United States

Yesterday JPM, which despite calling for a 2,200 year end price target, paradoxically warned that the regime of "buying dips" is over, and that "we take the view that equities are unlikely to perform well on a 12-24 month horizon" adding that "the regime of buying the dips might be over and selling any rallies might be the new one." So don't buy dips yet somehow the S&P will rise 150 points? Fair enough.

U.S. neocons are livid over a report that U.S. intelligence spied on Israeli efforts to sabotage the Iran nuclear talks, though they are curiously silent on evidence that Israel spies on the U.S. Ex-CIA analyst Paul R. Pillar says it would be a mistake to let this pressure blind U.S. leaders on what Israel is up to.…

The Rule Of Law No Longer Exists In Western Civilization

Paul Craig Roberts

Despite Ammon Bundy’s best efforts to explain the motives of the militiamen who over the weekend seized control of a remote federal building in Oregon, it’s still not entirely clear why several dozen US citizens decided to occupy the Malheur National Wildlife Refuge.

• Global share market settles after stormy start to year (Reuters)
• Stocks Extend Losses as Yen, Gold Rise on Lingering China Unease (BBG)
• China battles to shore up stocks, yuan after globe-shaking slide (Reuters)
• China Said to Intervene in Stocks After $590 Billion Selloff (BBG)
• Volkswagen faces billions in penalties as U.S. sues for environment violations (Reuters)
• Obama tightens gun rules, requires more background checks (Reuters)
• Obama to Announce Expansion of Background Checks for Gun Purchases (WSJ)