Mish Shedlock: The Future Of Oil
- Written by James Stafford | Friday, July 27, 2012
As markets continue to yo-yo and commentators deliver mixed forecasts, investors are faced with some tough decisions and have a number of important questions that need answering. On a daily basis we are asked what’s happening with oil prices alongside questions on China’s slowdown, which commodities or instruments will provide safety in the current environment, will the Euro-zone split in the future and what impact the presidential election is going to have on the economy and markets?
To help Oilprice.com look into these issues and more we were fortunate enough to speak with the award winning economic commentator Mike “Mish” Shedlock. Mike’s blog: Mish’s Global Economic Trend Analysis is one of the most popular and informative economic blogs online. His millions of dedicated monthly readers find his advice invaluable and we recommend anyone interested in learning more about the global economy and financial markets to stop in and take a look: http://globaleconomicanalysis.blogspot.com
To find his blog, you can also do a Google search for Mish
In the interview, Mish discusses:
• Why global trade will collapse if Romney wins
• Why investors should get out of stocks and commodities
• Why we have been oversold on shale gas and renewable energy
• Why oil prices will likely fall in the short-term
• Why the Eurozone is doomed
• Why there may soon be an oil war with China
• How government interference is ruining the renewable energy sector
• Why we need to get rid of fractional reserve lending
Oilprice.com: With oil prices now in the high 80's and news out of Europe getting worse every day, do you expect prices to stay in this range, or do you see them dropping in the short term?
Mish: There are two conflicting forces here. One of them is oil prices over the long-term and the other is oil prices over the short-term.
Even in the short-term you will find there are conflicting forces at play. For example, stress in the Middle-East puts an upward pressure on oil prices. However, economic problems in Europe, a slow-down in Asia and a slow-down in the United States put downward pressure on oil prices. New orders are falling at a staggering rate across the board in Asia, China, Japan, Europe, and the United States which also puts further downward pressure on oil prices.
Long-term, forces such as peak oil and population growth in China are putting pressures to the upside.
One needs to balance all of those factors out when they are about ready to give a prediction on oil prices. My opinion is that over the short to mid-term, oil prices will go down. Long-term, energy is a good place to invest.
Oilprice.com: If your prediction is correct and oil prices do go down – what sort of impact do you see this having on the U.S. economy, if any?
Mish: That's an interesting question. However, the question puts the cart before the horse.
Looking at prices in a vacuum is a mistake. One also has to look at why prices are doing what they're doing. For example, falling oil prices that happen when supply shocks are alleviated are a positive thing. Falling oil prices because of falling demand is another. You seldom see this kind of distinction in mainstream media.
Right now, oil prices are primarily falling because of falling demand, and that is in spite of geopolitical tensions. That is not a healthy sign for the economy.
Oilprice.com: As we have seen with the recent oil workers strike in Norway and subsequent rise in oil prices. Geopolitical risks always remain to keep the markets off balance. Apart from Iran are there any other geopolitical risks you think people should be aware of?
Mish: A key geopolitical risk in the long-term is that China cannot continue at its expected rate of growth. For years, the mantra has been "China, China, China," and many thought China could maintain its 8% to 10% per year growth going forward. That's not going to happen.
I agree with Michael Pettis at China Financial Markets, that China is more likely to see 2% growth than 8% or even 6% growth over the next decade.
2% growth is a shocking reduction, even from the lowered expectations that we've seen regarding China. The implication is commodity prices, especially base metals, are going to be under extreme pressure because of China stockpiles. For further discussion please see "China Rebalancing Has Begun"; What are the Global Implications?
Oilprice.com: What are your longer term projections for oil prices – say 3-5 years out?
Mish: I think it's a fool’s game to make such projections. Most of the projections on the price of gold, silver and oil are ridiculous. They are designed to sell newsletters. The bigger the hype, the greater the sales. On occasion, I will make a call. For example, when crude hit $140+ in the summer of 2008, and others called for $200, I said oil prices would drop to the $45.00 - $50.00 range or so. Oil went to $35.
Moreover, those predicting $200.00 never bothered to think what that would do to the global economy. We saw the same thing in natural gas. People were predicting $25. Look at prices now, at roughly $3.00 NG fell all the way to $2.20, lower than even this staunch deflationist thought.
I'm not willing to go out on the same limb and predict energy prices three years in advance. The reason is we really don't know for sure how central bankers are going to respond. China is particularly important. If there's universal printing of money everywhere, I would expect a lot of that to flow back into prices of gold, perhaps of silver, and perhaps energy, but we really don't know what they're going to do. We don't know when or how the Euro Zone is going to break up. I think it will, but how is as important as when.
In the US, we don't know the results of tax hikes following the 2012 election. Heck, we don't even know who the next president in the United States is going to be. Will it be Republican? Will it be Democrat? Numerous political and economic forces are pulling and tugging in different ways.
I don't believe there's anyone out there that can predict, with any kind of accuracy, what oil prices are going to do. Which is why I believe trying to predict oil prices in the midst of all of these possibilities is a fool's game.
Oilprice.com: What are your views on inflation and hyperinflation.
Mish: Hyperinflation is a complete collapse in currency. It is a political event that kicks off hyperinflation, not a monetary one. Hyperinflation talk hit an extreme when oil prices hit $140. Such talk was silly then, and it is still silly now.
