Wednesday, November 5, 2014

DON'T ALTER YOUR BREATHING

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

Well, it's the morning after the day American voters scurried to the polls.

Most of the votes are counted and whatever message voters had to send has been sent. Some of the areas expected to gather more attention are energy, corporate taxes, immigration and trade. One area of energy that won't make the greenies happy is the long-stalled Keystone XL pipeline.

The long tax reach of that big Washington octopus has for some time grated against many corporations that do overseas business is another that won't sit well with the tax and spend crowd.

But don't get flustered. There's another election just over the horizon. The spending on that one should surely give the economy a boost.

Over in Europe the Brussels bureaucrats sent some shivers toward Magic Mario Draghi and his ECB banking crew.

Cutting its economic outlook for The EU, the European Commission tighten the garrote on Drahi and crew to do something, calling the EU economy "particularly weak" especially when compared to other developed countries. 

Citing the danger that the slowdown could become self-feeding, they downgraded the growth prospects for the two largest economies, Germany and France, for 2015. To so-called economic seers, the only book that matters in the Book of Revisions.

Here are the results: They cut Germany's expected GDP growth from last May's number, 2 percent, to 1.1 and France's from 1.5 to 0.7percent. And as if that isn't dire enough, particularly given France's noted intransigence against fiscal probity,The Financial Times quoted Pierre Moscovici, Brussels' new economic minister:

"Fiscal consolidation is a  necessity. But the question which is in front of us is how to recreate in the European project."

That's a question he might want to ask the Marine Le Pen followers in France and British Prime Minister David Cameron and the Ukipers in England among others.

It was a pathetic concept based on a flimsy premise that after the initial novelty wore off kept getting flimsier. The idea was conceived more in the bowels of academic idealism than in those of reality.

Hope is what it is. But when two of your largest economies, France and Italy, are historic freeloaders, expecting them to suddenly kick the habit over some hasty drawn, bureaucrat-laden-convoluted rules is beyond silly. It's pitiful. 

The whole thing had the smell of a room full of measles syndrome. Those weaker, undisciplined sibling peripherals, if we just let them hang out with us for a while, they'll catch the drift.

Well, don't alter your breathing over it any time soon.

Tuesday, November 4, 2014

THANK GOD AND GRIDLOCK

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

It's mid-term election day in America.

Who knows how that will turn out. The political pundits and their PAC masters have been out for months with their silly predictions and prognostications. It's an industry.

The Republicans could recapture Congress. If they do look for defense spending to rise with the exceptions of Boeing and General Electric, both wards of the Bank of International Settlement, itself a possible target for extinction if Republicans win the battle for Congress.

One of the winners in the sector, say the  pundits, Lockheed Martin (LMF), already up nearly 40% from the beginning of the year and now toying with a new 52 week high. Republicans will most likely seek to revamp the tax systems and force a clean-up of the corrupt IRS.

The end result will be a less corrupt IRS. It's all about degrees. Look for more hawks at the Federal Reserve when appointment approval time comes. 

Toss in perhaps fewer leftist judges and more blustering about the deficit. About the only thing that will really change are a few committee name plates.

If the Democrats carry the day and Congress it will simply be more of the same that has according to some polls turned many voters sullen. As the today's WSJ notes:

Odds are good that the U.S. midterm elections will mark the fourth time in less than a decade that voters oust a party from control of Congress or the White House, a remarkable period of instability that has left neither party with a firm grip on power.

The most telling and important  part of that paragraph is the "instability that has left neither party with a firm grip on power,." A cynic--if there are any left that MSM hasn't tried to silence--might wipe his brow and issue a sigh of relief.


God help the American people, if there's anyone left who believes in him or her these days, if that happens anytime soon.

In the future when the fall of the American Republic is long in the rear view mirror, historians will sing the praises of the Great Gridlock Period of American history when few if any realized just how good they had it.


Sunday, November 2, 2014

THE ROBOTS COMETH

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

In a recent post, "It Should Be Interesting," we wrote:

Lowe's the big NYSE-traded Home Depot competitor in the do-it-yourself home fix-it business is set to introduce robotic shopping assistants next month in California, according to the Wall Street Journal

The first such robots in America, they bring to mind the old yin-yang principle in the increasing decline of employment importance of the human worker. Judge for yourself from the now nearly ubiquity of robot-guided menus one gets when calling companies these days.


