Daily Reading on the Financial Markets: 11/8/11
It appears that China is buying gold on the dip… with gusto.
From Financial Times, the S&P notes that the entirety of 3Q bank earnings came from accounting adjustments.
From Zero Hedge, if we are replaying 2008, where are we now?
From Seeking Alpha, Bespoke Investment Group points out the S&P earning are on a pace for a new record for the trailing twelve month, $94.77. S&P earnings are forecasted to rise to 108.01 next year.
Barry Ritholtz of The Big Picture observes that market lows typically occur about midway through a bear cycle, surmising that we are unlikely to revisit the 2009 lows.