My afternoon train reading :

• PIMCO predicts top in Treasurys (perhaps 3rd time is the charm) (Market Watch)
• Gloomy chart of the day: China industrial profits ( see also Obama should pray that China overtakes US (
• Water Trumping Carbon Spreads $17 Billion Market (Bloomberg)
• John Maynard Keynes shows us Counter-Cyclical Fiscal Policy (versus Austerity) may offer a way out of Eurozone crisis (British Politics and Policy at LSE) see also Central Banks’ Incredible Lightness of Easing (WSJ)
• The Fed & the Cliff (Dr. Ed’s Blog)
• The GOP has picked the wrong time to rediscover gold (Washington Post) see also Gold: The Republican Death Wish (Project Syndicate)
• Why You Should Kill Your Robot Twitter Followers (BuzzFeed)
• Nokia, Microsoft Are Seen Benefiting From Samsung Ban (Bloomberg) see also Samsung Slumps Most in 4 Years on U.S. Sales Ban Concerns (Bloomberg)
• Crashing the Party: Andy Murray’s Chance to Join the Big Three at the U.S. Open (NYT)
• It’s official: Arctic sea ice levels have reached a record low (io9) see also Arctic sea ice extent breaks 2007 record low (National Snow And Ice Data Center)

What are you reading?


A Low Volume Bull 

Source: Bespoke

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

18 Responses to “10 Monday PM Reads”

  1. VennData says:

    Rand Paul’s message to Republican convention: ‘Audit the Pentagon’

    Well, at the least we know where the GOP stands on the issues.


  2. nofoulsontheplayground says:

    Tom McClellan – “Total Dollar Volume Not That Bad”

    Tom looks at the trading volume and while shares traded are down, the dollar volume traded is pretty similar to recent years.

    Of course, we don’t know how many shares are traded daily in places like dark pools or exchanges like BATS.

  3. MorticiaA says:

    Informative – and fun to read – book on sleep. David Randall’s Dreamland: Adventures in the Strange Science of Sleep.

  4. nofoulsontheplayground says:

    Here’s that link to Tom McClellan’s COT for EuroDollar Futures chart showing we should be moving up into the beginning of 2013.

    I’m trying to find the one he put up more recently.

  5. machinehead says:

    From Christopher Mahoney’s ‘Republican Death Wish’ article:

    Some of these depressions were as bad as the Great Depression, which was itself caused by the gold standard.

    Well, that’s a new one! I thought it was caused by anopheles mosquitoes, talking pictures and flapper girls.

    Later in the article, Mahoney refers to Britain going off gold in 1931, leaving the (then) hard-currency U.S. to take all the global deflationary pressure. So he’s not ignorant of history. He just rewrites it to deceive others.

    By the way, anybody who thinks either U.S. political party is serious about monetizing gold is delusional. This absurd come-on is just their clumsy version of ‘I love you long time’ (or until tomorrow morning, whichever comes first).


    BR: That is inelegantly phrased — but read the Pulitizer prize winning historical work “Lords of Finance” and you will learn how much the Gold Standard had to do with not only the Great Depression but WW2 as well . . .

  6. Joe Friday says:

    PIMCO predicts top in Treasurys (perhaps 3rd time is the charm)

    I suppose eventually one of these days Wrong-Way Bill will be right. Even a stopped clock is correct twice a day !

  7. PeterR says:

    MPS Chairman calls for a “Deeper European Union.”

    “The Italian No. 3 lender, heavily exposed to Italian sovereign debt, aims to borrow 3.4 billion euros by selling bonds to the state to help plug a capital shortfall.

    “If the bank, which has a market capitalisation of 2.8 billion euros, posts a loss this year it will have to give shares to the Italian Treasury. The bank releases its first-half results on Tuesday.”

    Is the release of MPS first-half results tomorrow a possible market mover? How inter-connected and vulnerable is the house of cards here?

    Has HAL (2001: A Space Odyssey) already seen the results, and will he act overnight in the Asian and European markets?

  8. constantnormal says:

    So, why isn’t the PowerShares Water Resources ETF (PHO) boiling over?

  9. RW says:

    Things That Shouldn’t Be Said In Modern Society To Be Said At Least 1,400 Times At RNC.

    Like many Onion articles these days, more truth than you are likely to get from corporate media.

    FWIW, and it’s anachronisms, racism, christianism and Manicheanism aside, the Republican Convention reminds me most (for reasons a right-wing authoritarian could never understand) of this.

  10. bear_in_mind says:

    The Bespoke chart on S&P500 Performance vs. Volume makes me think that both the PPT (Plunge Protection Team) and HFT have a lot to do with illustrated trends. PPT provides the perma-bid and HFT has the algos to sense minute market shifts and help the market grind upwards.

    Thing is, one has to wonder what these HFT programs will do when a situation arises that takes them outside of normal parameters. Yeah, there’s market circuit breakers and all that, but I have sneaking suspicion we’re going be visited by a very nasty market dislocation when these systems inevitably bite the hand that feeds them.

  11. knockmacool says:

    I like Inflation Trader’s article. Money velocity has been a real problem throughout.

  12. mathman says:
    Climate landmark as Arctic ice melts to record low

    The sea ice in the Arctic Ocean has melted to its smallest point ever in a milestone that may show that worst-case forecasts on climate change are coming true, US scientists said.

    The extent of ice observed on Sunday broke a record set in 2007 and will likely melt further with several weeks of summer still to come, according to data from the National Snow and Ice Data Center and the NASA space agency.