Hyperinflationists in general fail to understand the role of collapsing demand for credit. The total credit market is over $54 trillion. Base money supply is $2.6 trillion and excess reserves are about $1.5 trillion. Seems to me we had huge expansion in credit and Bernanke is struggling to reignite demand. I suggest he will not succeed.
The idea the US$ will suddenly go to zero is ridiculous. The US is the world’s largest holder of gold reserves, and that alone would stop it. Also note that Bernanke, as misguided as his policies are, is still beholden to the banking system. As such he has no desire for it to collapse.
As far as inflation goes, I am still widely misunderstood. I view inflation as an increase in money supply and credit, with credit marked to market. Deflation is the opposite. If one insists that inflation is about prices, then we are in a state of inflation with 10-year treasury rates below 1.5%.
For those who woodenly view inflation in terms of prices, well, prices may or may not rise. Price have generally risen, but credit is the key behind housing prices, family formation, hiring, and in fact everything driving the economy. So, where is credit going? Demographics and student debt suggests nowhere. Indeed, credit has gone nowhere in spite of heroic efforts by Bernanke.
Oilprice.com: You just mentioned that we don’t know who the next president is going to be and sticking to this topic how big an impact do you see energy prices having on this year's presidential elections?
Mish: I don’t think energy prices are what's on people's minds. What's on people's minds right now are jobs. Oil prices have kind of stabilized and in the very short-term they are likely to stay stable unless there are some dramatic results in the Mid-East or a dramatic slowdown in the US economy. Both are possible, but a major US slowdown is arguably more likely. Regardless, I think energy prices are going to be a minor election issue.
Oilprice.com: The message on peak oil seems to be confused. Many are adamant that peak oil is the largest threat to ever face humanity, whilst others believe that with new technologies and new fields being found, peak oil is a myth and we are actually swimming in oil. What are your thoughts?
Mish: The idea that we're swimming in oil is preposterous. Moreover, abiotic oil is a ridiculous pipe-dream. That said, the idea that the global economy is going to come grinding to a halt in the next year or two because of oil is also preposterous (discounting a geopolitical Mid-East shutdown). In general, I would side with the peak oil folks, noting that a global recession will likely pressure prices more than anyone thinks, barring a breakout of war or supply disruptions in the Mid-East.
Long-term, 8% growth in China is mathematically not going to happen. People really need to get a grip on exponential math and the implications thereof. If China does attempt to grow at 8-10% as some people have predicted, there's going to be an oil war of some kind between the United States and China because there's simply not enough oil.
For a good discussion on the limits of exponential growth, please see Calpers Pension Plan Reports 1% Return; Stunning "What If" Charts at Various Compound Annualized Rates-of-Return Going Forward
Oilprice.com: Shale gas has been generating a great deal of headlines recently. Do you believe it could be the solution to America’s energy challenges? We are also seeing developments in oil & gas extraction technologies. Have we been oversold on such possibilities?
Mish: I think we're oversold on everything. We're oversold on the idea of cheap energy, of free energy, of green energy, of clean energy. We're oversold on the stock market. We're oversold on what Obama can deliver. We're oversold on what Mitt Romney can deliver. We're oversold in so many areas, I can't even mention them.
In regards to new technologies, how much water will it take to extract these reserves in the midst of these droughts? What are we going to do with the contamination, how do we get rid of the waste byproducts? These kinds of projects look good on paper, but are they truly scalable in practice?
I hope I am wrong.
Oilprice.com: What is the role of government in alternative energy sources?
Mish: The role of government should be to get the hell out of the way and let the free market work. If peak oil really is a problem (and I think it is), the free market will come up with a solution if left alone.
Instead, the government is trying to pick winners. Look at the results. President Obama backed solar panel manufacturer Solyndra and the DOE loan guarantee scheme blew sky high.
Our ethanol program is a total disaster. By government mandate, corn has been diverted to ethanol production smack in the midst of a drought. Corn is not an efficient way to produce ethanol, even if there was not a drought.
Governments seldom back winners. Instead, government bureaucrats back companies that contribute to their campaigns. This is worse than it looks because such activities deprives companies with real solutions a chance at funding.
We need to get government out of the energy business completely and let the free market work.
Oilprice.com: Sticking with the renewable energy theme, do you see them making a meaningful contribution to global energy production over the next 10 years?
Mish: Adding to my previous answer, government subsidies of unviable products and unviable ideas gets in the way of the free market actually producing viable products and viable ideas. Simply put, the more government interferes, the less likely we are going to see advances in the actual direction of a true solution.
Oilprice.com: In regards to presidential elections, how do you think energy will fare under Obama and under Romney? Which sectors will benefit, and which will suffer?
Mish: Mitt Romney has declared that if he’s elected he is going to label China a currency manipulator and increase tariffs on China across the board. That's something that I believe he might be able to do by mandate. If he's elected and he does follow through, I think the result will be a global trade war the likes of which we have not seen since the infamous Smoot-Hawley Tariff Act compounded problems during the Great Depression. Simply put, I think that global trade will collapse if Romney wins and he follows through on his campaign promises.
Unfortunately, campaign rhetoric now is heating up to the point where President Obama and Mitt Romney are trying to outdo each other on who's going to do more to China. Thus, we may very well see a global trade war regardless of who wins.
