Fuck I hate mowing the lawn.
With that out of the way, here's the news:
Reformed Borker (Bork Bork Bork!) - NASDAQ explodes, despite Apple. I guess technology is the thing to buy? Oh - also, NASDAQ is in a nice orderly channel targeting 3500.
Ritholtz - NASDAQ 100 A/D line at new highs. Quote:
To paraphrase Stephen Colbert, sometimes reality just has a bullish bias . . .
Blackstone - Asia is reaching a turning point. Some extended commentary from Byron Wien on China, but also the other Asian countries. Pessimistic on China and optimistic on Japan.
Michael Shaoul - China credit & monetary stats for June. Conclusion:
Overall this report is in line with our expectations, and keeps the risk of a credit crunch later in 2013 at a fairly high level. We remain concerned that market participants are paying much too little attention to this risk at the current time.Probably because we know China's leadership isn't going to destroy the country.
NY Times Dealbook - China's growth woes could force government response. Bill Bishop article. Long important quote that gets at the heart of the matter:
This column has argued several times that Beijing does have a plan and is serious about economic reform. Economists inside the Chinese government, and certainly Premier Li, understand very clearly what the challenges are.
In August 2012, Li Zuojun, deputy director of the Institute of Resources and Environmental Policy Research at the Development Research Center of the State Council, published an article detailing nine major challenges the Chinese economy faces. His article received a fair amount of notice.
During the interbank crisis in June, Li Zuojun became an Internet sensation, not for that 2012 article but for a talk he gave in 2011 that predicted an economic crisis in July or August 2013. In that talk, Mr. Li said that China was in the midst of a bubble that would pop by 2015 or 2016.
Mr. Li argued that the new leadership that would be in place by 2013 would have the choice of either taking on the bubble and letting it run, in which case they would be responsible, or popping it soon after they took power in 2013, in which case they could blame the previous administration.
In addition, the new leaders could reset the benchmarks to a lower base and, assuming they could manage through the social challenges of an economic dislocation, would be able to show strong growth through the remainder of their term.
Michael Shaoul - India car sales and industrial production. Also, India trade and CPI data. Looks horrible, quote:
June's trade data did at least show a sharp reduction in gold imports, with new tariffs slashing imports to $2.45 bln in June from $8.39 bln in May. Although it is possible that some of this activity has simply been replaced by smuggling, with a greater incentive for malfeasance having been created by the tighter policy, we believe that there has been a substantial drop in gold imports, which no doubt helped feed into the metal's weakness in late June.
Mining.com - in the nuclear industry, everything is terrible. Great article pointing out the bullshit hype of the your anium scene. Quote:
"The nuclear industry is in decline: The 427 operating reactors are 17 lower than the peak in in 2002, while, the total installed capacity peaked in 2010 at 375 GWe before declining to the current level, which was last seen a decade ago.
The authors round up some tough statistics. As of July 2013, 66 reactors are under construction but four of those plants have been under construction for over 10 years and nine under construction for over 20 year.
"In the absence of major new-build programs, the unit-weighted average age of the world nuclear reactor fleet continues to increase and in mid-2013 stands at 28 years. Over 190 units (45 percent of total) have operated for 30 years of which 44 have run for 40 years or more.
"The average construction time of the 34 units that started up in the world between 2003 and July 2013 was 9.4 years.
"Cost estimates have increased in the past decade from $1,000 to $7,000 per kW installed."
Krugman - libertarian delusions of populism. Short translation: the Rethuglicunts want to maximize the white trailer trash vote, by convincing morons to vote for a party who will take away all their welfare. Because something something freedum. Sounds good.