Business

While in recent days Bridgewater has been in the news not for its investing acumen (or lack thereof), or the outspoken, contrarian views of its founder Ray Dalio, but rather the recent spirited attack by Jim Grant who in not so many words hinted, if not explicitly stated, that there is something very rotten in the state of (Westport) Connecticut (a theatrically sponsored defense was inevitable), it is still the case that any major investing move the hedge fund...

Despite storms, wildfires, quakes, higher gas prices, and failed Washington policies, Americans are - according to The University of Michigan - their most confident since January 2004.

But we think it's clear what is driving the optimism... total delusion!

Americans have never been more confident that that stock market will rally further in the next 12 months...

And despite the fact half of America lives paycheck to paycheck, they have never, ever, been more confident of retiring comfortably...

Authored by Kevin Muir via The Macro Tourist blog,

Another day, and another steady grind higher in US stock markets.

U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold

Mirroring the pattern set by JPM and Citi yesterday, Bank of America reported revenue and earnings that modestly beat expectations, with Q3 revenue of $21.8BN and $22.1BN on an adjusted, FTE basis, just above the $21.9BN consensus estimate, generating net income of $5.6 billion (up 13% Y/Y), and EPS of $0.48, above the $0.46 estimate, and higher than the $0.41 reported Y/Y, even as sales and trading revenues slumped, and FICC revenue tumbled by 19%.