As an aside, Mitt Romney is pledging to increase military spending. Given Romney’s statements on Iran, it's more likely he would start a war with Iran than Obama. Note that the U.S. military is one of the biggest users of petroleum worldwide and oil price shocks could be devastating.
None of this is any good for the world economy at all. I believe that Romney will do what he says. I believe he's more likely to start wars than Obama, but that doesn't make Obama any good. This is the worst slate of candidates in U.S. history running for president, and I'm writing in Ron Paul.
Oilprice.com: As the global economy slows, where do you see the best investment opportunities available to investors?
Mish: At this point, the best thing to do is wait for better opportunities. I am talking my book, but something like 70-80% cash (or hedged equities) and 20-30% gold seems reasonable. I'm telling people, "Get out of the stock market. Get out of commodities except gold and perhaps a bit of silver."
A global slowdown is underway. Actually, I made a Case for US and Global Recession Right Here, Right Now.
Although nothing is certain, central bankers worldwide are highly likely to pump up money supply hoping to counteract the slowdown. If so, I think gold is going to be one of big beneficiaries. Silver may be a huge beneficiary, and I like it here. However, silver is also an industrial commodity, so gold is safer.
Bear in mind, I may seem like a broken record on this thesis given cash and gold has been my call for the last year and a half or so.
In spite of calling the global economy exceptionally well, I've simply been wrong about U.S. equities. They have risen far more than I thought, but I still caution that risk is high.
I'm going to repeat my general message here, that another slow-down, and another big downturn in the stock market is highly likely. Equities are quite overvalued at this point, cash is not trash, and staying liquid now, with a percentage in gold, is a good idea.
Oilprice.com: I was hoping you could tell us your thoughts on the Euro. You mentioned previously, that you think the E.U. will split in the future, why do you think this will occur, and what will the economic and political implications be?
Mish: I think it's pretty clear that the euro's going to split because no currency union in history has ever survived without there being a corresponding fiscal union in place. Right now we're in a situation where Germany’s Chancellor Angela Merkel says that "There should be no fiscal union until there's a political union." Francois Hollande said, "There should be no political union until there's a banking union," and the German Supreme Court will not allow a political union or a fiscal union, nor a banking union without a German referendum.”
I did a post on this, and it's called, "It's Just Impossible."
If politicians could not get agreements when times were good, how are they going to get these agreements now, when they're bickering over every little thing, including the amount of the ESM, whether or not the bailout of Spain should be via the ESM or the EFSF, and whether or not the Spanish government should be backstopping this loan.
They can't get an agreement on anything, and the German Constitutional Court is hanging like a Sword of Damocles over the entire thing.
For these reasons, the Euro is going to bust up. What happens to the price of the Euro depends on how it busts up. If the breakup is piecemeal and disorderly, it means one thing. If it's orderly and prepared in advance with Germany leaving and the northern states leaving, it's a completely different scenario. Any point along that line is possible, but piecemeal seems more likely. How disorderly remains to be seen.
For example, if Germany exits the Euro and goes on the deutschmark, the value of the deutschmark will soar, whilst the value of the Euro will decline.
Instead, if we see a break-up by Spain leaving, by Greece leaving, by Italy leaving, and the bulk of what's left is Germany and the northern States, then the value of the Euro can soar. Those are the two conflicting possibilities here. The market has not decided which one of those is more likely.
Meanwhile, the Euro is in a low 1.20 range to the U.S. dollar. A breakout or a breakdown might be a signal that the market is expecting one of those possibilities over the other.
We are in uncharted territory and everyone is guessing.
Short-term I am neutral on the US dollar at this level because the euro is a bit oversold, the idea of a Greek exit is no longer unfathomable, and the Fed is likely to initiate QE3 at some point. This is a change from my previous US dollar bullish stance.
Oilprice.com: We mentioned China earlier, and I was wondering what you think the future holds for China, both politically and economically.
Mish: A regime change in China is coming up. The current regime has been focused on growth. However, I think the next Chinese government already understands that the growth at any cost of the current regime is not sustainable. If so, we're going to see a major shift away from an export-driven production model dependent on investment on roads, on bridges, and more production, to a consumption-driven model. That shift will be one of the major forces in the global economy.
If I'm correct on this, then it's going to be a painful adjustment, regardless of what China does. For example, a Chinese slow-down towards consumption would increase the value of the renminbi, would decrease their exports, would help the balance of trade between China and the United States and Europe, and would put intense pressure on commodity prices. In turn, asset prices and currencies of the commodity producing countries, like Australia, Brazil, and Canada will come under heavy pressure.
Oilprice.com: Mark Faber is not a fan of the Federal Reserve, blaming them for the current US economic situation. He said, “Usually under a gold standard you have a bubble under one sector of the economy but you don’t have it across the board globally and that’s really what the Federal Reserve has done over the last couple of years.” Do you agree? Is the Fed to blame? And what can be done to avoid this in the future?
Mish: I agree with part of it, if not most of it. However, the idea that the gold standard itself causes bubbles is fallacious. The gold standard does not cause huge bubbles. The real culprit is fractional reserve lending. Historically, problems happened when banks lent out more money than there was gold backing it up.
The gold standard did one thing for sure. It limited trade imbalances. Once Nixon took the United States off the gold standard, the U.S. trade deficit soared (along with the exportation of manufacturing jobs).
