Thursday, April 30, 2015

Some more news, and some chart perspective

Here's more news:

Bespoke - bullish sentiment still depressed. Their graph:

So you can ignore Cam Hui's reprint of this Hulbert chart:

which, by the way, is only telling you that aggregate newsletter sentiment is high when the market is in an upward trend, and only drops when the market is weak.

So what did Hulbert's chart look like from, say, January 2013 to August 2014, when the market went up by over 40%? Hm?

Bonddad - Bernanke 1, WSJ editorial board 0. Quote of a quote:
It's generous of the WSJ writers to note, as they do, that "economic forecasting isn't easy." They should know, since the Journal has been forecasting a breakout in inflation and a collapse in the dollar at least since 2006, when the FOMC decided not to raise the federal funds rate above 5-1/4 percent.
Dude, he scored another one after that too. Why'd you wave the second one off? You're a shitty ref.

WSJ Nazi-Time Economics - Democrat lawmakers push $12/hr minimum wage plan. To be fair, they know there's no way in hell they can get it past the senate and congress. And we know that they know. But it's nice that now, when it doesn't actually matter, they finally decided to give a shit about the working poor.

And by the way, regarding today's movement in GDX:

The intermediate upward trend (since March) still isn't broken. So I guess the goldmine buyers have learned to fade the robotic monkey-hammering of the gold price on insignificant data points that have nothing to do with China and India.

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