from The Morgan Report
David Morgan‘s weekly perspective… CNBC warns China’s Central Bank just warned of a major collapse in asset values. This was done after a reserve requirement cut. Corporate debt is high and household debt is rising too quickly. They’re worried about a Minsky Moment. Watch what they do, not what they say. DOW just closed above 23,000 with IBM taking off. Stock market is way too high, how long can it continue. Probably through the end of the year. Energy markets 500k barrells at risk due to geo-political risk. It’s been a while since it affected the energy market. Venezuela’s production continues to tank. Shale market is marginal. They’re not making any money at it. Bond yields moving up again giving a boost to financial stocks. Emerging markets are doing quite well. Nothing seems to be slowing down the markets. Everyone is very very happy, regardless of the real economy’s situation. Mining industry costs continue to escalate. All in costs are rising.
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