To fix the problems of the U.S. losing jobs to China, to South Korea, to India, and other places, we need to put a gold standard back in place, not enact tariffs.
Oilprice.com: Mish, thank you for your time this has been a very enjoyable and enlightening conversation for us.
In an exlusive interview on Fox 26 with Jose Grinon and Melissa Wilson discussing the disconnect between the financial markets and the real economy. I recently discussed this idea in much greater detail in an article entitled "The Great Disconnect: Markets Vs. Economy" wherein I stated:
"So, while the markets have surged to "all-time highs" - for the majority of Americans who have little, or no, vested interest in the financial markets their view is markedly different. While the mainstream analysts and economists keep hoping with each passing year that this will be the year the economy comes roaring back - the reality is that all the stimulus and financial support available from the Fed, and the government, can't put a broken financial transmission system back together again. Eventually, the current disconnect between the economy and the markets will merge. My bet is that such a convergence is not likely to be a pleasant one."
Weak wage growth, elevated levels of unemployment, and rising prices for food and energy continue to chip away at the fabric of the American economy even though the Fed continues to inflate asset prices further. The reality is that we are like inflating the next asset bubble as I discussed in early March of this year:
Don’t misunderstand me. As we wrote last week - it is certainly conceivable that the markets could attain all-time highs. The speculative appetite combined with the Fed’s liquidity is a powerful combination in the short term. However, the increase in speculative risks combined with excess leverage leave the markets vulnerable to a sizable correction at some point in the future.
The only missing ingredient for such a correction currently is simply a catalyst to put "fear" into an overly complacent marketplace. There is currently no shortage of catalysts to pick from whether it is further fiscal policy missteps stemming from the upcoming "Debt Ceiling" debate, a resurgence of the Eurozone crisis, or an unexpected shock from an area yet to be on our radar.
In the long term it will ultimately be the fundamentals that drive the markets. Currently, the deterioration in the growth rate of earnings, and economic strength, are not supportive of the speculative rise in asset prices or leverage. The idea of whether, or not, the Federal Reserve, along with virtually every other central bank in the world, are inflating the next asset bubble is of significant importance to investors who can ill afford to once again lose a large chunk of their net worth.
It is all reminiscent of the market peak of 1929 when Dr. Irving Fisher uttered his now famous words: "Stocks have now reached a permanently high plateau." The clamoring of voices that the bull market is just beginning is telling much the same story. History is repleat with market crashes that occurred just as the mainstream belief made heretics out of anyone who dared to contradict the bullish bias.
Does an asset bubble currently exist? Ask anyone and they will tell you "NO." However, maybe it is exactly that tacit denial which might just be an indication of its existence.
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- • What To Expect From Post-Election Year Mark...
- • Economic Data Continues To Weaken
- • 4 Keys To Successful Long Term Investing
- • QE3 And Bernanke's Folly - Part II
- • Romney Should Be Fighting For The 47%
- • China: A Love-Hate Relationship
- • QE3 - Mortgage Rates And Housing
- • QE3 And Bernanke's Folly - Part I
- • Fed Announces QE - Initial Thoughts
- • Analyzing The ECRI Recession Call
- • Import Prices and Wholesale Trade - Weaknes...
- • Trade Deficit - Exports A Major Concern
- • NFIB - Good News Beneath The Surface
- • CNBC - The Fed, QE3 and Jobs
- • Employment Report - Worse Than It Looks
- • MarketWatch - 3 Factors Deciding The Next P...
- • ECB - A Program To Nowhere
- • When Good Employment News Is Really Bad New...
- • Draghi To Announce Sterilized Bond Purchase...
- • Productivity Increases And The Employment C...
- • ISM and Construction Spending Show Weakness
- • Stage For EuroCrisis Resurgence Being Set
- ► August (30)
- • The Incredible Lightness Of "Hope"
- • PCE - A Tale Of The Consumer
- • Q2 GDP - Nothing Good Happening Here
- • QE3 Mechanism Is Broken
- • Investing For The Next Recession
- • Pigeons At The Table
- • Durable Goods And New Home Sales
- • Monday Reading List
- • Is It Time To Buy Gold?
- • Chart Of The Day: Confidence Waning
- • To The Contrary - QE-3 Is Not Coming Soon
- • Three Things That Will Influence The Electi...
- • No Recession Now - But When?
- • Do You Feel Lucky? Well Do Ya?
- • The Monday Morning Reading List
- • Thoughts On The Market
- • Chasing Yield Can Be Hazardous To Your Reti...
- • Gold, Dollar & Rates Say No QE
- • NFIB - Dear Administration, Are You Listeni...
- • Everything Needs To Go Right
- • End Of Week Economic Data Roundup
- • Want More Tax Revenue? Increase Jobs Not R...
- • Market "Hope" Rally Overbought
- • Are Investors Really That Bearish?
- • Chart Of The Day: Follow The Money
- • Bullish Data Says No Q.E. Coming
- • BLS - Jobs Increase As Businesses Cut
- • Fed And ECB - No Action As Expected
- • CBNC - ECB and Knight Trading Glitch
- • Economic Reports Confirm Deterioration
- ► July (20)
- • Consumer Spending Points To Weaker Employme...
- • FOMC, ECB and Jobs - A Trifecta Of Potentia...
- • 2nd Quarter GDP - Weaker In All The Wrong P...
