US stocks closed near or at the highs of the year, on one of the lowest volume days of the year.
Texas Instruments offers to buy National Semiconductor.
If I were of a mind to look for a top this would be about the place for at least a minor correction of 3 to 5 per cent. But with Benny in the game and the banks skewing the trade, it does not appear likely unless there is some exogenous event.
Capitalism is a very good system. I would like to see the US try it out again. The first step is to commit your economy to legitimate price discovery and fair and efficient markets. It takes work to achieve this, as the idea that markets are naturally perfect is as great a canard as the perfectibility of central planning by an autonomous elite.
"Unfettered capitalism is a revolutionary force that consumes greater and greater numbers of human lives until it finally consumes itself." Chris HedgesThe pigmen and piglets, pounding the table for more, are going to be in for quite a surprise when what goes around, comes around.
