. Which is nice and all, and probably very bad for gold demand if it ever comes to pass, but this is the country that's so far failed to even give these people basic roads, power and sanitation. I'm not holding my breath. - Goldcorp slashes costs 30%. The article asserts their AISC is down to $852/oz. Pretty good! So I guess they're turning in a massive profit now, what with gold at $1300, eh? Eh? Hm? Profit? Massive one? $1300 minus $852 results in a large positive number, no?

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