Saturday, January 24, 2015

Some weekend news

Here's some weekend reading:

Bespoke - EPS and sales this quarter. Quote:
As you can see in the chart, compared to prior quarters over the past few years, the current earnings beat rate is somewhat mediocre, but the revenue beat rate is relatively strong. Investors like to see strong top line numbers because they're less easy for companies to fudge, so it's a positive sign that revenues have held up well so far this season.
So y u selling, Whitey?

Brett Steenbarger - tracking sentiment via buy and sell programs. Seems the market should go up from here:
At market lows, sell programs diminish while buy programs continue to fire. That creates a situation in which buying pressure spikes early in a market cycle. (Note that this is what has happened recently in the wake of the ECB action). As a market rise matures, sell programs begin to exceed buy programs and we see the balance between the two top out ahead of price. The recent significant expansion of program buying suggests that we should see upside momentum from recent central bank actions.
The magic part is, does the market really have any way to arb away this indicator? Interesting thought!

der Spargel - German companies sold chemical weapons equipment to Assad for decades. And Merkel doesn't care, because the weapons manufacturers are her biggest supporters. And yet fascists like Timothy Ash criticize the Mediterranean states for corruption and sociamalism? I guess that shows he doesn't care about good and evil, just about unfettered capitalism. So why does he think his words have any importance?

FT Alphaville - European sovereign debt hypocrisy. Let's explain exactly how selfish and greedy the Germans really are:
SPIEGEL ONLINE: The Germany of today is considered the embodiment of stability. How many times has Germany become insolvent in the past?

Ritschl: That depends on how you do the math. During the past century alone, though, at least three times. After the first default during the 1930s, the US gave Germany a “haircut” in 1953, reducing its debt problem to practically nothing. Germany has been in a very good position ever since, even as other Europeans were forced to endure the burdens of World War II and the consequences of the German occupation. Germany even had a period of non-payment in 1990.

SPIEGEL ONLINE: Really? A default?

Ritschl: Yes, then-Chancellor Helmut Kohl refused at the time to implement changes to the London Agreement on German External Debts of 1953. Under the terms of the agreement, in the event of a reunification, the issue of German reparations payments from World War II would be newly regulated. The only demand made was that a small remaining sum be paid, but we’re talking about minimal sums here. With the exception of compensation paid out to forced laborers, Germany did not pay any reparations after 1990 — and neither did it pay off the loans and occupation costs it pressed out of the countries it had occupied during World War II. Not to the Greeks, either.
Though you shouldn't expect the Germans to actually admit any of this. They seem to have learned how to forget the more inconvenient parts of their history. Or at least they can explain it all away by asserting that it's really somebody else's fault.

BBC - German court rules that men can pee while standing. Piddling in the standing position is no longer verboten. Yeah, I only included this link because I particularly hate the Germans today. - Cookie Monster says "don't buy crap". Ha ha! Too late!

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