Global Macro Perspectives
As reported yesterday, Japan’s machinery orders rose 10.5% vs. 4.1% consensus in September. Bloomberg story: Japan Machine Orders Rise More Than Expected; Recovery May Last. Off course it sparked optimism for the bulls. Today Japan’s October producer prices came out at -6.7% vs. 6% consensus. This was 10th month in a row with negative figure. […]
The S&P 500 hit the new high for the year yesterday, but it didn’t sparked interest from the mainstream media. The market looks as it is looking for clues in which direction to move. Its similar like in June/July, everything was pointing to move lower but all went in the other direction on “better than expected” earnings. Earnings season is months away and I’m feeling tempted to start a short position.