Previously on Buffy the Vampire Slayer, it was noted that Greece is being sold down to nothing due to fear of imminent socialist revolution of the exploited proletarian masses against the kleptocratic neofascist oligarchs who secretly run Europe (and the rest of the world) on behalf of their alien overlord Davros.
Otherwise, Apple is awesome, Americans don't know whether to buy or sell their own country (funny how American pride evaporates when your leader is an uppity knee-grow), and who the hell buys Microsoft stock anyway?
So, here's a bit of news:
New Deal Demoncrat - idiots forecasting recession because oil. A steep collapse in the oil price indicates the end of a recession, not the beginning. However, NDD says supposed "investment professionals" are saying a recession is imminent because reasons, and he even gives us a link to prove he's not just making this shit up. Quote from this idiot link:
SAN FRANCISCO (MarketWatch)—The price of oil is about $17 a barrel away from signaling that a global recession is inevitable, according to a new survey of investment professionals.Thankfully we have investment amateurs out there like NDD who can give us actual US economic data that proves there's no damn recession. Convergex, your survey is bad and you should feel bad.
The survey from ConvergEx Group polled 306 investment professionals, asking, among other things, what oil price would show that a global recession was inevitable.
“The idea behind this question was simple — at some point oil prices aren’t just a nice theoretical tailwind for global economies,” said Nicholas Colas, chief market strategist at ConvergEx, in a note. “Rather, they become a signal that worldwide demand is contracting so quickly that oil prices must quickly decline to reflect that fact.”
The most common answer was $30 a barrel, from 26% of respondents, with $35 a barrel being the second most common answer (16% of respondents). All told, 62% of respondents said $30 or lower crude was a global recession’s canary in a coal mine.
More than half those surveyed represented buy-side firms such as asset managers and hedge funds, and about a quarter of them were from sell-side firms such as banks or broker dealers, according to ConvergEx.
New Deal Demoncrat - consumer confidence. And yet people say the market's topping and a recession is imminent. Really, we're just seeing a big rotation due to a few trillion dollars of investment capital having been horribly fucking wrong for the past couple years.
Bloomie - China's 2014 gold imports tumble 32%. On the one hand, that's not good for gold. On the other hand, since this is 2014 data, that drop was already reflected in the physical market in 2014. Then again, is this the start of a worrying trend, especially given Xi is continuing his fight against corruption? But then again then again, over the next decade the trend should still be up, if the asset mix of Chinese should be expected to remain reasonably steady over time.
So basically, ignore the fucking news and just follow the fucking chart. The price is smarter than you.
The Krugginator - I agree entirely with My Own Market Narrative, which is a brilliant blog written by a super-genius who should just be handed an Econ Ph.D. instead of having to go to school for 7 years. He splains exactly why you're not going to see a war over Greek debt, despite the intensity of today's "OMG sociamalism" selloff.
I still wouldn't buy NBG or GREK just yet, since only investment money flows are going to determine when they stop going down; but right now I'd say both resemble a juicy fastball right in the wheelhouse.
Then again, they also resemble falling knives.