Morning Reading – January 25, 2011

Pragmatic Capitalism: AN EARLY EARNINGS UPDATE

With almost 20% of the S&P 500 having reported earnings it’s useful to take a look at the broad trends thus far. As expected the data looks very good from the early reports…

The Big Picture: Market’s topped out for now

Being market leaders, I believe the stock action in AAPL and GOOG last week, notwithstanding management uncertainty but with great quarterly results, is a sign that the Bernanke driven rally since Aug is done for now with the only question being will a consolidation follow or will there be something more.

FT BeyondBRICs: A chart for the China bears

China’s 7-day repo rate (essentially the cost of accessing cash) saw its biggest-ever single-day spike on Tuesday – jumping a full 242 basis points, hitting 7.65 per cent, its highest since October 2007.

FT Alphaville: Ugly UK GDP figures

Fresh off the wires — a suggestive double-dip GDP figure for the UK…

FT Alphaville: Come one, come all, to the EFSF bond issue

Here’s a clue to the question; what price Europe, or just the EFSF bond?

FT Alphaville: John Paulson’s real 2010 success: Gold

Paulson & Co may well have made more than $1bn from its long position in Citigroup, but the firm’s really big bet — the one that has seen the firm’s assets swell by around $8.4bn over the past 12 months (before, ahem, fees) — has been gold.

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