Stock market risk is higher today than it was
in the dot-com era - (www.marketwatch.com) The
risk of a major bear market in stocks is now higher than it’s been in years. That,
at least, is the message of an indicator that keys off the amount of risk
incurred by the top-performing advisers. On average, the top 10 finishers in
the 2014 Hulbert Financial Digest performance scoreboard recommended portfolios
that were more than three times riskier than the stock market itself. That is
one of the highest levels to have emerged from the Hulbert Financial Digest’s
more than three decades of performance tracking. In calendar 2011, in contrast,
the comparable risk level among the top 10 finishers was less than a quarter as
much. It’s been growing more or less steadily ever since. What makes this trend
so alarming is that the stock market has been near a major top whenever the top
performers’ risk levels were at or close to current levels. In 2006, for
example, the last calendar year prior to the 2007-2009 bear market, it rose to
slightly higher than current levels: 3.85 times riskier than the market versus
last year's 3.32 times. In 1999, the last calendar year prior to the bursting of
the dot.com bubble, the comparable level was 2.58.
Google’s
stock drops to within reach of a new bear market - (www.marketwatch.com) Shares
of Google Inc. fell to the lowest levels in over a year, and were within reach
of their first bear market in 3 ½ years, on the heels of some downbeat comments
from Wall Street analysts. Google’s Class A stock GOOGL, -0.73% slid 1.3% in afternoon trade
Monday, putting it on track for a ninth loss in 10 sessions. The stock has lost
6.9% since the start of the year, and 19.1% since peaking at an all-time
closing high of $610.68 on Feb. 26, 2014. Many technical analysts define a bear
market as a decline of 20% or more from a significant high. That means a close
at or below $488.54 would trigger a new bear market for Google’s stock. The
last time Google’s stock suffered a bear-market decline was when it dove 21%
from July 26, 2011 through Aug. 19, 2011. Analyst Jay Srivatsa at Chardan
Capital Markets listed the Internet search giant as one of the biggest “losers”
of the 2015 Consumer Electronics Show in Las Vegas last week. The event had
attracted more than 170,000 tech industry professionals, and 3,600 exhibitors,
according to the Consumer Electronics Association, but no Google.
Lazard's Antonio "Tax-Inverter" Weiss
Withdraws Treasury Nomination (But End-Arounds Senate For 'Counsel' Role) - (www.zerohedge.com) It appears Lazard's investment
banker Antonio Weiss' "help" in tax inversions was just too
'unpatriotic' to scare President Obama off at the last minute.
- *ANTONIO WEISS SAID TO WITHDRAW NAME AS TREASURY NOMINEE
- *WEISS SOUGHT TO AVOID LENGTHY CONFIRMATION PROCESS (how
thoughtful?)
The White House exclaimed "opposition to Weiss
was unjustfied," so perhaps it was his $203 million in assets just would not have played well with Obama's new
vision for the future. However, he has managed to get a position as
"counselor" - which does not require Senate approval.
- *WEISS WILL BE COUNSELOR TO TREASURY SECRETARY: WHITE HOUSE
As Bloomberg reports, Antonio Weiss removes himself
from consideration as Treasury’s undersecretary of domestic finance, according
to a White House statement. Weiss, head of investment banking for Lazard,
to join Treasury Dept as counselor to Sec. Jack Lew, spokeswoman Jennifer B.
Friedman says in statement. Counselor position doesn’t require
confirmation by Senate. “We strongly believe that the opposition to his
nomination was not justified, and we are confident that he will prove himself
to be a dedicated, talented, and effective public servant,” Friedman
says. Weiss faced criticism from some lawmakers, including Sen. Elizabeth
Warren, D-Mass., about his work on inversions in job at Lazard
Obama Will Veto Homeland
Security Funding - (www.dailycaller.com) President
Barack Obama will veto funding for the Department of Homeland Security if
Republicans curbs spending on the president’s award of work permits to roughly
five million foreign migrants, according to a White House spokesman. “We’ve
made clear, dating back to last fall, that the president would oppose any
legislative effort to undermine” the president’s Nov. 20 announcement, press
secretary Josh Earnest said Jan. 12. “Yes,” he responded when a reporter asked
if he would veto a spending curb. A veto would not close the agency. Most DHS
employees are law enforcement officials, and they would continue to work,
although their would not receive paychecks until the Congress passes and the
president signs an appropriations bill.
Arrest
warrant issued for 9-year-old boy accused of stealing pack of gum – (www.fox8.com) An
Idaho prosecutor issued an arrest warrant for a 9-year-old boy who failed
to show up in court. KHQ-TV reports that the boy from Post Falls is accused
of stealing a pack of gum.
Police Chief Scott Haug says it’s the first time in his 30 years in law
enforcement that he’s ever seen an arrest warrant for someone that young. Haug
says the child missed court because relatives had no way of getting him to the
courthouse. Kootenai County prosecutor Barry McHugh says the warrant was issued
because the boy twice failed to appear. He says he can’t comment further
because the case involves someone younger than 18. The child is currently in
the Juvenile Detention Center.
Germany's
Sinn Blasts Draghi: "Deflation Is Just A Pretext To Bailout Southern
Europe" – (www.zerohedge.com)
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