The Biggest Tech Stocks Come Unglued

Nasdaq hits record, bounces off, plunges.
Wow, did you see that? That was quick.
Friday morning between 10:15 AM and 11:15 AM, the Nasdaq gallivanted around blissfully for an entire hour in record territory of around 6,340 with not a worry in sight, and then someone must have looked at the valuations or something, and it became infectious, and the sell-orders started pouring out, and by 2:48 PM, the Nasdaq hit a low for the day of 6,160, down 3.1% from peak to trough.
It closed at 6,208, down 114 points, or 1.8%, its biggest daily decline so far this year.
Meanwhile, the Dow rose nearly 90 points or 0.4% to 21,272. And the S&P 500 ended down a minuscule 2 points.
The market is so dependent on the infamous FAANG stocks: Facebook, Apple, Amazon, Netflix, and Alphabet (the Google in the acronym). And here’s how they did:

This post was published at Wolf Street on Jun 9, 2017.

Donald Trump’s Corporate Tax Reform Aimed at $2.6 Trillion in Profits

President-elect Donald Trump’s corporate tax reform plan is a real possibility in 2017.
Fixing flaws in the U. S. corporate tax code would have a huge impact on U. S. companies, many of whom have gotten very good at using current laws to drastically reduce their tax bills.
One of the most prominent ploys is for multinational companies to keep their foreign earnings stashed overseas. By not bringing those profits home, these companies avoid paying the 35% U. S. corporate tax.
Right now, U. S. companies have about $2.6 trillion in foreign earnings waiting to be repatriated. That amount has doubled just since 2008 and is six times higher than it was in 2002.
Apple Inc. (Nasdaq: AAPL) tops the list of these companies, with roughly $200 billion in cash stashed overseas. Other ‘tax haven’ companies include Microsoft Corp. (Nasdaq: MSFT) with about $110 billion, General Electric Co. (NYSE: GE) with about $100 billion, and Pfizer Inc. (NYSE: PFE) with about $80 billion.
Other companies have become expert at exploiting tax loopholes. In some cases, these companies pay little or no tax despite making billions in profits.
Here’s how they do it…

This post was published at Wall Street Examiner by David Zeiler ‘ November 14, 2016.

Elon Musk To Employees: Cut Costs For The Next ‘4.5 weeks’ So Tesla Can Raise More Capital From The Goldman Mullets In Q4

By now, many of you have probably seen the email that was leaked from Tesla (NASDAQ:TSLA) corporate and reported on by Bloomberg on Friday. We wanted to comment today as to why we believe this email will ultimately have a net negative affect on Tesla as an investment going forward.
Somehow, Elon Musk has managed to take the wind out of a good quarter that hasn’t even happened yet.
We have been working for the last few months to try and get a good grasp on how the market views Tesla as a company and where, as an investment, the company may wind up going over the next few quarters. It has certainly been a unique set of circumstances, with its newly proposed acquisition and the company’s unique ability to consistently burn through large sums of cash.
As an investment, it is a fascinating subject, because ostensibly either the company will be found to be correct and this will be one of the greatest growth stories of our time even from current levels, or the skeptics will be found to be correct, and the stock will likely take a tremendous haircut if the company doesn’t wind up collapsing altogether. Those are two polar opposite scenarios and they are what keeps us fascinated about and trying to figure out the markets perception on the company.
For those that have missed the Bloomberg story on Friday, here is what was reported,

This post was published at David Stockmans Contra Corner on September 6, 2016.

Central Banks Could Be This Market’s

The stock market is partying like it’s 1999, and for exactly the opposite reason. Last week the S&P 500, Dow Jones Industrial Average and Nasdaq Composite hit a synchronized high for the first time since the eve of the millennium. America’s most valuable company is a tech stock (Apple today, Microsoft back then). The tech sector is back above a fifth of S&P 500 market capitalization, and just as then bears worry that the market is overvalued, although not by anywhere near as much.
In 1999, wild optimism was elevating the market as investors piled into anything with ‘.com’ after its name – leading to a rash of stock-price-boosting name changes. Investors punished dividend payers for not having enough ways to spend money on transformative tech. The number of clicks beat cash flow as an investment tool.
The contrary is true this year. Wild pessimism about the global economy has led investors to chase dividend payments, demand buybacks and punish companies that invest. Cash is king.
And yet, the market rises. ‘Nobody seems to be particularly optimistic about much of anything and yet the stock market in the U. S. seems to do nothing but go up,’ said Ben Inker, co-head of asset allocation at Boston fund manager GMO.

