Speaking about the correction, of course! Well, in percentage terms it didn’t even qualify as that, except perhaps in China. But even the Shanghai market is back in rollicking form.
I want to get on to the views of Philip Manduca this morning, but firstly a warm welcome to Maria Bartiromo, my colleague from the U.S. has been with us for the last couple of days. It has been a pleasure sharing the presenting responsibilities on "Squawk Box Europe."
What better way could there be to stress test the views of the economists, strategists and analysts than have questions fired at them from anchors with experience on both sides of the Atlantic? I hope you have been enjoying the shows.
So to Philip. Is this getting scary? Almost despite himself he is beginning to sound like a bull. Not natural territory for Mr. Manduca, and its shaking up viewers who used to depend on his consistency on the macro. One regular watcher has now taken to monitoring his tie choice, suspecting perhaps Philip’s conviction on equity trading higher -- red is bullish, blue is bearish. Well, a word of caution for those seeing a wholesale switch in his call.
Philip argues from the position of analyzing the market based on what it does rather than what you think it ought to do. There are few rewards for not participating. For the paid money manager being sat in cash is not an option. So he believes there is excess liquidity, excess credit, excess leverage and these dynamics are not good for steady long-term growth. These chickens will come home to roost, but apparently not yet.
Philips says in a world where the underlying financial imperative is for markets to go higher, it is in no one's interests to see value being destroyed. While there is no ‘bad news,’ there are few catalysts to sell down.
Like oil and gold? We had two cracking discussions about the direction for both with Neil McMahon of Sanford Bernstein and Evy Hambro, from hedge fund managers BlackRock. Higher and higher is the short answer. But take a look at CNBC.com's video page if you want to see those discussions again.
And by the way, if you didn’t watch this morning, Philip was wearing a red tie.
Feedback welcome - here.