Archives for June 2013

China Manufacturing Conditions Deteriorate, New Export Orders Fall at Fastest Rate Since March 2009

Courtesy of Mish. In what should be no surprise to Mish readers, the HSBC China Manufacturing PMI™ shows Operating conditions deteriorate at quickest pace since last September, and new export orders plunge. Key points Output contracts for first time since last October New export orders fall at the joint-fastest rate since March 2009 Job shedding […]

If They Are The Smart Money, None of Us Will Escape This Mess Alive

Courtesy of Lee Adler of the Wall Street Examiner While working on this weekend’s Treasury market update to be posted later today, I was reminiscing fondly over some past snippets from those reports, like the quote in the headline. Here’s a trip down memory lane for me and hopefully some entertainment for you–at least as […]

Spying Out of Control: NSA Bugs EU Offices, Gathers Routine Info On US Citizens; Is NSA Surveillance Legal? Constitutional?

Courtesy of Mish. Just to show how far out of line NSA surveillance has gotten, the US is gathering routine information on US citizens and has also been bugging EU offices. Der Spiegel reports “Senior European Union officials are outraged by revelations that the US spied on EU representations in Washington and New York. Some […]

Breaking Bad (Habits)

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Authored by Stephen Roach, originally posted at Project Syndicate, It was never going to be easy, but central banks in the world’s two largest economies – the United States and China – finally appear to be embarking on a path to policy normalization. Addicted […]

Bill Gross Discusses the “Tipping Point” For Bonds; Does He Miss the Boat?

Courtesy of Mish. Bill Gross did not see this major selloff in bonds coming. He discusses the setup in his recent Investment Outlook called The Tipping Point. Much of the article is about how he almost tipped a ship while in the Navy. He uses the tipped ship metaphor to talk about the position in […]

FHA Swamped By Defaults; Congressional Report Shows FHA Could Suffer Losses as High as $115 Billion; Shut Down Fannie, Freddie, FHA

Courtesy of Mish. An alleged “worst case scenario” shows the FHA could lose as much as $115 Billion. Since these worst case scenarios are always famously optimistic, the best course of action would be to shut the agency down. I was quoted as saying just that by the Heartland in Congressional Report Raises Spectre of […]

Why Behavior is Half the Battle

Why Behavior is Half the Battle Courtesy of Joshua M Brown, The Reformed Broker Successful investing requires you to do the most counter-intuitive thing in the world, something that totally runs against human nature and the fight-or-flight instinct that's been bred into our species over eons – being excited for down-markets and bad news. By my […]

Michael Pettis on the China Liquidity Crunch; China Bulls Beware

Courtesy of Mish. Michael Pettis at China Financial Markets commented on the liquidity crunch and spike in SHIBOR a few days ago via email. His comments came in before China intervened to quite the markets as noted in China Acts to Calm Markets; Stock Market Rebounds From 6% Plunge After Central Bank Pledges More Liquidity; […]

The Mainstream Media “Explains” Stuff Again, Hilarity Ensues

The folks at the NSA could be making lots of money by anticipating how the financial markets will respond to new information. Therefore, we should have another agency monitoring the NSA employees' emails, texts and phone calls, and their trading accounts. But, as this article shows, interpreting the news, even with early access, is no […]

Precious Metals Life Cycle Nears the Final Stage: Denial

Precious Metals Life Cycle is Nears an End – Final Stage of Denial Courtesy of Chris Vermeulen The life cycle of most things (living, product, service, ideas, stock market, etc…) goes through four stages. Those who recently bought gold, silver, mining stocks, and coins will be enter this next stage of the market in complete denial. […]

Claims Data Charts Show Fed’s QE Did Not Help, Government’s “Fecal Cliff” and “Secastration” Did No Harm

Courtesy of Lee Adler of the Wall Street Examiner The latest weekly jobless claims data remains on trend, declining at an annual rate around -9%. The Fed’s QE program that it began late last year has had no impact on them. The rate of improvement was the same before and after the beginning of this […]

22% Think Obamacare Will Make Their Situation Better, 42% Say Worse

Courtesy of Mish. A new Gallup poll shows Americans Wary of Health Law’s Impact. Americans are more negative than positive about the healthcare law’s future impact on their family and on the U.S. in general. Forty-two percent say that in the long run, the law will make their family’s healthcare situation worse; 22% say it […]

