Tuesday, April 20, 2010
** Shift F9 **
On day two back in the saddle, Macro Man already feels like he's become macro man. Allow him to explain.
Consider the day's major talking points:
* Despite (or perhaps because of) concerns over the Goldman case, Magic Monday struck again, buoying stocks into a green close and running its recent record to a Cy Young Award calibre 29-4.
* Despite all the kerfuffle about rescue plans for Greece, Hellenic Republic debt is plumbing new depths this morning, with 5 year yields trading above 7.5%. The government must feel as if they are bearing the combined punishments of Prometheus, Sisyphus, and Tantalus on a daily basis.
* Despite all the "insider knowledge" of a forthcoming RMB adjustment, nothing has happened and suggestions of an agreement have been denied.
* Despite a consensus forecast of moderating inflation, UK CPI surprised to the upside....again. In line with the whispered leak.....again.
Plus ca change, plus c'est la meme chose. Those bullets could seemingly have been written on virtually any day over the past few months. It's almost enough to encourage Macro Man to write a macro to auto-generate a post on days like this.....hence the name change, geddit?!?!?!?!
So sorry to mail this one in, but you've gotta admit, the same themes have been dominating market consciousness for a long time now, with little in the way of successful resolution. So robo-blogger is set up and ready. When you see the telltale "shift F9" sign, you'll know that Macro Man has been replaced by macro man....