Market Musings and Data Deciphering

Posted by David Rosenberg - Gluskin Sheff

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Lunch with Dave

• While you were sleeping — the intense risk aversion of the past week is fading; we are 2½ years into the global credit crunch and investors are still salivating over bailout prospects

• Market commentary — in our view, the stresses in the private sector in the U.S., especially the mortgage market, are still in place; the good news is at least the balance sheet of large-cap businesses are in reasonably good shape

• The call for bonds — the share of the debt pie 10 years or longer in the U.S. is at a 30-year low …

• … yet, sentiment on bonds quite negative — JPM survey of fixed-income investors showed that 27% of the respondents are bearish on bonds

• U.S. small business sentiment still at low levels

• No hiring — the NFIB survey noted that job openings remain near all-time lows; the JOLTS survey also shows that there continues to be no hiring in the general economy

• Revisions to the U.S. Q4 real GDP already to the downside

• New truck index in reverse

…… lunch with Dave Full Article HERE

……lunch with Dave Lite HERE