The DJIA record in context (Scott Grannis). Charts of the breakout. “So is it too late for investors to join the party?” (Josh Brown). Or is the problem survivorship bias? (Money Illusion). The bears make a great case and are grumpy as ever (John Hussman). But the bears are wrong on the economy in pieces like this and this.
To illustrate Druckenmiller’s point, consider the railroads; outstanding business’s at rich valuations.
Outside of Europe and Japan, PMI indexes are robust (Avondale). World trade boomed over the last decade:
An Infinite Amount of Money by John Mauldin.
China “Fully Prepared for Currency War” Says China’s Central Bank Deputy Governor by Mish.
Loews’s Tisch Seeks Hedge-Fund Zip to Sidestep Bond Ugly Contest at Bloomberg.
Did the gold stocks rocket out of a bear trap Wednesday morning? ISA doesn’t make predictions, but this guy does: Toby Connor. As you may know, Silver Wheaton is no longer a favorite (ugh). HUI Gold Bug Index – A New Line in the Sand (?) by TSI Trader.