    The government-backed ice center, based at the University of Colorado at Boulder, said in a statement that the decline in summer Arctic sea ice “is considered a strong signal of long-term climate warming.”
    Scenes From An Extreme Summer: ‘We’ve Never Seen Anything Like This Before’

    The 12-month period from August 2011 to July 2012 was the hottest ever recorded for the U.S. So far this year, more than 27,000 high temperature records have been broken or tied — beating cold temperature records by 10 to 1. All the while, the U.S. has faced a barrage of record-breaking wildfires, powerful storms, and an historic drought that covers the majority of the country.
    Food shortages could turn us vegetarian by 2050

    The world’s population could become all but vegetarian by the year 2050 because of water shortages and a spiralling population, scientists have warned.

    At present, humans consume around 20 per cent of their protein from animal-based products. But research from some of the top water scientists in the world suggests this will have to drop to five per cent by the year 2050 to feed the extra 2 billion people who are expected to be alive.

    Animal protein-rich food uses five to ten times more water than a vegetarian diet. Scientists have also proposed eliminating waste and increasing trade between countries as other solutions to the possible crisis of water scarcity limiting food production.

    “There will not be enough water available on current croplands to produce food for the expected 9 billion population in 2050 if we follow current trends and changes towards diets common in western nations,” the report, called by Malik Falkenmark and colleagues at the Stockholm International Water Institute (SIWI) said.

    “There will be just enough water if the proportion of animal-based foods is limited to 5% of total calories and considerable regional water deficits can be met by a … reliable system of food trade, “ continues the reports, called ‘Feeding a thirsty world: Challenges and opportunities for a water and food secure world’.

    “Nine hundred million people already go hungry and 2 billion people are malnourished in spite of the fact that per capita food production continues to increase,” they said.

    “With 70% of all available water being in agriculture, growing more food to feed an additional 2 billion people by 2050 will place greater pressure on available water and land.

    “The UN predicts that we must increase food production by 70% by mid-century. This will place additional pressure on our already stressed water resources, at a time when we also need to allocate more water to satisfy global energy demand – which is expected to rise 60% over the coming 30 years – and to generate electricity for the 1.3 billion people currently without it,” said the report.

    and, in other “news”
    The National Security Agency’s Domestic Spying Program NYTimes com

  13. mathman says:

    To the moderators: don’t be so short-sighted as not to “connect the dots” that all of the information i’m sending for you and your readers’ knowledge is to illustrate how “it’s all connected” and we face dire consequences as a result of concentrating on wealth creation only (at the expense of the environment and large portions of the population in general).

    Here’s on a bit more “on topic” for you, though you may choose to censor that too.

    A Flashing Warning On The “Unintended Consequences” Of Ultra Easy Monetary Policy From… The Fed?!

    The case for ultra easy monetary policies has been well enough made to convince the central banks of most Advanced Economies to follow such polices. They have succeeded thus far in avoiding a collapse of both the global economy and the financial system that supports it. Nevertheless, it is argued in this stunningly accurate paper via none other than the Dallas Fed (and BIS economist William White), that the capacity of such policies to stimulate “strong, sustainable and balanced growth” in the global economy is limited. Moreover, ultra easy monetary policies have a wide variety of undesirable medium term effects – the unintended consequences. They create malinvestments in the real economy, threaten the health of financial institutions and the functioning of financial markets, constrain the “independent“ pursuit of price stability by central banks, encourage governments to refrain from confronting sovereign debt problems in a timely way, and redistribute income and wealth in a highly regressive fashion. While each medium term effect on its own might be questioned, considered all together they support strongly the proposition that aggressive monetary easing in economic downturns is not “a free lunch”.

  14. danimal says:

    RE: It’s official: Arctic sea ice levels have reached a record low (io9) see also Arctic sea ice extent breaks 2007 record low .

    Its only been tracked since 1979. Not a lot of data there.

  15. DrungoHazewood says:

    Mathman-you’re like a drug. I now first scan to see if you posted, and peruse your tidbits. Only then do I go back and read other posts, thinking yada, yada, yada the whole time. Keep it up, as paradoxically, I don’t think I could go on without you.

  16. DeDude says:


    Yes satellite tracking has only been done since 1979; however observations of ice coverage by other methods has a much longer history and those are all pointing to the same record low levels. There has never in recorded history been that kind of open water observed up North, or free open water allowing passage for ships between the Atlantic and Pacific Oceans. In addition further south and on land in the northern hemisphere, glaciers are melting and ice coverage retracting. Humans are about to experience things we have never seen since simpler times where you would just move your tent to higher grounds as needed (would someone please start packing up and moving I-95!).

  17. mathman says:

    Drungo: i’m sorry if i go allegedly “off topic”, but i just wish people would realize what we’re sacrificing for all this FICTION we keep insisting on by living the way we do. Your amusing comment made me laugh – thanks. i’m sure most people ignore my posts (since they generally aren’t about making money by ignoring everything else, like we have no affect on reality). i generally read everyone’s comments and follow their links because it’s educational, i learn something new and get a little perspective from “the other side” (though often i think they’re way off base, are missing the mark or just plain wrong).
    This is one great site BECAUSE the commenters are so intelligent and varied in their worldviews.

    Also – thank you moderators and i apologize for jumping all over you before you even had a chance to check the links for viruses, etc, as i’m sure that’s the delaying factor. Keep up the good work!