Lots of company and related data out in the last 12 hours...and the next 12 hours or so too! Strategically, however, a few words on the FOMC and the end of QE. My personal view remains that the chances of QE4 during 2015 remain quite reasonable but - at this moment in time - the focus is on the risk of tighter policy hence the rise in the US dollar overnight (109s versus the yen etc). I still remain short both the yen and euro (much reduced in the latter, recently increased in the former) against the US dollar.
I liked this chart ran in today's Financial Times too which sort of implies that the impact of QE in the US on the emerging markets becomes reduced over time. That feels correct...and again shows the importance of other policies such as supply side reform.
We are still deep in the midst of earnings season and in Europe this chart via GaveKal Capital caught my eye. Bottoming out? Certainly - and generally - European equities have a contrarian/value angle to them.
Got to keep an eye on this situation with regard to gold and the Swiss referendum vote:
Plenty of numbers out of Asia today including insights from the Chinese banking system and Samsung whose profitability was as bad as previously guided (and hence the shares went up...). I thought this chart was interesting regarding the company. Some clear specific volume pressures...
Staying in Korea, the North Korean economy is apparently just about to lift off...
...talking about lift offs, it appears Russia is the clear leader in space launches
Finally back to overall sentiment. I see the AAII bull-bear spread is - for the second week in a row - above 25%. Got to be careful out there...
ResultsWeek ending 10/29/2014 Data represents what direction members feel the stock market will be in the next 6 months.
|Note: Numbers may not add up to 100% because of rounding.|