Here's a bit of stuff for reading this weekend:
Liz Ann Sonders - stealthy, silent and sustainable. Here's the summary:
US stocks should continue to move generally higher although activity may remain sluggish through the summer and the possibility of a correction is elevated as per both seasonal/election cycle tendencies and elevated optimistic sentiment. The U.S. economy should help support the market as signs are increasing that we may be entering the long-waited for self-sustaining expansion. The ECB's actions weren't game changing but are helpful and European equities look attractive, while we believe the worries over a Chinese slowdown are overblown.So turn off the TV, quit reading Business Insider and ZeroHedge, quit piddling yourself and just buy the damn S&P 500. Or as Liz says:
Worries about investor complacency, as seen in the continued low levels of volatility as represented by the VIX, soothe our concerns a bit, as the number of folks worrying about investors not worrying says to us that complacency may not be quite as high as thought.Though the people worrying about investors not worrying are the people desperate to sell eyeballs to advertisers. Ignore them.
BI - Bitcoin's doomsday scenario has arrived. OMG LOL STFU BRB! This is too fucking precious:
There is only way to hack the entire Bitcoin network, which has continued to hum along in the face of numerous Bitcoin business failures. It involves a series of group of Bitcoin miners taking control of 51% of the Bitcoin's processing power, thus giving them the power to confirm transactions that don't exist. Miners are simply computers that unscramble the encrypted series of numbers attached to every Bitcoin transaction. There is profit in numbers, and many miners have formed large pools to extract the maximum amount of profit for their work.So in other words,an unregulated free market in currency quickly turns into a monopoly! And hey! There's no pesky State there to intervene! Have fun watching your wealth evaporate before your very eyes, bitcoin idiots! Another failed libertarian experiment! When will these clowns realize libertarianism has never worked anywhere?
As a completely unregulated global currency made out of computer code, the only thing that has prevented the 51% threshold from being reached has been a form of mutually assured destruction: As soon as the 51% figure is reached, the price of Bitcoin will tank, leaving the digital junta little time to make much of a profit.
On Friday, mining pool GHash's share of the Bitcoin network ticked 51%.
Military Times - how did 800 ISIS fighters defeat two Iraqi divisions? If you want the real Iraq story, go to the military and not to the media. Basically, the Shiites pissed off the Sunnis too much, so now the Sunnis aren't interested in fighting for Iraq anymore. This is yet another lesson in the Riddle of Steel that the American politicians will fail to learn.
What is the "Riddle of Steel", you say? Oh my! Let unlikely sci-fi villain James Earl Jones explain it to you!:
Doesn't matter how much technology you have, you need to control the bodies that wield it.
BBC - Netherlands 5, Spain 1. Do they only play on half-fields in Spain? Those clowns looked utterly lost in their own end. I know the Dutch have always been a top team, but this wasn't even a competitive outing for Spain. Well, I guess this means Chile has a good chance to advance.