Greenspan actually has set up a Goldilocks scenario with rates under 2% and a change in the bias to neutral.
The problem today is that this morning's housing start report was stronger than expected, which the Nervous Nellie, flippy-floppy, fickle morons on WallStreet interpret as generating an interest rate hike sooner than later.
I'm unable to understand it. WS doesn't like low rates, it doesn't like high rates, it doesn't like low housing starts, it doesn't like high housing starts, it doesn't like a tightening bias, it doesn't like a neutral position, etc.
Then you've got Jonathon Joseph at SSB lowering INTC's earnings estimates with CPQ's perennial nemesis, Ashok Kumar, singing in concert with him, while simultaneously a report comes out saying that a chip recovery has been confirmed.
Geeeeeeeeeeesh!!! |