Destruction of French Manufacturing Placed Squarely on Euro

Courtesy of Mish. Inquiring minds are digging into a 23 page report by Dr Eric Dor, Directeur IESEG School of Management, Université Catholique de Lille, regarding the consequences of monetary union on the destruction of French manufacturing industry. Eric Dor writes “The launch of the euro brought about an impressive decrease of manufacturing production in […]

Re: The Gold Miner Crash

Re: The Gold Miner Crash Posted by Joshua M Brown, The Reformed Broker So we had a gold miner mutual fund manager on CNBC Fast Money tonight, live in-studio. He seemed like a nice guy and he probably knows these companies really well. It doesn't matter. I feel bad, there's really nothing that can be said. […]

Busted!

BUSTED: Bankers Caught On Tape, Joking About Bailout, And How They'd Never Pay It Back Courtesy of JULIA LA ROCHE at Business Insider Wikimedia Commons Once again, we have more embarrassing conversations between bankers … The Irish Independent, a Dublin-based newspaper, has uncovered tapes of an internal phone conversation from September 2008 between two executives at Anglo Irish Bank […]

How Much Caffeine Will Kill A Person?

Okay, coffee drinkers, have you wondered: How Much Caffeine Will Kill A Person? I'm going to assume this question is only inquisitorial in nature and you have no homicidal or suicidal thoughts. You're correct in that caffeine in high doses can kill you. There have been numerous deaths attributed to excessive caffeine ingestion. However, the actual […]

So who bought the dip?

So who bought the dip? Courtesy of Joshua M Brown, The Reformed Broker Last week the S&P 500 fell 2.1% – it's worst weekly drop of 2013 so far. Hedge funds sold as did institutions. But retail investors were out there buying on a net basis according to the latest equity flows report from Merrill's Quant […]

Plague of Gold Bears Now Say “Gold Unsafe at Any Price”; What’s the Real Long-Term Driver for Gold?

Courtesy of Mish. Over the past week I received numerous emails regarding my June 13 post Mish Buys a Basket of Miners. People want to know if I am still in the trade. Others taunted they will be buying when I selling. Well good luck with that idea, because this is an investment not a […]

Norfolk Southern Corp: Fundamental Stock Research Analysis

Courtesy of www.fastgraphs.com. Before analyzing a company for investment, it’s important to have a perspective on how well the business has performed.  Because at the end of the day, if you are an investor, you are buying the business.  The FAST Graphs™ presented with this article will focus first on the business behind the stock.  […]

Some Tech Companies Find Ways Not To Hire Americans

Some Tech Companies Find Ways Not To Hire Americans By Martin Kaste, NPR Lawmakers continue to wrangle over a bill that would overhaul the nation's immigration system. One provision in this bill would allow companies to import a lot more skilled workers. The tech industry has lobbied hard for this, despite fears among some American workers […]

Consumer Metrics Institute: Recovery is a Sham

Courtesy of John Rubino. The Consumer Metrics Institute is generally a pretty subdued bunch, as befits their job interpreting economic statistics for money managers and other economists. But lately they’ve been sounding, well, apocalyptic. Here are a few snippets from their analysis of the US GDP revision released this morning: On the government’s questionable use […]

Thinking About 5% Mortgages

Courtesy of John Rubino. They say that one sign of creeping old age is that memories from past decades are more vivid than those from past days or weeks. They’re right. I don’t remember what I had for lunch yesterday but clearly recall bragging about refinancing our mortgage for 6% back in the early 2000s. […]

If You Follow This Real Time Indicator, You Have a Good Idea on GDP Now!

Courtesy of Lee Adler of the Wall Street Examiner The downward revision of the Q1 GDP estimate from 2.4% to 1.8% is pretty silly considering that there is a real time indicator that tells us exactly where we were in Q1 and exactly where the economy is heading right now. It’s not a perfect indicator. […]

Hugh Hendry: “The Invisible Regime… Has Become Unhinged”

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. From Hugh Hendry, CIO of The Eclectica Fund. This year we have pursued five macro themes: long the US dollar, short China, long Japanese equities, long low variance equities and long interest rate contracts at the short end of G10 fixed income markets. Towards […]