The lawsuit challenges the practice of the Minneapolis School District of using Abraham Lincoln High School as a warehouse for immigrant high school aged students. Students sat in mainstream classrooms for years, not understanding what was being said, or what was being taught.

The earnings warnings show that profits are under pressure, but it's not affecting the overall market because of the big move in interest rates. The key for stocks is still the bond market.

The era of the increase in consumer expenditures exceeding income growth is about to end.

The ingredients are in place for a nasty correction,

How much of this is post facto rationalization?

I picked Mike because I know his talents as a creative artist,

For example, 1970, 1974, 1982, 1990 and 2002 were recession years and 1966, 1986 and 1994 were associated with mid-cycle slowdowns.

Normally the last cycle's winners don't win in the next cycle. But people want to play them because they look cheap compared to the previous boom.

We got a green light from the Fed last week and we got a green light from the bond market in Thursday. My sense is that over the next three to six weeks the market is going higher. But I would be thinking more in terms of selling rather than buying here.

We got a green light last month when the Fed decided not to raise rates, then we got another green light when the bond market rallied last Friday, ... The balloon is still blowing up. I'm staying defensive. I still say the bubble is going to break. I just don't know when.