Could it be the bubble is in the profits? That is, the fundamentals as it was with Apple’s fundamentals and revenue growth?
Tim Lee of pi Economics explains to John Authers, the FT’s senior investment columnist, how leverage – rather than improved productivity – is actually driving the record profits being reported by US companies.
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We noted last month gold’s head and shoulders formation, which, at 125o-ish was met with a massive short covering schnapper. Last week’s strong GDP and employment data seems to have changed the sentiment and moving up tapering and higher rates.
The gold chart is thus setting up once again to test the 1250 level and triggering the an H&S reversal with a break of the neckline. Stay tuned.
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A discussion about the global economy with Economist magazine editors: John Micklethwait, Zanny Minton Beddoes and Philip Coggan. – Charlie Rose
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Global Macro Monitor 