Growth vs. Sentiment: The latter is what matters ...
I found lots of good headlines in the Telegraph today. One seizes on the all-powerful monetary-accommodation-as-driver-of-stocks theme. The point: hold on because stocks will soar as central banks go wild.
I can't argue with that - I think it is still the primary driver of markets. Everything else is speed-bumps, mere check-points of investor sentiment until proven otherwise. But there is another headline in the Telegraph suggesting otherwise:
I want to turn bullish, but I can't see where growth is going to come from [http://r20.rs6.net/tn.jsp?e=001Z8kxgDTTtatBz-pSTl3rt0WWzObkZu5pHSH94raEmEz61-KSj4RmRtgiV5-VTQr0huHcnOe35FskQispPzK4m2sia5UCp2DfcON4FCviNcSHAm9GX2wLLTBShsKjwc3XNE0B02zkK4xkGUee0pZWMLyOs9m22t9bDpegTvgetr2q3NEiX4M5hymaZ1RbbIQglKOPjGwnwdrE7Dg6kQLKMXv80v6l2rjbiDS0mQdNRxjjpyolSK-llw8k1g-njAGzWZvco8mLSxJ-m9lTOWHEOw==]
I understand perfectly this rationale. I just have to disagree with this conclusion. In fact, I'd change the title to ...
Market Vitals | 2 January 2013 [http://blackswantrading.squarespace.com/storage/market-vitals/010213_mv_telegraph_headlines.pdf] ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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