Scanning through the financial universe over the weekend and today I was struck by how many really bad things are going as stocks reach for new highs after the pump up around the 4th of July. All of the following are not indicative of a risk seeking bull market:
-Unemployment at 9.2%, really near 16%.
-A number of banking stocks worldwide halted during trading, crashing, then being halted again.
-Ban on short sellers gaining acceptance.
-Trillion dollar/euro central bank balance sheets that some day, some way (yeah right) will have to be sold back to the markets.
-Bond yields for countries you have actually heard about climbing north of 10, 20, 30%.
-Gold over $1500 an ounce.
-Open laughter about IPO's being a joke, but still getting funding.
-Low volume upside days and high volume sell offs.
-US 10 year yield under 3%.
-Banking stocks going to zero it seems.
There are more. What is good? Corporate profits are still coming in big as cheap funding and not hiring people has done wonders for bottom lines.
At any other point in history the mess things are in right now would be cause for grave concern. Right now it's sort of an interesting side note. Crazy times.
Have a good night.