Well, let's chalk last week up as one of the worst in US history
and try to move on -- emphasis on "try." The
(INDEXNASDAQ:.IXIC) all finally joined the broader market
confirming that a correction is underway. Except, of course, in
Japan where the
(INDEXNIKKEI:NI225) is now up over 30% in anticipation of QE East
fixing 20 years of economic mismanagement quickly -- emphasis on
While the headline noise around stocks is all about earnings,
waiting in the wings are the flash PMI numbers, due out Monday
night and Tuesday morning. PMI stands for Purchasing Managers Index
and flash lets us know that it's an estimate (and subject to change
-- or in the vernacular, subject to be wrong). We care because it
is an early economic indicator of business ordering and pricing
collected from many different industries. We also care because when
economic growth is in question, we will ingest and digest any piece
of news that gives us even a whiff of insight about commerce. Let's
hope the flash PMIs out of the US, Europe, and China delight our
After the unfortunate yet necessary addition of terrorism to the
Wall last week, we remain at twenty-six worries as commodity and
deflation fears blindsided us and replaced waning concern about the
UK and Argentina. Lots of deck chair movement lately. Keep your
life vest on just in case.
Click on the image below for an interactive version of
this week's Wall of Worry
, or scroll down for the text-only version.
"It's a long way to Tipperary, it's a long way to go," and when you
get there, QE will likely still be going strong.
: What happened in March? Some say reality set in.
If we see a move back up to an 8 rate again in the US, we got
problems -- or should I say more problems.
Here's the market correction the sideliners have all been waiting
for. Any takers?
A severe market correction would certainly take the spring out of
the spring selling season.
They are translating the QE handbook into French, Spanish, Italian,
Portuguese, and German as you read this.
Maybe not the right stuff? "Uh, Hollande, we have a problem."
Fears of it spreading from commodities to just about everything
The European Commission targets Spain and Slovenia as the most
financially troubled nations in the EU. Rough when you are grouped
with a country no one really knew was a country, hey, Spain?
"I'm back! Back in the New York Groove."
Lloyd: Market correction, commodity plunge, volatility jump... What
more could you ask for?
HAL: Easy, 2008.
This sudden bout of monetary and fiscal responsibility is really
messing up the global asset inflation plan. Get on the same page
with us, man!
Re-elected the 87-year-old president who is demanding a coalition
government be formed to solve their problems... and a nap.
No pressure, China, but it's all up to you.
Bowles-Simpson II or Simpson-Bowles II...
"Any way the wind blows, doesn't really matter, to
Getting impatient with their no-growth economy. Only took twenty
Excluding one-time charges, stock option expense, investment
spending, impact of weather and currency, it still seems kinda
The European Central Bank needs some European Central Bonds.
We're waiting, unfortunately.
First impact: light delays in NYC. My experience tells me that they
made that one retroactive for the last 10 years.
Next time, just quietly put your gold for sale on a Web auction
site. Got it?
Dr. Copper and friends have left the building.
Just waiting and waiting and waiting for a Sunday night to almost
Welcome to the world stage! Flagging economic growth to the left,
financially strapped and in need of bailout funds to the right.
Please keep moving…
Well, it's looking more and more like a real hard asset with a real
Nothing really to say about this. It just is.
What Is Lloyd's Wall of Worry?
Welcome to my at-a-glance guide to the issues facing investors this
week -- a unique tool fortraders andmoney managers.
Typically the term "wall of worry" refers to the entire body of
concerns influencingstock market action. When the wall is high,
meaning the market is nervous, stocks tend to get cheaper.
This wall of worry is even more specific. Every week I list the
exact concerns in the marketplace and use the list to help me make
buying and selling decisions. As I like to say, "Buy fear, sell
In other words, once the the wall rises above 15 blocks, start
looking for deals. If the worry count sinks below 10, consider
selling; prices have likely peaked.
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