Bespoke - Nothing in the Dow 30 is overbought. So it's perfectly reasonable to expect stocks to go up from here.
New Deal Demoncrat - the recent weakness in sales was the result of the weather. Read the article so you can see what looking at data looks like.
Rortybomb - would Jamie Dimon be happy with a larger US budget deficit, then? This is what is known as a bitch-slap:
But the third point is more interesting. Beyond whether or not the rules are too procyclical and unnecessarily restrictive in a crisis, there’s Dimon’s claim that there aren’t enough Treasuries to go around. If that’s the case, why don’t we simply make more Treasury debt? If the issue is a shortage of Treasuries needed to keep the financial sector well-capitalized and safe, it’s quite easy for us to make more government debt. And right now, with low interest rates and a desperate need for public investment, strikes me as an excellent time to do just that. Dimon is correct in his implicit idea that the financial markets, with enough financial engineering and private-market backstopping, can produce genuinely safe assets is a complete sham. This is a role for the government.You go, girlfriend!
And for fun, a fourth point from Ben Walsh: Dimon says one of the biggest threats to the financial markets is that there isn’t enough U.S. debt. From January 2011: “Dimon Says Government Deficits, Spending Are New Global Risk.” We are risking a major rise in interest rates in the years following 2011 if we have trillion-dollar deficits, Dimon warned. How did that turn out?
NY Times - Wall Street steals $2.5 billion in pension gains. This is organized confiscation of worker money by the kleptocrats, nothing less. Seems like they should fire the hedge funds and just put their fucking money in SPY. Then again, the people managing the pension fund don't give a shit, since it's just the dumb proles' money, right?
FT Alphaville - more whining about the China bubble. Valuations are rich. Then again, in China you'll gain exposure to 6-8% growth per year in the future, and why shouldn't an excess in capital supply result in high prices? Where else should the money go?
IKN - Ha ha says Rob McEwen. McEwen on his mine being robbed in Mexico.