Thursday, February 12, 2015

Some morning newsbits


Here's some reading:


Calculated Risk - JOLTS survey. Job openings are up 28% yoy, at over 5 million: where's that imminent economic collapse?

Bespoke - energy sector short interest is a pair o' bollocks. Sure, I won't argue, when something's going to go down, you're supposed to short it. But 9.88% of the sector float? Really?

Bespoke - trading above 50SMA. As of Wednesday afternoon, 61% of the S&P 500 was trading above its 50-day. I didn't see this reflected in Brett Steenbarger's commentary.

Granta - the fixer. A really good long article on real life in the Indian countryside, which you should read before you start fantasizing about investing in the Nifty. I really loved this bit:
Next, he rubbed her fingertips on a wet towel and pressed them against the clear, gleaming top of the fingerprint scanner. The equipment failed to register any reading. Dirt had settled too deep into the cracked skin of her hands. Weary of the process already, Suko Devi asked Prasad if it wasn’t natural for someone who worked with cow dung every day to have such textured skin. Just a few weeks into the launch of the Unique Identification scheme, the Indian government had realized that the majority of people it aimed to cover had labour-roughened hands, but it was too late –
That just shows you how miserably out of touch the Indian political elite is. And the entire article will show you what sort of structural headwinds exist for Indian economic growth. This ain't China, people.

Mining.com - blah blah gold price forecast blah blah. Well, for what it's worth:
Swiss-based MKS is one of the world's largest refiners and Panizzuti said this year's rise in the gold prize has been largely Exchange Traded Funds investing in the precious metal rather than physical demand that has driven the market:

"India and China are not buying right now, our books are not full. But we expect to see some buying from March and April onwards."

Panizzuti was the winner in 2014 of the London Bullion Market Association's gold forecasting contest with his estimate of $1,262 per ounce for the year with the actual average over the 12 months of $1,267.
I guess he didn't vote in the poll over there at the right. Anyway, let's see if the Asian buying results in any anomalous (i.e. upward) activity in the gold price over the next few months.


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