When the bubble vision stock peddlers get desperate, they talk de-coupling. So by the end of today’s bloodbath you would have thought China was on another planet, and that ‘commodities’ were some trinket-like collectibles gathered by people who don’t wear long pants, drink coca cola or jabber on their cell phones.
On these fine shores, of course, its all awesome from sea to shinning sea. So don’t be troubled. Buy the dip.
Never mind that we are in month 74 of this so-called recovery and that after year upon year of promised escape velocity the reliable signs of said event are still few and far between. But the recovery narrative stays alive because there is always some stray factoids of seasonally maladjusted, yet-to-be-revised ‘incoming data’ that can excite the MSM headline writers and bubble vision talking heads.
Today the data on construction spending and housing took their turn in the awesome circle. Thank heavens that the headline writing software used by the financial press doesn’t yet read graphical data. Otherwise they might have reported that private residential construction soared in July – – well, all the way back to January 2002 levels!
This post was published at David Stockmans Contra Corner on September 1, 2015.
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