- • ECB Spurs Short Covering Rally
- • Major Sell Signal Triggered
- • Richmond Fed - Recession Risks Increase
- • CFNAI And Market Update
- • Thoughts On Long Term Investing
- • LEI, Philly Fed, Housing And The 100 Days O...
- • Corporate Profits Surge At Expense Of Worke...
- • Markets Have Trapped Fed On QE3
- • Will QE 3 Save Us From Recession
- • Consumers Flash Warning Signal
- • Import-Export Prices And Jobless Claims
- • Trade and Mortgage Data - More Evidence Of ...
- • NFIB Weakness And Recession Risks
- • Looking At The Economic Forest
- • Homes: The Case Of M2V And The Elusive Reco...
- • Coming This Fall - The Best Time To Invest
- • Euro Crisis: 366 Days Later
- ► June (25)
- • Consumer Spending Leads To Lower Q2 GDP
- • Q1 GDP - Consumer Weaker As Weather Saves T...
- • Durable Goods - Highly Volatile But Trend T...
- • June Rally Complete - Summer Sell Off Ahead...
- • The Fed And Goldilocks Economic Forecasting
- • Negative Economic Trends Clearing Way For Q...
- • CHART OF THE DAY: Fed Lowers Economic Outl...
- • No Q.E. As Expected - "Twist" Extended
- • No QE3 Tomorrow - Replay Of 2011 Continues
- • CHART OF THE DAY: JOLT Survey And Peak Emp...
- • Have A State Pension? Don't Count On It.
- • Inflation, Dollar And Interest Rates Open D...
- • Retail Sales In Decline
- • Deflationary Presssures Rising - PPI
- • CHART OF THE DAY: Negative Net Export Pric...
- • NFIB - Shows Flaws In Current Policy Mix
- • Why Spain's Bailout May Spell The End Of Th...
- • Trade - A Wholesale And Int'l Disappointmen...
- • Risks To The Market Rebound
- • Forecasting The Rebound And Bottom
- • St. Bernanke's Fight Against The Deflation ...
- • CHART OF THE DAY: US Best Place To Invest
- • ISM Composite - Economic Weakness Returns
- • TheStreet.Com - Gold Run Not Over
- • The Lie That Is Social Security
- ► May (27)
- • Yahoo! Summer Portfolio Management Ideas
- • Yahoo! Low Interest Rates Hurts Economy
- • Fox Business - Tending Your Portfolio
- • CNBC - Eurozone Slowdown Will Impact US
- • Housing Recovery - Hope and Reality
- • Interview - Southwest Airlines, Facebook an...
- • Durable Goods Disappointing
- • 4-Issues For The Market Ahead
- • Richmond Fed Showing More Weakness
- • Sell Signal Confirmed - Initial Targets Set
- • Risk Ratio Indicating More Correction Comin...
- • Confirmed "Sell Signal" Approaches
- • Industrial Production And The Recovery
- • Composite Inflation Index Declines
- • Real Retail Sales Under Pressure
- • Sex, Money and Largesse - The Hidden Depres...
- • Trade Defict - Confirming Weaker Q1 GDP
- • The Clock Is Ticking On The Next Eurozone C...
- • Initial Sell Signal In - Confirmation Is Li...
- • NFIB - Optimistic But Still At Recessionary...
- • Economic Trends Don't Paint A Robust Pictur...
- • Strategic Investment Conference - Dr. Lacy ...
- • Strategic Investment Conference - David Ros...
- • Strategic Investment Conference - Dr. Woody...
- • Strategic Investment Conference - Niall Fer...
- • 3 Likely Triggers Of The Next Recession
- • ISM Report Bucking The Trend
- ► April (19)
- • The "Consumption Dysfunction" Continues
- • Q1 GDP - Weaker Than Expected
- • Social Security Has A Real Problem - Employ...
- • Decline In Durable Goods Indicative Of Broa...
- • Impatience Will Lead To Our Demise
- • Market Cracks Support - Correction Gets Ser...
- • LEI - Slower Growth Of The Growth Update
- • Philly Fed Points To Weaker Profits Ahead
- • Mother Nature's Bail Out Coming To An End
- • 10 More Years Of Low Returns
- • 5 Mistakes That Will Crush Your Retirement ...
- • Earnings Likely To Be "Better Than Expected...
- • Market Hits Support - Now What?
- • The Return Of Economic Weakness
- • The Correction Has Started
- • The "Real" Employment Report - March 2012
- • Now The Media Is Hooked On QE Crack
- • Wave 5 Of The Cyclical Bull Market
- • CHART OF THE DAY: Signs Of Recovery?
- ► March (24)
- • The Consumption Dysfunction
- • WTF! Chart Of The Day
- • An Update On Margin Debt
- • Hyperinflation Isn't A Threat
- • Surprise! Jobs Drive Consumer Confidence
- • Death Of The Gold Bull Market?
- • Housing And The Elusive Recovery
- • LEI - Slower Growth Of The Growth
- • The Long Road Ahead
- • The "Fly" In Ryan's Budget Ointment
- • 1.8 Million Jobs Lost In 2012
- • Why 4% GDP Will Remain Elusive
- • The Stretching Of Limits
- • Rising Costs And Profit Margins
- • Retail Sales - A Lot About Weather
- • Correction: There Has Been No Correction
- • CHART OF THE DAY: Ceridian-UCLA PCI
- • NFIB - Index Up But Internals Weaken
- • Employment Report And The Market
- • Is The Investing Game Rigged?
