Monthly Archives: November 2012

This morning we learn that US new capital goods orders fell 8.1% year over year for October. As shown below drops of this magnitude occurred in the early stages of the last two US recessions in 2002-03 and 2007-08. Source: … Continue reading →

The necessary process of knocking off zeros and admitting bad debts took another step toward admission today.  This is progress for Greece.  But the repricing of bank assets to reflect this reality on their balance sheet has further to go.  … Continue reading →

As we have been noting all year, Chinese stocks remain in the midst of a cyclical downturn, last night closing below the psychological 2,000 level at 1991, down 10% year to date–the lowest close since October 2008 and just 15% … Continue reading →