Emini Trading Update – Monday 14 Nov 2011 (7:10)
Mid-Monday morning and it’s been a quiet day so far. Typical shenanigans on Sunday night with a 10 point gap-it-up move that collapses. And now we’re sitting at 1,250 – almost like it’s above a trap door. Let’s see if it opens.
Check out these great videos and article from the weekend. The commentary is definitely getting better – in that, I mean the commentary is becoming more insightful, not rosy.
Links of the day …
Niall Ferguson with a great chalkboard, whirling dervish of a video presentation. In 4 minutes 17 seconds he elegantly arrives at the conclusion that all economists are idiots and proposes a very simple solution to the US economic woes.
I like it, I like it a lot. But I wonder how Americans feel about be lectured to by a rather know-it-all Scottish-born university professor. (I know what we’d say if he came to Australia and did that.) See Ferguson in full flow.
I really feel for TrimTabs’ CEO Charles Biderman – an expert on stock market fund flows. He’s been stumped for the last 12 months trying to explain the rising stock market. But finally he’s found the answer: inflows from corporates buying back shares are swamping the general public withdrawing money from their mutual funds.
And apparently the corporates are swapping the equity for debt. Seemingly an elegant explanation. But do you buy it? HT to Mish for picking it up. See Biderman’s answer.
Nouriel Roubini took last year off – probably because the end was not ‘nigh yet. But now he’s out, telling it straight: “The endgame for the eurozone has begun. Sequential, coercive restructurings of debt will come first, and then exits from the monetary union that will eventually lead to the eurozone’s disintegration”.
I love it – he’s so definitive and makes it sound like the build up to The Rapture. And yes, I could buy that forecast. Read Roubini’s prophecy.
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