Wednesday, January 14, 2015


Well, let's see if the S&P can crash through 2000 today. The US indices are still in the bottom of an upward channel, so it'd be a good time to buy if only they didn't go down from here.

Anyway, here's the news:

Bloomberg - $4T peak in China's foreign reserves pave way for stimulus. China's fed up collecting foreign reserves, so they're going to loosen stuff up now.

Reuters - China December trade data: ur readin it rong. Quote:
Exports in December rose 9.7 percent from a year earlier in dollar-denominated terms, data from the General Administration of Customs showed on Tuesday, handily beating a Reuters poll by nearly three full percentage points.

Imports dropped by only 2.4 percent, where analysts' consensus was for a far steeper decline of 7.4 percent.


The smaller fall in imports than in November was largely due to a resurgence in commodity purchases, and Zheng noted sliding prices had been a net benefit for the country by reducing import costs. China posted a trade surplus of $49.6 billion for the month, smaller than November's record $54.5 billion.

China imported 30.37 million tonnes of crude oil in December, or 7.15 million barrels per day (bpd), topping the 7 million bpd mark for the first time, customs data showed, as the world's largest oil importer took advantage of slumping global prices to fill its strategic reserves.

It also purchased a record high volume of iron ore.
Amazes me how people continue to apply the fanciful Republican political narrative of "our economy is collapsing because Obama" to China, as if the Chinese leadership don't know what they're doing. I guess people really do believe that China is just a state in the USA. - copper price ANNIHILATED. By the way, Frik Els points out something that most of the talking heads in the lamestream media have been ignoring about China's recent "dismal" "horrible" import numbers:
Copper import volumes grew by 6% last year to reach a new annual record of 11.8 million tonnes, while iron ore imports at 932.5 million tonnes for the year were up by 13.8% compared to 2013, also an all-time high.
I.e., Chinese export numbers have been fantastic: their import numbers are down not because of "weakening of consumer demand", but because the commodities they import have crashed in price. Volumes are still high. Quit piddling yourselves over China. - oh god Cookie likes your anium now. Though to be fair, he does say
I'm not interested in any uranium exploration. There are enough uranium deposits sitting out there that are ready to go if the price rises. If you really want to play the uranium market, buy companies with decent resources or reserves near good infrastructure in a known province. I'm not going to go to Peru or Niger looking for uranium; it just doesn't make sense. We have plenty in the U.S., Canada and Australia.
Which does make sense.

IKN - ha ha Buttcoin goes to $190. And related to that,

FT Alphaville - do you have a finance degree from the University of Buttcoin? An utterly merciless attack on the clowns who advocated for Buttcoin all these years. Just one of the six educational points:
5) Bitcoin illustrates beautifully that it’s the country and/or civil society system which puts the value into currency, not the currency which puts the value into the system. On that basis, we learn that any system that is resource dependent, badly managed, unproductive and sustains itself only by offering safe harbour to criminals and tax dodgers is unlikely to be sustainable. Apply that logic to Bitcoin, and you quickly realise, if Bitcoin was a country it would be probably be a failed state.
Well, libertarians have yet another Somalia to look up to now, and it's just a mouseclick away! Spend your buttoins before the value goes to $0.00, boys!

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