Seoul, the capital of the Republic of Korea, is now one of the 'happening' cities of Asia. Psy's 'Gangnam style' (the pop music video that has gone viral online with more than 6 billion hits)
that somewhat randomly celebrates the posh modern district of Gangnam
is only one of various ways in which the city is supposed to reflect the
new cool. There is growing recognition that this city is both vibrant
and livable, with its vertiginous high-rise buildings coexisting with
clean streets, fine new museums and spots that combine the natural
beauty of its forested hills with carefully preserved (or reconstructed) palaces of the Joseon dynasty.
Econintersect: Click Read more >> below graphic to see today's list.
The top of today's reading list is
about Daniel Tarullo, a Fed governor never mentioned as a replacement
for Ben Bernanke ........ and the last article is about further
discussion of misrepresentations about and by Reinhart and Rogoff.
The FOMC minutes was a dull reading and
not saying very much but the markets reacted in a full blown buy for
several minutes, but by 2:15 it was all downhill. But wait, it gets even
better. In just 5 minutes the markets were back exactly where they were
BEFORE the minutes release. Can you spell HFT algo computers at work?
There will be a stink over this and then after a day or so everyone will
forget about it as usual.
By 4 pm the markets had sunk to another miserable low taking with it all the sheeples that bought in. Unbelievable!
The Federal Open Market Committee (FOMC) - the board of directors of
the Federal Reserve - meeting concluded today and issued their meeting
statement believing the economy went from moderate to modest expansion
(good better or bad better or ??), and only word engineering their
previous statement (see table comparing the previous meeting statement
What rumor was started at 10:26? The
averages jumped 0.30% in a matter of minutes where the DOW was up 0.70%
at one point and the other indices followed suit. The DOW set a new
record high along with the SP500, but then started melting downward
totally confusing anyone trying to make sense of this mess.
By 1 pm it appears the averages are going
to melt below yesterday's closing numbers before the session ends.
Volume has fallen off to abysmal levels.
40-year war that has claimed thousands of lives but been largely
ignored outside of India. It has been raging in the jungles of central
and eastern India. It is one of the world's largest armed conflicts with
Premarkets were up until the morning
financials started coming in. ADP employment was up, but the GPD second
quarter was down and that brought the SP500 futures down -0,01% and
sending the USD sky rocketing upwards.
But you needed not to panic as the
futures made an abrupt 180 and were back up where they were up +0.50% by
9 am. However the USD didn't fall back (bearish) and investors are now
worried what the Feds will say at the FOMC meeting today.
At the opening bell the averages were in
the green and melting upwards with the large caps in the +0.30% and the
small caps in the +0.50%. Volume remains low so watch your large block
trades if you are brave enough to dip your toes into this market.
The Nonfinancial leverage subindex of the National Financial Conditions Index increased slightly (less good) this week but still remains well inside of economic expansion territory. Econintersect focuses on non-financial tools to monitor the economy.
This index remains on a
"less good" trend line, and is believed to be a good forward indicator a
recession is coming. A value above zero is a recession warning.
The 21st century industrial revolution has already begun. All because of an incredible invention that is made in America.
Business Insider calls it "the next
trillion dollar industry." The Economist compares its impact to the
steam engine and the printing press. And technology experts -- like the
guys who brought you the BMW 3-series, the F-35 fighter jet, and
Amazon.com -- think it could be "bigger than the internet."
A new investment video reveals the
impossible (but real) technology that could make you impossibly rich.
Watch it now, before the skeptics on Wall Street wise up and start
looking for their piece of the action.
Surgical imaging has long been a
challenge for surgeons. Until about four years ago, patients undergoing
surgery needed to be scanned post-procedure to ensure that the surgery
was successful. However, intraoperative computed tomography (iCT)
procedures now provide surgeons with a way to ensure successful
surgeries before the patient has even left the operating room.
QE - Why $85 Billion per Month? Why Not $170 or $42 -1/2 Billion?
by Paul Kasriel, The Econtrarian
Author's warning: If
you should choose to read this commentary, I recommend that you have
ready a pot of coffee or your chosen type of cognitive stimulant. The
commentary is lengthy and geeky.
Am I the only one who wondered how the
Federal Reserve arrived at a figure of $85 billion as the amount of
longer-maturity securities it planned to purchase per month in its third
round of quantitative easing (QE)? Why not double that amount? Why not
half that amount? How will the Fed know when it is time to 'taper' its securities purchases? How will the Fed know by how much to taper? Inquiring minds want to know.
This week the Chart of the Week
video discusses the ratio of market capitalization (total market value
of all stocks). In this discussion we look at the apparent stock bubble
of the past 20 years and the apparent trend toward reversion to the mean
for the last century of stock prices.
BMW has announced an electric car coming to market. based on
modification of their 3 series design. The i3 is a 5-door hatchback
design, has a base price of $42,000 and will be available for delivery
in November in Europe and 2Q 2014 in the U.S. Based on the name it might
seem that the i3 might be a modification of the BMW 3 series design,
but the connection is not obvious in information released.
Investing.com Technical Analysis (as of Tue, 30 July 2013 05:00pm EDT)
by Investing.com Staff, Investing.com
Below, technical overviews and analysis for key stock indices, commodities and currency
pairs, based on market activity at the end of the 20 July 2013 U.S.
session. This information is a comprehensive summary derived from simple
and exponential moving averages along with key technical indicators
shown for specific time intervals.
Most Everything You've Heard about China's Currency is Dead Wrong (and that Means Money for Us) - Money Morning Article of the Week
by Robert Hsu, Money Morning
Nearly everything you've heard about
China's currency, the yuan, is dead wrong. It's not undervalued and it's
not undercutting the U.S. dollar as the financial press and politicians
like to point out. I'll show you why.
You likely heard that China recently
reported it had grown just 7.5 percent in the second quarter of 2013,
the lowest level in over three years.
What you likely don't know is, more than
half of that growth came from wasteful infrastructure and property
investments, such as the new largest building in the world.
has proven a deadly week for the European rail network. In the wake of
last Tuesday's tragic derailment near Santiago de Compostela in Spain
which claimed 79 lives, two regional trains collided at
Granges-pres-Marnand in Switzerland yesterday. The driver was killed and
24 passengers were injured.
Afghan Arrest Over Fatal Fatwa
Afghan police say they have arrested a village mullah after a woman was
publicly executed in accordance to a fatwa issued by the religious
authority in northwestern Badghis Province.
Afghan Women's Radio Closed
The owner of an Afghan radio network dedicated solely to women says one
of its regional stations has been shut down after he refused to pay
bribes to officials.
U.S. Afghan-Justice Award 'Deficient'
Federal inspectors say a U.S. government award to an organization that
promotes the rule of law in Afghanistan does not appear to contain basic
oversight provisions from the State Department.