This post was published at David Stockmans Contra Corner on August 19, 2016.

Here’s Why Americans Are Mad as Hell at Wall Street and Washington

Yesterday we published our 1,007th article here at Wall Street On Parade on the insidiously corrupt financial system in the United States known as Wall Street. It’s a system that now operates as an institutionalized wealth transfer mechanism that is hallowing out the middle class, leaving one of every five children in our nation living in poverty, while funneling the plunder to the top one-tenth of one percent.
Tens of millions of Americans clearly understand that an entrenched system of corruption such as this, perpetuated through a revolving door between Wall Street and Washington, while enshrined by a political campaign finance system that recycles a portion of the plunder to ensure greater plunders, will inevitably leave the nation’s economy in tatters – again. That’s because systemic corruption and legalized bribery within the financial arteries of the nation can only create grossly perverse economic outcomes.
The actual role of Wall Street is to fairly and efficiently allocate capital to maximize positive economic outcomes for the nation. Under the current model, Wall Street is focused solely on maximizing profits in any manner possible, including fraud and collusion, to maximize personal enrichment. When Senator Bernie Sanders said during his campaign stops and a presidential debate that ‘the business model of Wall Street is fraud,’ there was a long, substantive archive of facts to back up that assertion.
Consider the intensely corrupt Wall Street analyst research practices that led to the Nasdaq crash at the turn of this century. Writing in the New York Times on March 15, 2001, Ron Chernow said it best: ‘Let us be clear about the magnitude of the Nasdaq collapse. The tumble has been so steep and so bloody – close to $4 trillion in market value erased in one year – that it amounts to nearly four times the carnage recorded in the October 1987 crash.’ Chernow compared the Nasdaq stock market, filled with companies boosted by intentionally corrupt Wall Street research, to a ‘lunatic control tower that directed most incoming planes to a bustling, congested airport known as the New Economy while another, depressed airport, the Old Economy, stagnated with empty runways. The market functioned as a vast, erratic mechanism for misallocating capital across America,’ said Chernow.

This post was published at Wall Street On Parade on August 12, 2016.

The Spectre Of Risk Parity – – Potential Trigger for New round of Market Mayhem

The stock market went haywire about a year ago.
The Dow crashed more than 1,000 points, the S&P 500 was down 120 points, and the Nasdaq was down 393 points shortly after the market open on August 24.
And for a time, the blame for the sudden and unexplained move was a group of funds called risk parity fund.
Risk parity funds build portfolios around risks: They target a certain exposure to volatility, rather than, say, equities or bonds. That means that when volatility spikes, they sell automatically and indiscriminately.
That’s why they were in the spotlight back in August 2015. The complaint was that the sudden rise in the stock-market volatility forced them to sell, increasing volatility further.
Well, everyone should be paying close attention to these funds again, according to Bank of America Merrill Lynch.
The equity derivatives strategy team at the US bank put out a note on August 9 that is full of technical language, but boils down to this: There are risks building up in the risk parity world.
From the note:

This post was published at David Stockmans Contra Corner By Matt Turner, Business Insider ‘ August 10, 2016.

A Rare Loss For The HFT Lobby? SEC Staff Recommends Approval Of IEX Exchange Application

In what may be a long overdue victory for the “good guys”, the WSJ reports that the SECs staff has recommended that the agency approve IEX Group Inc.’s “controversial” bid to launch a new stock exchange, signaling likely approval when the agency’s commissioners vote on the order Friday. This decision takes place despite vocal objections of not only Nasdaq, by not only the entire HFT lobby, as IEX’s technology would provide an HFT-free exchange as a result of its 350-microsecond speed bump which would force all traders to be on an equal footing, but most notably despite the repeated complaints by NY Fed darling, HFT powerhouse Citadel (and employer of one Ben Bernanke), which has argued in the past that granting IEX an exchange status would corrupt US equity markets.
That would end months of debate and lobbying over the startup’s proposal to launch the first platform that slows down trading, countering the decadelong trend toward ever-greater speed.
There is still a chance IEX may be rejected in the last moment: according to the WSJ, “the SEC’s three sitting commissioners aren’t required to support the staff’s views, and one may vote no. But the full commission rarely rejects a formal staff recommendation. If the SEC’s commissioners give the green light to IEX, which stands for Investors’ Exchange, it would be the first major new stock exchange in the U. S. since the SEC approved several venues in 2010 that are now owned by BATS Global Markets Inc.”
For regular readers, IEX’ campaign – and symbolism, in a dramatically fragmented market, catering exclusively to well-paying HFT clients who spend millions for the opportunity to frontrun orderflow – is familiar, but here is a brief recap:

