The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Monday, May 11, 2015
The trend is no longer your friend
There Have Been Some Big, Mysterious Moves in Markets Lately
It has been a busy period in markets across the globe, with trends (and trades) breaking down everywhere.
Euro-area sovereign debt has been selling off, causing yields to rise.
Asian stocks, which have been in a bull market for years, have been feeling the pressure, with the Shanghai Composite Index closing lower in the last couple of sessions.
Meanwhile, oil has been rallying, with WTI crude moving above $62 on Wednesday morning.
Copper, long considered a bellwether for the global economy, has been surging higherrecently.
There doesn't seem to be any single driver that would explain all of these moves, though plenty of analysts are pointing to the unwinding of consensus positions such as trades built around the expectation of continued deflation and quantitative easing in Europe. Others have highlighted more technical factors and illiquid markets that have amplified the moves.
Whatever the reason, the recent seismic activity in these markets has, no doubt, been painful for some big investors.