The weekend edition of the Financial Times posted a piece by Robert Shrimsley, "The day will come when we create the machines that replace us," that's worth a look.

Quoting Kurt Vonnegut's 1952 novel, Player Piano,"The machines are what the white men were to the Indians." 

Vonnegut's novel is about a coming time when automation replaces all jobs except those at the lowest and the highest levels and people begin to realize that "machines are changing the world, more and more of their old values don't apply."

"Does this sound familiar? Shrimsley asks. " People have long accepted the human costs of technological advances in the name of progress.  Or perhaps it was because the victims were always someone else--factory workers or  peasant farmers. Now, suddenly, here are few professionals not looking at their Nespresso machines and wondering if its descendants will one day be doing their jobs."

Last month, Shrimsley continues, I attended a talk by one of the pioneers of artificial intelligence--a brilliant and decent man. but as the spoke it became clear that success means disproving any theory of human exceptionalism, showing us to be nothing more than learning machines awaiting obsolescence.

Of course, Technology creates as well as destroys jobs--but the speed and scale of the advance  suggests we  have made the classic error of being born in a period of upheaval. I blame the parents. they spawned a generation of Cherokee just as John Wayne was coming over the hill. Except that today's cavalry is a bunch of hoodied twentysomethings with an intellectual self-confidence to match the fervor of the early settlers and millionaire backers to boot.

This, as Shrimsley admits, might just be the hue and cry of a middle-age guy lamenting change that every new generation hears. But then again it just might be something else.

Maybe the in the end the climate change zealots will get their wish. The human population will dry up except for just enough to keep the robots coming.

Forget the Iceman and the Russians. The robots are coming.



VOLUNTARY OR INVOLUNTARY?


Minneapolis Federal Reserve Bank President Narayana Kocherlakota on the eve of Halloween unleashed a mouthful most likely without realizing it.

The only one of 10 Fed officials to vote against ending QE, Kocherlakota said, talking about inflation: "We just cannot take the credibility of our targets for granted."

If you think that through it's a pretty scary thought. Excuse us but isn't that what the Fed with their so-called  transparency and choice of language, has been trying to get us to do, not only get but better understand their message.

It's called forward guidance. The real truth is the entire Fed has been based on taking the "credibility" of their targets for granted as in trust us we know what the hell we're doing.

Kocherlakota in calling for what is essentially more, longer QE, makes an interesting point. But let's assume he's correct and we can't take these targets for granted. What if the inflation target of two percent is low? In other words, as some believe, the Fed eventually loses control of inflation and it exceeds the two percent target?

It's an hypothesis of course. But with all the deflation worries and hand-wringing, it's an hypothesis with the least evidence to support it. And that's just one of the reasons we like it. The deflationary sky is descending all around us. How could the Fed lose control?

In mid-October Barron's interviewed the three money managers who replaced Bill Gross at Pimco. To be fair, they didn't just replace Gross; they were already there managing funds and they didn't just suddenly fall in to the bond trading world. Not an endorsement, just a fact.

Here's a couple of interesting quotes from that interview. Make of them what you will. The salient point, at least for us, is this was before the BOJ thrust it foot full force on the monetary gas pedal.

 We use TIPS as an insurance policy, or a tail-risk hedge. Given the large monetary policy experiment that the Fed is undertaking, there’s a risk that the Fed loses control of inflation.
 We own TIPS in place of normal Treasuries. The portfolio is supposed to own a certain amount of 30-year Treasuries, and we own more of that in 30-year TIPS. About 7%-8% of the fund is in longer-term TIPS [10 years or more in maturity]. We don’t think inflation is an imminent threat, but as soon as we begin to get more tightness in the labor market and more wage inflation, then inflation expectations begin to run [higher] in advance of that. We think the Fed may eventually let the inflation rate go over its target.
Is the term "let" as used here voluntary or involuntary? 














Saturday, November 1, 2014

STAY TUNED


Question: In five weeks what dropped by almost 10% and rallied by almost 11%?

If you answered the S&P 500, you'll get an A+ on one of those silly MSM man-on-the-street interviews the media loves. In fact, you'll probably know more about the market than the person posing the question.

In our recent "Upcoming Week" post we raised the issue of the BOJ's timing, the Fed closes one door and the BOJ opens another, about collusion. Collusion is just another name for market manipulation.