- • OIl Prices Will Hurt The Consumer
- • Has The Correction Started?
- • The Immediacy Trap
- • 1st Quarter GDP To Be Much Weaker
- ► February (22)
- • Oil Prices WILL Slow The Economy (Revised)
- • Don't Feed The Animals
- • The Housing Recovery In One Index
- • Consumer Sentiment Responds To Market Rally
- • The Straw That Potentially Breaks The Camel...
- • Media Headlines Will Lead You To Ruin
- • Philly Fed Future Activity Points To Weakne...
- • Housing Headlines Improve - Reality Doesn't
- • The "Real" American Dream
- • Industrial Production - The Revival May Hav...
- • Consumer Confidence Has Everything To Do Wi...
- • NFIB - Optimistic But Still In The Foxhole
- • Financial Stress Composite Rising
- • Trade Data Trends Signal Weakness Ahead
- • Consumer Credit And The American Conundrum
- • Is Now The Time To Jump In?
- • Gold - The Technical Rundown
- • Bringing The NILF Mystery To Light
- • Gallop Points To Weaker Employment Report T...
- • Earning Less - Why The Poor Get Poorer
- • ISM - Misses Expectations
- • ADP Signals Weak Job Report Friday
- ► January (23)
- • Chicago ISM - Has The Recovery Peaked?
- • Home Prices Fall Further
- • PCE Points To Weaker GDP Ahead
- • Q4 GDP - "Prognosis Still Negative"
- • Fed Meeting - Reconciling A Weak Economy
- • Why Home Prices Have Much Further To Fall
- • IMF Cuts Global Forecast - US Won't Dodge T...
- • Complacency Risk Is High
- • Prices Paid And Coming Earnings Weakness
- • Housing Is Not Affordable
- • Industrial Production Confirming Changes To...
- • Patiently Waiting For The Golden Cross
- • Consumer Sentiment Rises - Still In Recessi...
- • Why QE3 Won't Help "Average Joe"
- • Industrial Production May Be About To Weake...
- • Consumer Spending May Dissapoint
- • NFIB - Small Businesses More Optimistic
- • Markets Throw Off A Buy Signal
- • The Real Employment Situation Report For De...
- • Improvement In Employment - At Least For No...
- • Markets Getting Over Bought / Over Bullish
- • Market Rallies To Resistance - Now What?
- • ISM & Construction Spending - Modest Improv...
- ► December (19)
- ► 2011 (277)
- ► December (22)
- • 2012 Outlook - Anything Other Than The Apoc...
- • Q3 GDP - "Prognosis Negative"
- • The Eurozone Is Saved?
- • Market Rally To Nowhere
- • Housing Starts Up - Patient Still Critical
- • NAHB Housing Market Index
- • A Little Followed Indicator Hints At Recess...
- • Inflation Pressures Rising In The Core
- • Economic Deluge - Economy Shows Some Positi...
- • Is The Gold Run Over?
- • Import Prices Jump - Recession Odds Increas...
- • NFIB - Bounce Off The Bottom
- • No Holiday Cheer In Retail Sales
- • A Million Dollars Ain't What It Used To Be
- • STA RIsk Ratio Turns Up - We've Seen This B...
- • Consumer Sentiment Ticks Up
- • What Are Initial Claims Not Telling Us?
- • Is Consumer Spending Really Surging?
- • Could Gasoline Prices Trigger A Recession
- • Market Rallies Into EU Meeting
- • ISM Composite Index Ticks Up
- • The Real Employment Situation Report
- ► November (29)
- • Economic Data - Headlines Bullish
- • Markets Surge As World Engages In Global Ba...
- • Was That The Consumer's Last Gasp?
- • Housing - The Margin Effect
- • Economic "Run Down" - Weakness Emerges
- • GDP - Revised Down
- • Is Market Warning Of The Next Lehman Event?
- • EOCI Index Improves - Is It All Clear?
- • Philly Fed Survey - Predicting A Peak In Ea...
- • US Debt To GDP Now 98.9% And Rising
- • Inflation - A Continued Problem For Consume...
- • Economy Shows Tenative Signs Of Improvement
- • Debate - Is US Becoming Japan
- • Presidential And Decennial Cycles - What Ab...
- • Consumer Sentiment Driven By Market Rally
- • Net Export Prices Turn Down
- • What "Average Joe" Really Thinks
- • Blood Bath As Italy Faces Crisis
- • Are Oil Prices Confirming ECRI Recession Ca...
- • Oil Price Spike Update
- • No Joy In NFIB Report
- • Market Vs Economic Cycles And Sector Rotati...
- • Employment - The Good, Bad & Ugly
- • ISM Non-Manufacturing Index - Not Adding Up
- • Productivity Up - Costs Down
- • Fed's Outlook Much Weaker Than Reported
- • Food Stamp Usage Sets New Record
- • Fed Trapped By Inflation
- • Manufacturing Not Showing GDP Strength
- ► October (24)
- • STA Risk Ratio Turns Up
- • Buy Signal Is In - But Move Slowly
- • Recession Still Likely Despite Bump In GDP
- • A Haircut, Boost and Drop
- • New Homes Sales - Glued To The Bottom
- • Consumer Is Key To Next Recession
- • Case-Shiller 20-City Index Flat As HARP Wil...
