Egg Noodle Investing
The profit takers moved in during the week, deciding as usual that a bird in their pants is more fun than one they can’t catch. This week the one that investor’s couldn’t catch was China.
It seems that the movers and shakers in the metals industry noted that China’s steel production seemed to be leveling off. Nobody actually knows for certain what China’s steel industry is doing, but it could be slowing.
Anytime something could be happening, investors, being the wise old pocket pool players that they are…sell. It seems that all of this steel stuff in China was reinterpreted in America as the world economy has stalled.
The reality is that China’s economy simply needs some breathing room so it can absorb its production. Tweedle Dee and Tweedle Dum, Fed Chairman Bernanke and Treasury Secretary Geithner respectively, didn’t help the markets when they offered little in response to the gathering news that China’s PMI, like Europe’s PMI, appeared to be declining.
Who knew purchasing managers had so much stroke?
Meanwhile on the political front, Mitt Romney was impressed with big lava lamps, an Etch-A-Sketch seems to be all that’s needed to get the economy back on it’s feet, Rick Santorum admits he isn’t a pretty sight, Vice-President Biden thinks he is a lubricated Irishman, Robert DeNiro tried his hand at comedy and flopped, and we learned that the First Lady apparently had a son out of wedlock that is named…Bo.