This post was published at Zero Hedge by Tyler Durden – Jun 14, 2016.

Why Brexit May Bring The Reality Shock The Market Needs

All eyes will be on the upcoming ‘Brexit’ vote in the United Kingdom next week, now that polls are showing that the Brits are more likely than not to shock conventional wisdom and exit the European Union.
Wherever she is, Margaret Thatcher will be beaming at the wisdom of her former constituents seeing the wisdom of exiting the deeply flawed and ultimately unsustainable confederation of European countries.
Markets will no doubt react very badly if the vote tracks the current polls, but this type of short-term pain is child’s play compared to what has to happen to return the global economy to some semblance of sanity and growth in the years ahead.
Take the U. S. stock market, for instance…
Wanted: Strong Corrective Measures
Something radical is certainly required to snap investors out of the complacency.
While stocks sold off sharply on Friday, they were flat on the week with theDow Jones Industrial Average rising 58 points or 0.3% to 17,865.34 and the S&P 500 losing 3 points or 0.15% to close at 2096.07.
The Nasdaq Composite Index fell 1% to 4894.55. The Dow danced above 18,000 a couple of times during the week, giving rise to the predictably idiotic CNBC news flashes despite the fact that this was not news (unless you believe that profound investor stupidity is news, but unfortunately it is all too predictable).
Junk bonds also kept rallying despite deteriorating credit quality with the average yield on the Barclays High Yield Index moving closer to 7%, which in case anybody asks you is an oxymoron since 7% is a low yield, not a high yield.
Investors have clearly checked their brains and good sense at the door; when they check out, they are going to leave a good deal poorer.

This post was published at David Stockmans Contra Corner on June 12, 2016.

The Rapid Spread Of Ad Blockers – – Why The Next Billion Mobil Users My Be Invisible

The use of ad blocking browsers in mobile devices almost doubled in 2015.
New ad blocking technologies can also intercept in-app advertising.
Ad blocking is disrupting the traditional Web advertising model, and investors should be cautious about companies dependent on advertising.
A new report on mobile ad blocking by PageFair suggests that the next billion of mobile users in emerging markets will be mostly invisible to advertisers. PageFair has found that use of ad blocking technology has skyrocketed in emerging markets. This calls into question the long-term growth strategies of companies such as Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Facebook (NASDAQ:FB) that are actively seeking the ‘next billion(s)’ of mobile device users in emerging markets.
Where the Action Is
Following the development of extensions for Apple’s (NASDAQ:AAPL) iOS browser, Safari, that enable ad blocking, I wrote some articles about the technology with a focus on iOS and the possible impact to Google. What’s interesting about the PageFair report is that iOS devices don’t seem to be where the real growth is in ad blocking. The report indicates that about 20% of the estimated 1.9 billion mobile device users employ some form of ad blocking tech, but the vast majority are concentrated in emerging markets, where iOS has fairly low usage share.

This post was published at David Stockmans Contra Corner on May 31, 2016.

The World’s Most Extreme Speculative Mania Unravels In China

From the Dutch tulip craze of 1637 to America’s dot-com bubble at the turn of the century, history is littered with speculative frenzies that ended badly for investors.
But rarely has a mania escalated so rapidly, and spurred such fevered trading, as the great China commodities boom of 2016. Over the span of just two wild months, daily turnover on the nation’s futures markets has jumped by the equivalent of $183 billion, outpacing the headiest days of last year’s Chinese stock bubble and making volumes on the Nasdaq exchange in 2000 look tame.
What started as a logical bet – that China’s economic stimulus and industrial reforms would lead to shortages of construction materials – quickly morphed into a full-blown commodities frenzy with little bearing on reality. As the nation’s army of individual investors piled in, they traded enough cotton in a single day last month to make one pair of jeans for everyone on Earth and shuffled around enough soybeans for 56 billion servings of tofu.
Now, as Chinese authorities introduce trading curbs to prevent surging commodities from fueling inflation and undermining plans to shut down inefficient producers, speculators are retreating as fast as they poured in. It’s the latest in a series of boom-bust market cycles that critics say are becoming more extreme as China’s policy makers flood the financial system with cash to stave off an economic hard landing.