- • CFNAI - Better But Still Negative
- • Understanding Federal Debt: Point - Counter...
- • Temporary Bounce In Philly Fed Confirmed By...
- • Inflation Rises Along With Housing Hopes
- • Snipe Hunting In The Housing Market
- • Der Spiegel is Der Wrong
- • Inventories, Sentiment and Sales - Behind T...
- • The Empire Is Tarnished
- • A JOLT To The System
- • NFIB and PCI - More Signs Of Weakness
- • 1929-45 Vs Today - Following The Same Path
- • Unemployment Report Worse Than It Looks
- • Bearish Sentiment Abounds
- • ISM Composite Index - Been Here Before
- • Yield Spread Confirming Recession Call
- • Market Breaks Its Neck
- • ISM Manufacturing Index - Backlog Drawdown ...
- ► September (34)
- • 5 Months Down - Time For A Bounce?
- • Economic Trifecta - But No Winners
- • Economy Upticks & Jobless Claims Fall
- • Gallup - Economic Confidence Slides
- • Can Margin Debt Give Us A Clue On Market Di...
- • Euro Tarp - Why It Will Be A Screaming Fail...
- • Consumer Doldrums
- • Chicago Fed National Activity "Slowing Down...
- • End Of Week Technical Wrap Up
- • The Yield Spread Is Lying About The Coming ...
- • Leading Indicators Predict Weaker Economy
- • Why The Fed's "Silver Bullet" Won't Kill Th...
- • Fed Buy's Paltry $ 400 Billion - Need A Hug...
- • Market Weak - Waiting On The Fed
- • Housing Still A Drag
- • Consumer Confidence Remains At Lowest Level...
- • Coordinated Central Bank Intervention Creat...
- • Philly Fed Survey - Predicting Recession
- • CPI Rises - Inflation Hits Home
- • Consumers Tapping Out Savings To Spend
- • PPI - Pushing A Slowdown
- • NFIB Confidence Slides Lower
- • Export Prices Still A Negative For The Econ...
- • The Great American Economic Lie
- • High Yield Spread Signaling Recession
- • The Economy Weakens More
- • Obama's $ 400 Billion For Jobs And Counting
- • Trade Deficit - Points To Possible Uptick I...
- • Another Domino Falls For The Market
- • Corporate Profits Are In Trouble
- • Are Stocks Undervalued?
- • European Markets Down Sharply
- • Jobs - What Jobs?
- • Why Unemployment Is About To Surge
- ► August (38)
- • Market Bounce OR New Bull Market
- • Chicago ISM Confirms Weakness
- • Consumer Confidence Collapses - Again
- • Personal Incomes Still Under Pressure
- • Annotated Bernanke Speech - The Elusive Eco...
- • Corporate Profits - Hinting At Recession
- • GDP - Revised Down
- • The Deficit Spending Trap
- • Will Ben Go For Another Round Of QE?
- • Boomers - Are Going To Be A Real Drag
- • No Job = No New House
- • Beware Of Long Term Investing Advice
- • Technical Market Overview
- • EOCI Index Now At Recession Levels
- • Composite Inflation Index Warning Of Slower...
- • 7 Things That Make Me Worried
- • The Difference Between "WHAT" and "WHEN"
- • Empire Fed Index - 3 Strikes You're Out
- • Rosenberg On The Economy
- • Consumer Confidence Collapses
- • Trade Deficit Points To Sub-1% 2nd Qtr GDP
- • 7 Things My Mom Taught Me About Investing
- • Blood In The Streets - Part II
- • Ceridian UCLA Consumer Pulse - Going Flatli...
- • Market Bounce - Was It Stealth QE3?
- • FOMC Meeting Ends - No Change To Stance
- • NFIB Survey Says...Higher Taxes Won't Work
- • Panic Attack! Markets Extremely Oversold
- • Employment Report Less Than Meets The Eye
- • Market Trashed Again! Panic Hits.
- • Recession Almost A Certainty
- • QE 3 Coming - But Won't Save The Economy
- • Yield Curves & The Fed Model
- • ISM Composite Index - Continues Decline
- • Market Trashed - What Now?
- • Personal Income Under Pressure
- • ISM - Clinging On For Dear Life
- • Debt Deal - A Complete Failure
- ► July (38)
- • We Are All Guessing
- • Dismal Economic Numbers
- • 10 Lessons Learned From Poker
- • STA Risk Ratio - Still On Sell Signal
- • GDP - 2nd Quarter Estimate
- • Consumer Un-Confidence
- • Are We Headed For A Second Recession? Upda...
- • Chicago Fed National Activity Index Confirm...
- • Decline In Profits Leads Index
- • EOC Index Shows Economic Weakness
- • Help Wanted - Not So Much
- • Existing Home Sales - A Resumption Of Decli...
- • Housing Starts - Bouncing Along The Bottom
- • You Can't Have A Jobless Recovery
- • NAHB Housing Index - No Signs Of Life
- • Commentary: A Default Would Devastate D.C.-...
- • Tax Reform -The Overlooked Solution
- • Empire Index - Harbinger Of Bad Things To C...
