Wednesday, October 1, 2014

Some Wednesday evening news

Let's read!:

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:

Tells a different story, no? It's the dollar, Piddles! Now harden the fuck up and go buy SPY with both fists, you goddamn sissy.

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;
- 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.
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.

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.


  1. Replies
    1. You made a statement in public for all to hear. Are you unable to defend the statements you make? Or simply unwilling to have a reasoned discussion?

    2. In fact RBC are stuck with $64m worth of shares they can't shift. The $14m is the paper loss (as per publication time yesterday at least). Pedantic, y'see.