This post was published at David Stockmans Contra Corner on May 10, 2016.

The Tech Start-Up Bubble Is Bursting

When the dot-com bubble burst in early 2000, the fallout for publicly traded stocks was quick and severe. The Nasdaq Composite Index fell 37% in the 10 weeks following its peak on March 10, 2000.
For startups, the immediate impact was less dramatic. In the second quarter of 2000, venture capitalists invested $25 billion in startups, down only 5% from the first-quarter peak.
‘There was a lot of suspended disbelief between March and June,’ says Keith Rabois, then a vice president at PayPal Inc. and now a partner at Khosla Ventures.
Mr. Rabois and others think we’re now in a similar period of suspension of disbelief. Startup investment has cooled. Valuations are falling. But Mr. Rabois says many investors and entrepreneurs haven’t yet grasped the new reality. ‘If that suspended disbelief ends, all hell breaks loose,’ he says.
The parallels between the two eras aren’t perfect. After a seven-month decline, the Nasdaq index has gained 12% since early February.
As of April 18, it was within 5% of its post-2000 high. Initial public offerings have all but disappeared, but venture-capital funds raised a record amount of capital in the first quarter.

This post was published at David Stockmans Contra Corner on May 3, 2016.

January Stock Market Crash Is About to Repeat – -This Chart Shows Why

History is poised to repeat itself in the stock market, and the result won’t be pretty for the bulls. Last week we noticed a pattern in the PowerShares QQQ Trust(QQQ) that is eerily similar to one that occurred late last year and preceded the stock market’s worst January ever.
This pattern is called a ‘gap island reversal,’ and it marks the end of a previous trend and the beginning of a new one. Look at the intraday bar chart below of the PowerShares QQQ Trust, the exchange-traded fund that tracks the Nasdaq 100 index. Notice the large pink box at the top of the graph? It’s not attached to the price bars to its left or to those to its right. This ‘island’ of price behavior began with a gap higher on Oct. 23 and ended with a gap lower on Jan. 4. This formation shows exhaustion, and in this particular case, it revealed exhaustion of the final rise off the August panic spike reversal.

Now look at last week’s activity. Although last week’s high came within a few cents of the Dec. 31 low, it failed to fill the gap to that low. This is an ‘uh oh’ moment, when the crowd realizes it’s been trapped into late-joining buying, mostly because of the gap that began the island formation.

This post was published at David Stockmans Contra Corner on May 2, 2016.

How To Eat Your Own Tail – -The Pathetic Story Of Sears Holdings

I think it is fairly safe to say that the retail transformation of Sears Holdings (NASDAQ:SHLD) is failing and that it would take a miracle to reverse its trajectory at this point. The comparable store sales decline worsened in 2015, resulting in greater declines than 2008. The cost cutting hasn’t been able to keep up with the sales decline, resulting in adjusted EBITDA that was worse in 2015 than in 2014, which was already worse than in 2013. It is probable that Eddie Lampert would have been fired as CEO of Sears long ago if he wasn’t the main owner.
Comparable Store Sales Decline Greater Than 2008
The retail transformation at Sears appears to be going as well as Ron Johnson’s attempt to transform J. C. Penney. Comparable store sales at Sears Domestic and Kmart fell -11.1% and -7.3% respectively in 2015, continuing a near-uninterrupted string of declines (broken only by slightly positive comps at Kmart in 2010). Remarkably, the attempts to transform Sears have resulted in worse comps in 2015 than it did during the 2008 recession.

This post was published at David Stockmans Contra Corner on March 17, 2016.