- • Consumers Believe It's Really A Recession
- • Inflation Index Flashes Warning
- • Bernanke Gives US Congress "The Finger"
- • Retail Sales & Jobless Claims
- • Why The Trade Deficit Is Warning Of Weak GD...
- • QE 3 - "To Infinity And Beyond"
- • No Fear - That's Not A Good Thing
- • More Fed Stimulus - As Expected
- • NFIB - No Jobs For You
- • Why Economists Don't Have A Clue About Jobs
- • Raising Taxes Won't Raise Revenue
- • Why The Jobs Report Is Worse Than It Seems
- • Why Oil Price Spikes "Feel" Worse
- • The Average Investor Doesn't Stand A Chance
- • How To Just Get By On Food Stamps
- • Jobless Still Jobless- Teens Hired For The ...
- • ISM Composite Index Showing Contraction
- • Outperforming The Market By 30% With No Ris...
- • ISM Report - Little To Be Excited About
- • Greenspan - QE Was A Failure
- ► June (38)
- • Market Failed At Resistance - Now What?
- • Full Employment - Hope vs Reality
- • Existing Home Sales Reflect Balance Sheet R...
- • Myths Of Retirement Planning
- • Implications Of Household Debt Deleveraging
- • LEI Warning Of Economic Stumbling Economy
- • Greece Ripple Effects Could Create US Finan...
- • Consumer Confidence Falls
- • Economy Failing Right On Time
- • New Home Starts - It's The Job Market Stupi...
- • Composite Price Index - Pushing Upper Limit...
- • Empire Composite Index Signals Economic Con...
- • PPI - Ratio Pointing To Economic Weakness
- • NFIB Employment Expectations Dispells 5% Ec...
- • Trade Deficit - A Roadmap To Economic Stren...
- • How Far Might A Bounce Go?
- • What Is Really Driving The Weakness In The ...
- • Obama Says He Has No Fear Of A Double Dip
- • NYSE Margin Debt
- • Beranke Speech - A Prelude To QE 3
- • Don't Get Suckered!
- • QE3 - Just A Matter Of Time
- • Job Report Shocker
- • Where's My Bottom
- • STA Risk Ratio Indicator Update - Still Cor...
- • ISM Composite Index Confirmed Market Top
- • Not The American Dream I Was Told About
- • Never Buy Stocks Again? Seriously?
- • Where Is The Confidence?
- • ISM Manufacturing Report Hits The Brakes
- • A Weaker Dollar Equals A Weaker Economy
- • Market Bounce
- • SF Bay Bridge - "Made In China"
- • Consumer Confidence At Recession Levels
- • The Decline Of The American "Saver"
- • Greece Fire - NY Post
- • The Breaking Point
- • Financial Profits Reduce Economic Prosperit...
- ► May (32)
- • Consumer Confidence Falls
- • Slide In Corporate Profits - Part II
- • Personal Incomes Still Feeding The Gas Tank
- • Change In Corporate Profits Leads To Market...
- • Economic Surprises - The Wrong Kind
- • New Orders For Durable Goods - Another Nail...
- • STA Buy/Sell Indicator Flashes Sell Signal
- • New Home Sales Not Inspiring
- • STA Economic Output Index Takes A Plunge
- • Debt To GDP And A Sustainable Level
- • The Virtuous Cycle Of The Economy
- • Economy Shifting Into Slower Gear
- • 7 Impossible Trading Rules To Follow
- • Housing Starts Fall - Again
- • Cyclical Bull Markets In Secular Bear Marke...
- • Empire Manufacturing Index
- • More Inflation For Consumers!
- • Headline Inflation Pushing Up
- • Weakness In GDP Continues (X-M)
- • Small Business Optimism Getting Worse!
- • Import Prices Flashing Warning Signal
- • Home Prices Following The Path To Destructi...
- • The Hyperinflation Index
- • Unemployment Rate Climbs To 9.0%
- • The Link Between Productivity & Jobs
- • Commodities Stumble
- • Jobless Claims Jump
- • ISM Composite Index vs S&P 500
- • ADP & ISM Non-Manufacturing Index Have A Lo...
- • Gallup: More Than Half Of Americans Still S...
- • "Let Them Eat IPads"
- • Have We Seen The Peak In This Business Cycl...
- ► April (22)
- • Fallacy Of The Falling Dollar
- • 1.8% GDP Not So Great!
- • Bernanke's Folly - High Oil Prices Are Flee...
- • Consumer Confidence - STILL Not So Confiden...
- • Tracking The Next Gasoline Induced Recessio...
- • New Home Sales Tick Up
- • STA Risk Ratio Throwing Off Warning Signal
- • The Philly Fed Survery Says....#&^%@!!
- • Americans Receive MORE In Government Handou...
- • NYSE Margin Debt Reaching Danger Zone
- • Housing Starts Not Starting
- • Pitchfork and Torches For The Rich
- • S&P Downgrades US Credit Outlook To Negativ...
- • Why You Can't Invest For The "Long Term"
- • Jobless Claims & PPI - Not Looking Better
- • Who Pays The Taxes!
- • Retail Sales Confirms Consumer Weakness
- • Gallop Poll Confirms NFIB Index - Economy S...
- • Small Business Still Not Optomistic
- • Trade Deficit Narrows - But Not In A Good W...
- • NYSE Margin Debt Climbs
- • High Commodity Prices Not The Result Of The...
- ► December (22)