We said a cynic might voice some skepticism particularly since both BOJ and Federal Reserve bankers got want they wanted out of this market-surprising ploy that wrong-footed just about anyone and everyone.

According to what we've seen, the BOJ governors voted by a slim 5-4 margin for the move. What's happening here is another beggar-thy-neighbor move: Japan exports more products to hopefully boost its pathetic economy and the U.S. dollar becomes the currency bully in a global pool of currencies primed for getting sand kicked in their faces.

It's a short-term win-win since the nervous Nelly Fed buys more jockeying time and the Fed gets more room to figure out where it stands on the deflation-inflation barometer. Hollywood scripts should be written so cleverly.

Next up the ECB. For a variety of reasons, most just bureaucratic excuses for we don't have a clue, the ECB has tried to get around large asset purchases. ECB President Mario Draghi's Do-Whatever-It-Takes leash just got a lot shorter.

So the drama continues and the market's reaction next week should entertain if nothing else.





UPCOMING WEEK


Well, it's been quite a week ending with the BOJ pulling out all the pump priming economic stops that sent markets soaring.

Once upon a time there was a big Wall Street brokerage firm called EF Hutton famous for its television commercial, "When EF Hutton speaks people listen." 

Today, it's when central bankers talk more QE, investors buy.

A cynic might want to question the timing of the BOJ's move. The Fed closes one door, the BOJ opens another. 

A cynic might smell the waft of central banker collusion or manipulation. But then cynics are always so negative and the last to know these bureaucrats have everyone's best interest in mind.

Cynics after all are just a bunch of old party poopers who've lost their ability to smile, keep their mouths shut and enjoy the parade. 

Yes, it been quite a week. And here's what's coming next week.

Monday, November 3

US Economics (Time Zone: EST)
 
09:45 Markit US Manufacturing PMI (Oct final) - expected 56.2, initial 56.2
10:00 ISM Manufacturing (Oct) - exp 56.2, prior 56.6
10:00 ISM Prices Paid - exp 57.3, prior 59.5
10:00 Construction Spending MoM (Sep) - exp 0.7%, prior -0.8%
5:00 Domestic Vehicle Sales - exp 13.15M, prior 12.89M
5:00 Total Vehicle Sales - exp 16.45M, prior 16.34M
11:30 Treasury to sell $24b 3-month bills and $30b 6-month bills
 
Fedspeak
 
9:30am Evans (dove, nonvoter) speaks in Chicago
12:40pm Fisher (hawk, voter) speaks in NY
 
Global Economics (Time Zone: GMT)

CNY Non-Manufacturing PMI
00:45 CNY HSBC China Manufacturing PMI (Oct final)
08:00 EUR Eurozone Manufacturing PMI (Oct final)
08:30 GBP Manufacturing PMI
13:30 CAD Manufacturing PMI
 
Earnings
 
Before:
Sysco (SYY)
 
After:
AIG (AIG)
Marathon Oil (MRO)
Herbalife (HLF)
Sprint (S)

Tuesday, November 4

US Economics (Time Zone: EST)
 
08:30 Trade Balance (Sep) - expected -$40B, prior -$40.1B
10:00 Factory Orders (Sep) - exp -0.5%, prior -10.1%
11:30 Treasury to sell 4-week bills

Global Economics (Time Zone: GMT)

AUD Trade Balance
AUD Retail Sales
02:30 AUD RBA Rate Decision
09:00 EUR Eurozone PPI

Earnings

Before:
Archer-Danields Midland (ADM)
Emerson Electric (EMR)
International Paper (IP)
Goodrich Petroleum (GDP)
Regeneron Pharma (REGN)
AK Steel (AKS)
Monster Worldwide (MWW)
Valero Energy (VLO)
Intercontinental Exchange (ICE)
Burger King Worldwide (BKW)
Discovery Communications (DISCA)
 
After:
Twenty-First Century Fox (FOX)
EOG Resources (EOG)
Activision Blizzard (ATVI)
Pioneer Natural Resources (PXD)
Devon Energy (DVN)
Cimarex Energy (XEC)
TripAdvisor (TRIP)
FireEye (FEYE)
Liberty Media (LMCA)
 
Office Depot (ODP)
Santander Consumer USA Holdings (SC)

