---
title: "Economic & Market Thoughts"
url: https://independentstockanalysis.com/economic-market-thoughts/
description: "Not mine, of course. I’m not here to tell you what to do. But first, I’d like to give a hearty welcome to the new members who joined yesterday and last…"
published: 2012-08-23
updated: 2012-08-23
---

# Economic & Market Thoughts

Published 2012-08-23

Posted on

by

J.J. Butler

Not mine, of course. I’m not here to tell you what to do.

But first, I’d like to give a **hearty welcome** to the new members who joined yesterday and last night.

As China manufacturing falls to 9-month low ([Globe and Mail](http://www.theglobeandmail.com/report-on-business/international-business/asian-pacific-business/china-manufacturing-falls-to-9-month-low/article4494636/)) and Europe Economy Weakens as Output Falls for Seventh Month ([Business Week](http://www.businessweek.com/news/2012-08-23/euro-area-services-manufacturing-contract-for-seventh-month)), we awoke to strong futures as Easing Not ‘Done Deal’ but Markets in Rally Mode ([CNBC](http://www.cnbc.com/id/48761366)). Summing it up is [Simon Dishman](http://www.twitlonger.com/show/j01aog).

“Germany will very shortly be subtracting from growth in the rest of Europe” at [Mauldin](http://www.mauldineconomics.com/outsidethebox/is-germany-entering-a-recession#print). Richard Russell is [grumpier](http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/8/21_Richard_Russell_-_The_Key_To_Stocks,_Gold_%26_Growing_Old.html) than usual.

I saw him getting teased, but Doug Kass is bearish ([The Street](http://www.thestreet.com/story/11671709/1/kass-topping-out.html)).

Yet the US auto and housing industries are strong. Housing inventory gets tighter ([Calculated Risk](http://www.calculatedriskblog.com/2012/08/existing-home-sales-in-july-447-million.html)), the builders rally ([IBD](http://license.icopyright.net/user/viewFreeUse.act?fuid=MTY1MjQwNTY=)) and Toll is particularly bullish ([Business Insider](http://www.businessinsider.com/toll-brothers-earnings-2012-8)).

Futures softened as I wrote this and don’t expect play by play commentary in the future.

Happy 9th anniversary to my dear wife!