I had a problem with my Firefox today (I’m on 17.0.1) – when I loaded a page the Tab was titled “Connecting”, it didn’t put the name of the website in the tab. I tend to have multiple tabs open simultaneously, moving between them, so not having each tab labelled was confusing.
It seems there may be some conflict between “Tab Mix Plus” (is Tab Mix Plus the greatest Add-on, or what? – its functionality is the number 1 reason I use Firefox as my main browser) and the IE Tab 2 extension (also a great extension, BTW).
To fix the problem, go here:
and install an update for IE Tab 2. Restart Firefox … and … fixed!
There has been enormous Algo/HFT activity this morning in US equities – much more than normal. It has coincided with a strong run up in the market (all the indices are up big time so far).
Algos/HFT are demonised … but lets not forget that many, many ‘value’ investors give their buy orders to brokers who execute using algorithms & HFT. Some don’t, sure, but many do.
In addition to the Algo/HFT activity this morning has been a notable run in the NYSE TICK. It’s 10:54 Eastern and the TICK has just had its first negative print for the day.
Make no mistake, there has been solid investment buying this morning so far.
The FOMC October meeting has been and gone.
No-one was expecting anything policy-wise from this meeting following the huge launch of QE3. And so with low expectations there wasn’t any disappointment. So far so good.
What was of interest, though, was the few words about the economy, the most interesting to me (to summarize):
-noting that inflation had picked up somewhat,
-& that fixed investment “has slowed”.
No, this aint the end of the world … but it ain’t party time either.
For those having trouble sleeping, here is the link:
Jobs data isn’t strong.
Inflation data appears to be picking up (not conclusive yet, but the weight of evidence is starting to build).
Not a nice situation. I know the stagflationistas have been mouthing off for years, since 2008, and now after being wrong for so long they might finally be getting some data to support their views. Stopped clocks and all that.
More challenges for the Fed.
Along with the sell-off this week comes this from Barron’s.
While ‘The Magazine Cover’ indicator is not infallible (what is, except for the fantasies of perma bs?) this is certainly cause for circumspection.
PPI on Friday.
CPI follows on Tuesday.
There is increasing evidence (its not conclusive yet) that inflation measures are ticking up. Although the Fed has given guidance that its going to keep the pedal on the gas even if inflation gets above target level, I think this commitment will waver more quickly than their talk would have us believe. The risks to Fed credibility of standing aside while inflation sustains higher than target levels (and, just to be clear, we are not there yet) are just too great.
Hence, any signs that inflation is increasing at too hot a pace are going to be jumped at. Signs of tame inflation, thats cool – no panic (even more support for the stock market); but, at any signs of inflation heat, watch out … All IMHO, of course.
Not a huge amount of attention being given in the financial news/blogs to the constraints on West Coast gasoline supply that have pushed up prices dramatically. Will this drag on the Californian economy have more of a negative impact on the US economy as a whole than what’s going on in Greece?