Warning: The ‘Stealth Bear Market’ is About To Show its Teeth

The new year is beginning with a mauling for many investors, as Chinese stocks fell so sharply Monday that they triggered a trading halt.
Following China’s lead, Dow futures have wallowed more than 300 points in the red. ‘Investors are not going to like the start of this year,’ says Naeem Aslam, AvaTrade’s chief market strategist, in a note.
Today’s call of the day fits the bearish mood that’s dominating 2016′s first trading session in the early going.
The new year brings a ‘possibility that the ‘stealth bear market’ we have been in for 6-9 months is revealed as a true bear market,’ says Jonathan Krinsky at MKM Partners in a note.
MKM’s chief market technician warns the median stock in the Russell 3000 RUA, -2.26% , which represents 98% of the U. S. stock market, is ‘now down over 20% from its 52-week high.’ So his shop’s ‘base case for 2016 is that the weakness seen at the stock level finally makes its way to the cap-weighted index level,’ meaning main benchmarks like the S&P 500 SPX, -2.09% and Nasdaq COMP, -2.55% . More from Krinsky below.

This post was published at David Stockmans Contra Corner on January 4, 2016.

Last Days Of The Predatory Dinosaurs – -Comcast And The Cable Monopolies Are Beyond Salvage

The bigger news in the cable industry is that the U. S. Justice Department’s threat to block the purchase/merger of Comcast (NASDAQ: CMCSA) and Time Warner Cable (NYSE: TWC) did result in Comcast withdrawing its stock-swap proposal to acquire TWC in April, 2015. However, TWC soon afterwards entered into an agreement to be acquired by Charter Communications in May.
The Charter’s deals totaling $67.1 billion for TWC and Bright House Networks is still under review by Federal Regulators. If approved, that merger would create the country’s second-largest cable operator, with about 24 million customers in 41 states, after Comcast.
I personally think it is insane that anyone would even entertain the idea that a merger of any cable companies would be a good thing to consumers. On the surface, the cable industry is not entirely ‘consolidated’. Nonetheless, the fact is that almost all cable companies operate as de facto monopolies in the United States since frequently only one cable company offers cable service in a given community. Things have gotten worse as cable also has become one of the very few choices for residential Internet services.
For example, in Houston, the fourth most populous city in the nation, Comcast has a virtual monopoly over residential cable services. Leveraging its cable TV monopoly, Comcast is also the more popular choice for Internet service within the city (cable modem is supposed to have better speed than phone lines). With this kind of dominance, would any business strive to ‘innovate’ or ‘improve the quality of customer service?

This post was published at David Stockmans Contra Corner by EconMatters ‘ January 4, 2016.

No Profits, No Problem – -The ‘Ex-Items’ Scam Proliferates

Today Jack Ciesielski and I will to try to scare some sense into you.
Who is Ciesielski, and why would he want to frighten you? It’ll take some time to answer that. First things first.
The stock market has been more or less flat most of this year. But at times – like for the past month or so – stock prices have climbed as if Wall Street didn’t have a concern in the world.
Terrorism hasn’t fazed the stock market. Nor has the fact that the Federal Reserve is threatening – yet again – to raise interest rates. Weak corporate profits and revenue declines? Nah, Wall Street doesn’t give a damn about them either.
This column will show you why the performance of companies should be of great concern – and not only because they are, on the surface, lousy but also because accounting tricks are hiding the true horror story. That’s where Ciesielski comes in, but he’ll have to wait in the wings for his turn.
Everyone who reads this column should already know what price-to-earnings ratios are. But just in case you don’t, here’s the explanation: Price-to-earnings – or P/E – are the price of a share of stock compared with a company’s earnings on a per-share basis.
That’s a mouthful. To make it simple, let’s say a company – I’ll call it John’s Co. – earned $1 a share in 2015.
Let’s say investors are buying and selling John’s Co. shares on Nasdaq at $14 each. (I picked Nasdaq because it will piss off the New York Stock Exchange that I didn’t list my company on the ‘Big Board.’) So the price of $14 a share compared with the $1-per-share earnings gives my company a P/E of 14 to 1.

This post was published at David Stockmans Contra Corner on November 25, 2015.

