Cant post links unfortunately (email) but will post snippets here for comment.
I'm sure some others here will have received this as well so they may like to add bits as they choose.
I've never been one for the DR, but it does seem to be a bit of a turn a round for Dan.
I'm sure some others here will have received this as well so they may like to add bits as they choose.
A Bear Defection
[FONT=Verdana, Arial, Helvetica, sans-serif]The Daily Reckoning Australia
Waterford, Ireland - Melbourne, Australia [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif] Friday, 17 July 2009 [/FONT]
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From Dan Denning at the Old Hat Factory:
--Good news everyone! The end of the world has been postponed indefinitely. You may now carry on as if another credit bubble is blowing (which it is, in China).
--It's a truly bullish way to wrap up the week. China has reported a 7.9% rise second in quarter GDP, driven mostly by a 15% surge in June consumption and a huge boom in bank lending and government stimulus. Aussie stocks felt the warm glow and rallied just below 4,000 on the ASX/200 yesterday. Aussie stocks are now up nearly 7% for the week.
--But the even better news from the bullish camp is that perma-bear Nouriel Roubini has defected! Yes, Roubini told a conference that the "free fall" in financial losses is over and the U.S. may exit its recession by the end of the year. This was enough sweet talk to send the Dow up nearly one percent.
I've never been one for the DR, but it does seem to be a bit of a turn a round for Dan.