Recovering From Surgery

Still recovering from surgery so sorry for the lack of updates over the last week or so. I haven’t been able to do any sustained research so mostly keeping up with the daily newspapers and reading some books.

Interesting to see the commodities market action. We constantly hear about the “wall of worry” that stock markets climb but it seems to me that the true wall of worry is being scaled by commodities. Every day, I hear some other yak claim that commodities may be in a bubble. Every week, Sue Keenan of Bloomberg talks about some survey of traders which expects lower oil prices for the following week and then, some interview with a person like Stephen Schork, who talks about how fundamentals don’t support elevated prices. And I don’t want to pick on Stephen Schork (who seems to be wrong an awful lot). Even people like Dennis Gartman (who I don’t think is a useless pundit) or Frank Barbera (who I actually respect) put out a lot sell calls on gold, only to see it go up. Now I don’t know, maybe Gartman and Barbera are telling their subscribers to buy back in right before the bounces, but my main point is that the wall of worry is in commodities. Very few people mention the insanity going on in the treasurys market.

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