Dow 30

Amid the Dow Jones making fresh all time highs on the back of solid earnings by key Dow components, a largely unreported adverse development for the critical - for tech companies - ad sector has gone largely unnoticed this morning, when ad giant Interpublic reported a miss on 3Q adjusted EPS and revenue estimates, with CEO Michael Roth warning that "organic revenue was negatively impacted by broader trends that are being felt throughout much of the industry."

Interpublic now sees FY organic revenue growth of 1%-2%, below Jefferies' estimate of 2.1%.

Authored by Simon Black via SovereignMan.com,

US stock markets hit another all-time high on Friday.

The S&P 500 is nearing 2,600 and the Dow is over 23,300.

In fact, US stocks have only been more expensive two times since 1881.

Authored by Lance Roberts via RealInvestmentAdvice.com,

I genuinely admire Morgan Housel. I think he is a brilliant and talented writer. However, he sent out a tweet on Friday that really struck a chord with me.

Authored by Christopher Cole via Artemis Capital Management,

A full version of the article is available on the Artemis website.

Volatility and the Alchemy of Risk

'Speculators' have never been so confidently complacent that 'all is well'.

Speculative positioning in VIX futures and options remains at its most short in history as traders refuse to back away from 'what works' as realized volatility collapses to its lowest in over 60 years...

And as Dana Lyons notes, assets in mutual funds designed to rise when stocks fall have dropped to an all-time low.