A quick tenner:
• Kass: Market Has Likely Topped (TheStreet.com) Investors today face the polar opposite of conditions that existed only a few months ago, with economic optimism, improving valuations and positive sentiment. Doug Kass believes the U.S. stock market has peaked for the year. To most investors, today the fear of being in has now been eclipsed by the fear of being out as the animal spirits are in full force. Bears are now scarce to nonexistent in the face of steady price gains in equity and credit prices.
• More Roubini Backlash: Waiting for Economy Roubini Can Believe In Means Missing Rally of Century (Bloomberg) Anyone attempting to apply Roubini’s wisdom to stocks may be forgiven for missing the biggest rally since the 1930s as the Standard & Poor’s 500 Index climbed 52 percent in six months. While Roubini said in March the advance was a “dead-cat bounce,” that it may “fizzle” in May and warned in July that the economy’s “not out of the woods,” the MSCI World Index was posting a 58 percent gain, the largest since it began in 1970.
• Wall Street Fox Beds Down in Taxpayer Henhouse (Bloomberg)
• Decade of Debt: $9 Trillion (WSJ) Plunging tax receipts, soaring spending and a sluggish recovery will push the nation’s deficits dramatically higher over the next decade, creating new complications for President Barack Obama’s domestic agenda. The deteriorating budget picture, detailed Tuesday in separate White House and congressional reports, comes just as Democrats and Republicans prepare to resume the battle over Democratic plans to spend $1 trillion overhauling the nation’s health-care system. See also Your Federal Budget, in Pictures (Economix)
• Beijing loves IKEA — but not for shopping (LA Times) “We just came here for fun. I suppose we could have gone somewhere else, but it wouldn’t have been a complete experience.”
• 5 Myths About Health Care Around the World (Washington Post)
• Comedy Central Tries to Gauge Passion of Its Viewers (NYT) DO your friends who watch Jon Stewart and Stephen Colbert, the late-night hosts on the Comedy Central cable channel, stop you on the latte line the next morning or e-mail, text or tweet you to quote lines from those shows? And when they do, do you think that they’re kind of cool? Comedy Central has research that says you do — or at least some committed fans of those shows are convinced that you do. A little over 20 percent of hard-core fans of Mr. Stewart and Mr. Colbert said in a “multi-engagement study” conducted by Harris Interactive Research that “people think I’m cool because I watch” those two programs.
• Very funny: Joe Cocker Subtitled
Anything else intriguing?