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Buzz of the Street: S&P Still Overbought

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Some of this week's most insightful and timely vibes.

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All day and every day, some of the stock market's best and brightest traders and money managers share their ideas, insights and analysis in real-time on Minyanville's Buzz & Banter. Check out some of the best of the buzz and for those minyans not currently subscribed, click here for a free two-week trial.

Note: Some links may require Buzz subscriptions.

Monday, September 14 2009
China is Still Buying
By Ryan Krueger


With the focus on flying tires and grounding chickens in this back and forth contest between the U.S. and China making Jake Delhomme and Jay Cutler look poised in the pocket, I am looking at another potential interception instead.

I am watching the Chinese Investment Corporation looking to pick off yet another in a growing list of energy and other natural resource investments around the world. This one is just down the road from the political football fields of Congress, in Virginia – eyeing AES Corp (AES) which develops power plants around the world and operates utilities.

With plenty of reasons to question numbers coming out of China and the often pointed to electricity numbers – I'd once again suggest paying more attention to what they are doing more than what they are saying.

Tuesday, September 15 2009
Minyan Mailbag: Social Mood
By Kevin Depew


Professor Depew,

Several times I've seen Minyanville write that the Depression caused the Crash, not the other way around. This is a "theory" that flies in the face of the oft-quoted "tops are made on good news".

I know that to this day most economists disagree on "the cause". But I've never read that societal issues were the cause of the crash. In Milton Friedman's A Monetary History of the United States, he does not even directly "blame" the one causing the other, but rather banking events later on in the early thirties. Please support your argument with some definitive sources.

Thanks,
Minyan Mark

MM,

It's not that the depression caused the crash, it's that social mood shifts caused the depression and the crash. Social mood drives social action, not the other way around. Try socionomics.net for more (other than what I've written) about this theory. It's not widely accepted, admittedly, but I view that as a positive, not a negative, and frankly if more people agreed with it the more certainty I would have that it is wrong. Milton Friedman is a famous economist. I agree with some of the things he wrote. Some people may feel more comfortable agreeing with the famous economist than some guy writing for Minyanville. That's fine, too. No hard feelings either way. If we all agreed on everything we wouldn't have anything left to do.

-Kevin Depew

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