Hot Links: Stunning Reversal

Stuff I’m Reading this Morning…

“Even if this were a genuine upleg, I don’t believe that the market is likely to overcome resistance in the near term, largely because of the low volume nature of the move and a stunning reversal in sentiment.”  (HumbleStudent)

China surprises the market by taking direct equity stakes in its largest banks.  (MarketBeat)

Copper continues to drop off, mostly signalling weaker Chinese demand.  (Bloomberg)

What would surprise most market players would be an upside breakout out of the range.  (Ivanhoff)

Markets steady as Felix Salmon looks at the stupidity of market report headlines.  (FelixSalmon)

NBA cancels the first 2 weeks of the season as the multi-millionaires are unable to come to an agreement over whose giant pile of gold coins to dive into.  (Deadline)

Turns out BofA was not legally obligated to make those massive severance payments that ignited such a firestorm.  (Reuters)

A new study shows that home prices and baby-making rates are positively correlated.  So perhaps more sex is necessary for the housing market to improve?  (CuriousCapital)

Morgan Stanley Smith Barney: “We are adopting an overweight position in safe havens and an underweight position in risk assets. This is the most significant change to our tactical asset allocation in more than two years, as we are decisively moving to bearish from bullish.”  (InvestmentNews)

Silvio Berlusconi: Blame the coked-up traders for European market swings.  (FTAlphaville)

Don’t miss my daily linkfest for financial advisors!  (WSJ)