SP 500 and NDX Futures Daily Charts – Another Unicorn Plops Out of Wall Street

‘Participants in our US markets deal with a technological arms race, conflicts of interest, fleeting liquidity in times of stress, and an ever increasing amount of trading taking place in a vast network of opaque darkness.
The public markets are considered ‘toxic’ by varied participants. Studies point out that institutional bids and offers result in too much price movement. High frequency market makers lament that the orders sent to the exchange, outside their own, tend to be orders that have been ‘exhausted’ everywhere else.
Is this a desirable outcome of modern market structure? Did the Commission envision this when it crafted Reg NMS?’
Joe Saluzzi
Maybe we should call this period in our nation’s history ‘The Carney Wars.’
Stocks pretty much floundered around today, with the two or three tech stock heavy Nasdaq showing a little more spine.
But they did manage to squeeze out another lipstick-smeared crackhead valued IPO, so mission accomplished.
Light volumes, narrow advances, uncertain global situation, looming recession in Europe and weak domestic economy?
Let’s buy. Monkey rally, yay!!
Hey, we *might* get a rally into the FOMC meeting in December, or into year end to plump up those Wall Street bonuses.

This post was published at Jesses Crossroads Cafe on 19 NOVEMBER 2015.

This Bubble’s Days Are Numbered – – Market Tops Are Sprouting Up Everywhere

I have an important update regarding how far we could see the market drop in the short days and weeks ahead…
I’ve been warning for months that it looks like this bubble may finally be peaking.
I’ve warned that it’s best to get out of stocks a little early rather than a bit late. That’s because, when bubbles finally break, they burst rapidly – as much as 40% in the first few months. It can make markets very volatile, up and down, hence harder to predict and adjust to. If this is indeed the end, we’ve only taken the first step down a long ladder.
In retrospect, the odds keep going up that we saw a major long-term top on May 19.
The first warning sign was that, as stocks made little progress from late December into May, we saw a series of major tops around the world. And that to me is no small matter.
Dow Transports peaked in late November and are down 20% since.
Dow Utilities peaked in late January and are down 18%.
The German DAX and British FTSE both peaked in April and are down 24% and 19%, respectively.
The Dow and S&P 500 appear to have peaked in late May. The Dow’s down 16% since then.
Then in June came China’s Shanghai Composite index – one of the leading dominoes to fall – and it’s crashed 42%. The Russell 2000 index also peaked in June and is down a little more than 12%.
And finally, our Nasdaq, which peaked in late July, is recently down 21%.
Four of those are undeniably in bear territory. The Shanghai, DAX, Nasdaq and Dow Transports have crossed that 20% threshold that literally defines a bear market. A drop like that only raises the chances that a bubble is finally over. But thus far technical indicators only show that the Shanghai and DAX have peaked for good.
And all of this is just the first warning sign…

This post was published at David Stockmans Contra Corner on September 25, 2015.

Get Ready For A Lousy September – – Market Set For Tumble

Investor sentiment has suffered with the recent correction and is not likely to improve in the short term, setting stocks up for a volatile September as international concerns overshadow domestic ones.
Stocks took a big hit last week with the Dow Jones Industrial Average DJIA, -1.66% dropping 3.3%, the S&P 500 index SPX, -1.53% shedding 3.4%, and the Nasdaq Composite Index COMP, -1.05% falling 3%.
International factors are feeding market volatility more than any other domestic factor, according to Brad McMillan, chief investment officer at Commonwealth Financial. McMillan said that Germany’s weak manufacturing orders report likely had more to do with Friday’s selloff than the jobs report’s effect on a September rate increase from the Federal Reserve.
What could affect the Fed’s decision is a continued stock market selloff. McMillan said if investors come back from the Labor Day holiday and decide to take risk off the table, the S&P 500 could break down through 1,870 as low as 1,790. If that happens, then the likelihood for a September rate increase falls below 50%, he said.

This post was published at David Stockmans Contra Corner By WALLACE WITKOWSKI Marketwatch.

Jim Chanos On China: ‘Its Worse Than You Think’

/ August 22, 2015
Lingering concerns about China have helped drive stock selling, but investors may still underestimate how much the world’s second-largest economy has slowed, short seller Jim Chanos said Friday.
‘It’s worse than you think. Whatever you might think, it’s worse,’ he said.
Chanos, of Kynikos Associates, appeared on CNBC’s ‘Fast Money: Halftime Report’ on Friday amid the fourth straight day of losses for major U. S. averages. The Dow Jones industrial average, S&P 500 and Nasdaq were setting up for their worst weeks since 2011.
He did not classify the drop as a correction or a China. But he noted that the yearslong runup in U. S. stocks shows ‘we’ve gotten a little complacent.’

This post was published at David Stockmans Contra Corner by CNBC.