Monday, August 11, 2014
Monday morning news now with more sarcasm
Some stuff worth reading:
Reformed Borker (Bork Bork Bork!) - the guys who get you out will never get you back in. Josh must have had a nice relaxed weekend, cos here he is suddenly shining the bright light of reason upon the markets. So ask yourselves: did your favourite permabear anti-Keynesian Obama-hating clown on a blog somewhere tell you to buy the S&P at 666? No? Did he tell you to buy in June 2010 at 1020? No? Did he at least tell you to get in at the 1560 breakout in Spring 2013? No? Then why the hell would you listen to anything that idiot has to say? If he didn't tell you to buy the S&P in Spring 2013 then he's a moron and he cost you money.
Ritholtz - Kotok on Skew:Vix ratio. I do not trust that Kotok has gotten his antecedent and consequent in the right order: the chart he provides merely shows that SKEW:VIX goes down when the market goes down. Maybe it goes down because people see stocks going down and get scared, hm? Worthless indicator, quit trying to time the market Dave, try maybe just looking at US economic indicators once in a while.
Bloomberg - job market tilts towards workers. Nice and all for the longer term US prospects, but I can expect the market will dive into a serious correction, or at least a year of sideways chop, when the fascist pigs on Wall Street see wage growth increasing. Because the fascist pigs on Wall Street have never understood that wage growth is good: they've always wanted to see the workers beaten down. Who the hell do you think supports the anti-union Republicans throughout the US? Hm?
BI - Hussman is calling a new bubble. It's not as good a market bottom timing signal as a BI article on Faber, but it's close. Seriously: Hussman is a clown, and here he bitches about a 2% yield on equities as a signal of the coming apocalypse. Meanwhile he brings up the canard about high yield, ignoring the fact that HY debt is as well-funded as it's ever been. The question remains: when did Hussman put out his buy call on the S&P 500? Hm? When? Did he ever?
FT Alphaville - a mere trickle of equity ETF flows. But you have to recognize the distortion underlying the chart: the previous outflows occurred during the Eurozone "crisis", the Greek "crisis", the US government shutdown "crisis", and all the other dinky little problems that the press blew way out of proportion in an effort to sell more gold and canned food. You don't have another Godzilla to trot out for this year's "crisis", do you? Then why do you expect the same outflows?
FT Alphaville - Keohane chimes in on HY dooooom. He's another one who hasn't seen the chart showing the same HY correction every summer over the past three years:
No more comment required, the chart says it all.