from King World News
A note from Morgan Stanley is in the piece below about a possible opportunity in the gold sector.
By Bill Fleckenstein President Of Fleckenstein Capital
August 9 (King World News) – The overnight financial asset party continued around the globe, with nearly all major stock and bond markets higher. Despite extremely disappointing productivity data (Q2 was reported at –0.5% versus expectations of +0.4%), our equity market followed the rest of the world higher, gaining 0.2% through midday. I don’t mean to suggest that I think the productivity data matters all that much, but it used to be something that bulls pointed to as a rationalization for doing what they were going to do anyway. Now it is just another piece of bad data to ignore…