Yesterday, for January the US suffered a

net capital outflow of $148.9 billion. This was far worse

than had been expected, for the consensus was for

something closer to a net inflow of approximately $40

billion. In other words, the net “miss” was nearly $190

billion. Even in the world of economics this is a rather

sizable figure, and it is a reason we never even attempt

to “guess-timate” the TICs data. We’ve plenty of other

opportunities to prove our idiocy. We needn’t this

one. Clearly this was materially dollar bearish;

Gartman