In preparation for this post I typed “define: missed” into Google. Just wanted to be sure, you know.
So, two definitions of the word “miss” from my search are pertinent:
miss – fail to perceive or to catch with the senses or the mind; “I missed that remark”; “She missed his point”; “We lost part of what he said”
miss – feel or suffer from the lack of; “He misses his mother”
There are plenty of other definitions for “miss”, but I will use just these two.
An important event I missed was the S&P announcement about its negative outlook on US debt. The bears would have loved that. Even though most of the bears allocate a good portion of their time to disparaging the ratings agencies (such as S&P) for their failures over the lead-up to the GFC, all sins were forgiven with this announcement. You can almost still hear the echoes of the bears exalting “Finally the ratings agencies see things our way!” (Never mind the confirmation bias).
OK, so I missed that little kerfuffle. But let’s have a look at the market reaction (and forgive me a little hindsight, I have been away).
From Stockcharts, 3 months of daily bars, with the S&P announcement day pointed out by two arrows (added by me):
Whoops, wrong pic … 😉
Bad news for the equity market, right?
But … what has been the response? (That’s a rhetorical question, BTW).
What is the response telling us? (ditto).
There have been plenty of other events, economic releases etc. I use the A Dash of Insight blog to give me a sensible run-down on what it was happened while I was away. Find it here:
I also missed many posts on the blogs I follow. There are so many posts I wont be catching up on all of them, just moving forward from here. I will, however, be reading all of Tim Duy’s posts, and also all of Dynamic Hedge posts, all of Bronte Capital, Carl Futia, and a few others.
I didn’t miss any posts on the un-updated Enantiodromia blog. I have it on good authority that Motorway was seen at a very popular hotel (I even have information on his choice of beverage) instead of updating his blog 🙂 .