Josh the Panty Piddler - another shoe drops. Now the Midcap 400 is - gasp! - below its SMA(50). Aw, if only Mister Piddles bothered to read my blog, he'd see this chart:
Calculated Risk - ISM "declines" to 56.6. I'd expect the low-rent end of the internet to mistake this ISM for a bad one. In contrast, a certain swarthy gentleman of English extraction made these points today:
- 15 of 16 industries surveyed reported growth;That's the kind of analysis you get when you go to a pro and not someone looking to get a job writing doomer headlines for Zerohedge.
- the 12-month average of the ISM is presently at 55.5, so it's still above average;
- the new orders strength in August was unsustainable, so the drop to 60 is still great;
- 12 of 16 industries reported stronger orders;
- employment was still above its 12-month average of 54.4.
FT Alphaville - Russia ups defense spending. Therefore sell gold! That's some mighty fine economics work there, Lou.
FT beyond brics - on the EM carry trade unwind. Like I said: now the capital flows out of the EMs, and they get ten years of hunger and despair. Again, you should have read Louis Gave.
BI - oil is getting ANNIHILATED. Hey, uh... is that good for the American economy? Y'know, for transportation costs and consumer spending and manufacturing and stuff?
IKN - ha ha, RBC's stuck with $14M in Franco Nevada shares that they can't shift. I'm sure everyone's holding them up as a shining example of what not to do. So... um... so I hope you don't own any junior miners in need of financing, dude.