Here's some news:
New Deal Demoncrat - weekly indicators. Quote:
My summary this week is brief: literally every weekly indicator was positive with the exception of mortgage applications, which were negative (although they have gotten "less worse"), and gasoline usage. Every other long leading, short leading, and coincident high frequency indicator of the economy was positive.Again, smooth sailing. Ignore the clowns that say otherwise.
Liz-Ann Sonders - they cut short my vacation to provide a meaningless update. She joins the panty-piddler brigade:
The resilience of the market has been impressive, but has renewed worries about a melt-up scenario as investors "capitulate in" to the market. The problem with melt-ups, however good they feel while underway, is that they typically end quite painful and abruptly.Yeah well Liz, the nice thing about the S&P 500 is there are sensible metrics you can look at to determine whether the market is becoming overvalued. I respectfully submit that a P/E of 19.19 isn't a bubble level if we're still in a secular bull market. Let it get to 20 and then stall for a year on Fed tightening; secular bull corrections are much more horizontal, remember.
Reuters - India's growth speeds up. Well, I dunno. It's good for gold, I guess. But I still await that soft mooshy feeling of being convinced.