Thursday, July 31, 2014
WALL STREET PUKES ON WAGES GOING UP: here's what you need to know
Now that the weeping and wailing and gnashing of teeth is over for the day, here's some evening reading:
BI - today's selloff was caused by the employment cost index. It was a big jump, so I'm wondering if it's a noisy dataset and nothing to get worried about. In any case, why the fuck would anyone sell a market where workers are suddenly making more money? I mean, has Libertarian Objectivism triumphed to the point that Wall Street now considers the entirety of the working class to be nothing but a parasitic hole into which money flows, never to see the economy again? Wage rises do nothing for the economy? They do nothing for government revenues? Really? It's 1992 all over again.
Calculated Risk - Friday sees the July BLS employment report. Dammit. See, I should have maybe bought a short Vix ETF at the close today, but didn't, thinking it'll pop to 19 or 20. But if this report comes up boring, the market should pop right back up. Well, that's what happens when you're too busy to follow the newsflow, no?
Reuters - August rains hold key for India's crops. Not looking too good for gold, buddy! Then again, Whitey says India doesn't matter for gold, it's all about America.