The Mess That Greenspan Made - Part 9

Tuesday Morning Links

MUST READS
Ebola Patient Dies in German Hospital – NY Times
Islamic State seizes third Iraqi army base in Anbar – Washington Post
Mideast violence spreads as Turkey bombs Kurdish militants – Reuters
Draghi’s ‘Whatever It Takes’ Plan on Trial at EU Court – Bloomberg
Americans face post-foreclosure hell as wages garnished, assets seized – Reuters
Too-Big-to-Fail Banks Face Up to $870 Billion Capital Gap – Bloomberg
IEA sees oil demand growth lower, supply hitting prices – Reuters
Oil’s slide will pull more gas prices below $3 – USA Today
Japan’s Amazing 25-Year Post-Bubble Drama – Advisor Perspectives
Where America’s college grads are moving – Washington Post
How to Not Outlive Your Retirement Savings – RCM
The great Lira revolt has begun in Italy – Telegraph
Suddenly, We Have Problems – Dollar Collapse

MARKETS/INVESTING
Stock markets glum as confidence in recovery fades – AP
The Dollar And Now Stocks – Alhambra Investment Partners
Growth fears pushing fund managers from risky positions – MarketWatch
No Happy Ending for Investors in Central Bank Fairy Tale – Bloomberg
Why I’m adding more money to my favorite stocks – MarketWatch
No Stock Salvation Seen in Bank Results as VIX Surges – Bloomberg
Treasury 30-Year Yield Falls Below 3% as Fischer Warns on Growth – Bloomberg
Gold retreats from 4-week high as stocks rebound, dollar firms – Reuters
Silver Price At Historical Extremes Compared To Oil And Stocks – GoldSilverWorlds
Physical Gold Investment: The U.S. Ranks Worst In The World – SRSrocco Report
Swiss Gold Referendum “Propaganda War” Begins – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
U.S. small business confidence declines – Reuters
German government slashes growth forecast – AP
IMF official: Growth slowdown welcome – China Daily
China Sept vehicle sales growth slowest in 19 months – Reuters
India wholesale prices fall to five-year low – BBC
Out of Balance? Criticism of Germany Grows as Economy Stalls – Spiegel
Toronto’s housing boom rolls on as some of the housing falls apart – Financial Post
Chinese continue to snap up properties in US – China Daily
Washington, D.C. Housing Market Rises in Bidding Wars – Curbed
Atlantic City’s housing market can’t catch break – Allentown Morning Call
Falling inflation ‘nail in the coffin’ for early U.K. interest rate rise – Telegraph
Fed’s ‘Doomsday Book’ written to save the market – NY Post

 

October is Far from Over

For obvious reasons, there hasn’t been much reason to update the chart below as it has been a virtually seamless glide higher for U.S. stocks over the last couple years. Also for obvious reasons, now there is a reason to update the chart.

I haven’t been paying much attention to markets lately (or writing much, as evidenced by those first two sentences above), but one thing should be clear to any casual observer, namely, that the sphincter factor has increased considerably in just the last couple weeks with perhaps a much bigger increase in store since October is far from over.

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Monday Morning Links

MUST READS
Can all US hospitals safely treat Ebola? – AP
CDC criticized for blaming ‘protocol breach’ as nurse gets Ebola – Reuters
War against Isis: US air strategy in tatters as militants march on – Independent
Dollar Drops as Fed Officials Warn on Slowing Growth – Bloomberg
I.M.F. Warns of Global Financial Risk From Fiscal Policies – NY Times
U.S. regulators press banks for more on auto loan risks – Reuters
China’s Zhou Says Some Countries Using Yuan in Reserves – Bloomberg
In GM bankruptcy, an ex-con and hedge funds find common ground – Reuters
Russia Spending $6B Not Enough to Stop Ruble Rout on Oil – Bloomberg
A Trip to Kuwait (on the Prairie) – Huffington Post
Air-Pockets, Free-Falls, and Crashes – Hussman Funds
Derivatives Story 2014 – Noland, Prudent Bear
How Scared Should Investors Be? – WSJ

MARKETS/INVESTING
World stocks recover in European trading – AP
It’s reality check time for stocks – CNN/Money
Investors gird for scarier days in markets – Reuters
The Dollar and the Investment Climate – Marc to Market
What the Heck just Happened in Global Stock Markets? – Wolf Street
Treasuries at 11-Month High on Global-Growth Concern – Bloomberg
Gold rises on lower dollar, Fed rate hike uncertainty – Reuters
Gold: ‘near-term uncertain…long-term prospects glorious’ – Mineweb
SGE Chairman: 2013 Chinese Gold Demand Was 2000t – Bullionstar
Making sense of Chinese gold demand – Mineweb
Asian Market Hubs Move Into Gold – WSJ

ECONOMY/WORLD/HOUSING/BANKING
Do we dare to question economic growth? – Guardian
U.S. TIPS market signals rising concerns about disinflation – Reuters
Price Deflation and Price Inflation Are Always “Optimal” – Mises
China’s Exports Buoy Growth as IPhone Inflates Imports – Bloomberg
Economists Voice Caution Over Strong China Trade Data – WSJ
Draghi Asset Plan Seen Falling Short as QE Bets Rise – Bloomberg
Germany shrugs off call for greater spending – AP
Finland is in trouble, and it blames Apple for everything – Quartz
Why retirement savers should track the housing market – MarketWatch
Will the Fed Let the Stock Market Crash Before an Election? – of two minds
Fed Can’t Keep Falling Short of Inflation Goal, Says Evans – WSJ
The Methodical Fed – Fed Watch

 

Art Cashin on the Selloff

Art Cashin, Director of floor operations at the NYSE for UBS, talks about yesterday’s huge stock sell-off following Wednesday’s fresh record highs. As is the case for most pundits, Cashin offers no clear reason for the change in market sentiment.

Cashin notes: “Rumor-mongers are out and about so viewers should be careful … it’s clearly rather heavy selling … there’s nothing narrow about this selloff.”

It’s worth pointing out that one phrase that was noticeably absent from the discussion of yesterday’s market action was “buy the dip”, though that appears to be happening today.

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