by Andrew Hoffman, Miles Franklin:
Sure, my job is to be even keeled, even when confronted with the daily crime scene manipulated “markets” have become. However, even I have my limits; and watching today’s “trading,” it was hard not to feel nauseous. I mean, today alone, we saw the Greek “negotiations” collapse, with just eight days until “ground zero.” Not to mention, another all-time low for the Baltic Dry Index; implosion of the Ukrainian “cease-fire” before it even started; Wal-Mart reducing sales expectations, partly due to the “strong dollar”; a big “unexpected” drop in the Philly Fed Index – featuring the largest plunge in business expectations since the 2008 crisis; Caterpillar reporting its worst sales month since said crisis; EIA oil inventories exploding to a new 80-year high; Japan reporting its 31st straight trade deficit; and the horrific mining results to be featured in this article. Heck, even Goldman Sachs admitted its proprietary model is signaling a worldwide recession; and oh yeah, per what I discussed in yesterday’s podcast, the Federal Reserve did a 180 degree turn yesterday, when it’s January 27th “minutes” revealed an FOMC with not the slightest inclination to raise rates.
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