Wednesday, November 5

US Economics (Time Zone: EST)

07:00 MBA Mortgage Apps
08:15 ADP Private Payrolls (Oct) - expected 220K, prior 213K
10:00 ISM Non-manufacturing Composite (Oct) - exp 58.0, prior 58.6
 
Fedspeak
 
9:15am Kocherlakota (dove, voter) speaks in Minnesota
9:30am Lacker (hawk, nonvoter) speaks in Washington
10:00am Rosengren (moderate, nonvoter) speaks in Peru
6:45pm Former chair Bernanke speaks in Denver

Global Economics (Time Zone: GMT)
 
JPY BoJ's Kuroda speaks in Tokyo
NZD Employment Change
00:45 CNY HSBC China Services PMI
07:15 CHF CPI
08:00 EUR Eurozone Services PMI (Oct final)
08:30 GBP UK Services PMI
09:00 EUR Eurozone Retail Sales (Sep)

Earnings

Before:
Time Warner (TWX)
Actavis (ACT)
Chesapeake Energy (CHK)
ARIAD Pharma (ARIA)
NuSkin Enterprises (NUS)
Duke Energy (DUKW)
 
After:
Qualcomm (QCOM)
Symantec (SYMC)
CBS (CBS)
Whole Foods Market (WFM)
Prudential Financial (PRU)
Annaly Capital (NLY)
Gulfport Energy (GPOR)
Continental Resources (CLR)
CF Industries (CF)
Tesla Motors (TSLA)
Solarcity (SCTY)
 
Level 3 Communications (LVLT)
Zillow (Z)
News Corp (NWSA)
Stratasys (SSYS)

Thursday, November 6

US Economics (Time Zone: EST)

07:30 Challenger Job Cuts
08:30 Initial Jobless Claims, expected 294k, prior 287k
08:30 Continuing Claims - exp 2440K, prior 2429k
08:30 Nonfarm Productivity (3Q prelim) - exp 1.5%, prior 2.3%
08:30 Unit Labor Costs - exp 0.7%, prior -0.1%
 
Fedspeak
 
10:40am Evans (dove, nonvoter) speaks in Chicago
7:05pm Mester (hawk, voter) speaks in New York
 
Global Economics (Time Zone: GMT)

00:30 AUD Employment Change
00:35 JPY Services PMI
04:00 JPY Leading Index
06:00 EUR German Factory Orders
07:30 EUR Eurozone Retail PMI
08:30 GBP Industrial & Manufacturing Production
11:00 GBP BoE Rate Decision
11:45 ECB Rate Decision
12:30 ECB Draghi Press Conference
14:00 GBP NIESR GDP Estimate
14:00 CAD Ivey PMI

Earnings

Before:
Kate Spade (KATE)
Wendy's (WEN)
Walter Investment Management (WAC)
Advance Auto Parts (AAP)
Nationstar Mortgage Holdings (NSM)
 
After:
Apache (APA)
Walt Disney (DIS)
NVIDIA (NVDA)
Skyworks (SWKS)
Monster Beverage (MNST)
Kodiak Oil & Gas (KOG)
Lions Gate (LGF)
Medivation (MDVN)
Gastar Exploration (GST)
First Solar (FSLR)
Zynga (ZNGA)
 
DirecTV (DTV)
AOL (AOL)

Friday, November 7

US Economics (Time Zone: EST)

08:30 Nonfarm Payrolls (Oct) - expected 234K, prior 248K
08:30 Private Payrolls - exp 225K, prior 236K
08:30 Manufacturing Payrolls - exp 10K, prior 4K
08:30 Unemployment Rate - exp 5.9%, prior 5.9%
08:30 Average Hourly Earnings YoY - exp 2.1%, prior 2.0%
08:30 Average Weekly Hourly Earnings - exp 34.6, prior 34.6
3:00 Consumer Credit - exp $17B, prior $13.525B
 
Fedspeak
 
9:15am Evans (dove, nonvoter) speaks in Chicago

Global Economics (Time Zone: GMT)

JPY Japanese Investors Purchases of Foreign Bonds/Stocks
05:45 CHF Unemployment Rate
06:00 EUR German Industrial Production
06:00 EUR German Trade Balance
08:30 GBP Trade Balance
12:30 CAD Employment Change

Earnings

Humana (HUM)


Twitter: @MichaelSedacca

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