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Global Leadership Crisis: Dave's Daily



The further down the road we go without confronting problems head on, the more difficult things become. Globally, there is a lack of political will, honesty and leadership. It's the Achilles Heel of the election cycle where politicians and central bankers are too afraid of making serious decisions fearing they'd lose their jobs. We go along with band-aids, useless stimulus, money printing and hope. It's BS and smoke and mirrors policies. If your life was on the line you'd do what you could to save it, wouldn't you? But in our global political world, being honest with people doesn't pay with votes--they mislead you with weak policies and Kool Aid spin.

"Trust us" is their mantra. 

Trust us? Not a chance. Their credibility is shot.

It's no wonder investors are fleeing markets. Over $200 billion in equity mutual funds have left the markets since 2010. As I update our Top Ten ETF lists by sector, I see assets under management (AUM) declining 25-45% just in the last four months.

The great October stock rally was a "eurozone is fixed" mirage.

Thursday markets received mixed economic news in the U.S. as Jobless Claims fell somewhat (higher previous revisions again and people dropping off the rolls like flies accounts for some of this) and a poor Philly Fed Survey (3.6 vs 9 expected and previous 8.7). Housing Starts were unchanged, and frankly we don't need more home construction.

The eurozone and U.S. congress remain at the epicenter of current troubles. France wants the ECB to be the lender of last resort in the euro zone while Germany doesn't. Spanish bond yields climbed to euro area record at 6.80%. Meanwhile the congressional deficit committee remains at a stalemate over just coming up with a pittance in deficit cuts. The process is laughable as are the "talking points" participants.

Stocks hit the skids as HFTs were in full gear. And, you probably could care less that its options expiration Friday but this enhanced the sell-off Thursday. Hardly any asset was safe from selling including commodities where crude oil dropped 3.67%, gold fell 3%, silver 7%, copper 3.5% and so forth. The dollar was flat if only due to repatriation to Europe but U.S. bonds were quite strong.

You could pick a few downside leaders but financials (XLF), materials (XLB) and tech (XLK) will do just to get you started.

Volume was the heaviest on the week so far and breadth per the WSJ was quite negative with some sectors at another 10/90 day.

 You can follow our pithy comments on twitter and join the conversation with me on facebook.

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