Markets, Economic Data, & The Ben Bernanke Book Ep. 73

Published: April 11, 2015, 4:21 p.m.

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\\n\\t* Markets continue to rally worldwide
\\n\\t* Record highs overseas - much more action in Asia
\\n\\t* Markets riding a sea of liquidity
\\n\\t* Gold had an interesting week, closing at 1207
\\n\\t* The dollar had one of its best weeks in months
\\n\\t* In terms of other currencies gold was at a 2-year high
\\n\\t* This means that the euphoria about the dollar is not universally shared
\\n\\t* Commodities in general were up - crude oil was up - holding above 50
\\n\\t* This is a good indication of a solid bottom on the price of gold
\\n\\t* Traders continuing to make bullish dollar bets in the face of bad economic data
\\n\\t* Traders are willing to throw out the first quarter - regardless the excuse
\\n\\t* The bounceback from Q1 2014 was due to reasons that will not be repeated
\\n\\t* Obamacare created a huge rush to sign up
\\n\\t* There was a big inventory build anticipating future sales
\\n\\t* Bets for a 2015 Q2-3 rebound are based on optimism for consumer spending
\\n\\t* February Revolving Credit tumbled by $3.7 billion
\\n\\t* Non-Revolving Credit surged $19.2 billion - mostly student loans
\\n\\t* Consumers are cash poor, yet Wall Street believes they will start buying when the temperature rises
\\n\\t* Government under-reporting student loan defaults due to forbearances
\\n\\t* Wednesday release of FOMC minutes encouraged the dollar speculators because there were discussions about higher interest rates in June
\\n\\t* Currency traders still haven\'t figured out the the Fed\'s comments are all theater
\\n\\t* They are playing the game based on FedSpeak until it falls apart
\\n\\t* A drastic turn in the FOREX markets will take a lot of people down with it
\\n\\t* February Wholesale Trade declined again after January reported biggest decline in 6 years
\\n\\t* This marks the first 3-month decline since 2008 financial crisis
\\n\\t* Inventories rose slightly because of decline in sales
\\n\\t* Inventory to Sales Ratio at 1.29 - highest since 2008 financial crisis
\\n\\t* 2014 GDP increase was due to rush to build inventory in anticipation of recovery
\\n\\t* Bottom line: economic data shows that a second-quarter bounce in the GDP is just wishful thinking
\\n\\t* Ben Bernanke\'s new book titled "The Courage to Act" belongs in the fiction section
\\n\\t* Let historians justify his role in history - it is far to early to claim success
\\n\\t* This is the same guy who was blind-sided by the 2008 financial crisis
\\n\\t* He claimed courageous decisions in the face of critics, while actually putting politics and the banks ahead of the country
\\n\\t* His book may be coming out on eve of next economic fire that he set
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