Authored by Mike Shedlock via MishTalk.com,
Keith Jurow, a real estate analyst and author of the Capital Preservation Real Estate Report, pinged me a few days ago with his analysis that suggests long-term mortgage delinquencies are seriously under-reported.
Hi Mish,
I thought you might be interested in the important clarification I just received from my contact at the NY State Dept. of Financial Services.
The staff of the European Central Bank has now released the new macro-economic projections for the Eurozone and whilst the introduction sounds optimistic about an ever-increasing GDP and a relatively stable GDP growth rate, reading between the lines suggests we could see an extended Quantitative Easing program.
U.S. stocks have risen more in the past eight years than in almost any other post-World War II time of economic growth, as defined by the National Bureau of Economic Research.
The logic here is that economic expansions fuel bull markets and so it’s reasonable to measure market recoveries after a period of macro contraction ends.
From the Slope of Hope: I will start off with a chart that, in a sea of tens of thousands of charts, stood out as shocking:
What the chart represents is the percentage drop from whatever the record high was. In other words, it shows the percentage loss a person would have had if they had bought at the highest point in the history of the market.
On Thursday, just as the S&P hit its latest all time high, the broad US equity index surpassed the 266% increase recorded during the 1949 to 1956 bull market from its March 2009 "generational lows", in the process becoming the 3rd strongest bull market - artificial and central bank-driven as it may be - in history.
It also prompted Citi to calculate the odds of an imminent market correction (one starting in the next 3 months) at 45%.