There is a great editorial commentary in Barron’s this week. It is entitled, “Time for Empathetic Capitalism”. Key points of the article are as follows: – The core principle of capitalism is not the greedy pursuit of self-interest, as Adam Smith’s Wealth Of Nations implies, but rather it is the single-minded effort to create value for others, as Adam Smith opined in his earlier, and less quoted, The Theory Of Moral Sentiments. Barron’s talks about Ford as an example. – “Global capitalism” recently failed, as it was never genuine capitalism at all. There was no creating of long term value. (more…)

  Where Has All the Volume Gone? By Sal L. Arnuk and Joseph Saluzzi A Themis Trading LLC Mini White Paper With the S&P 500 up 34% from its low on March 9, 2009, the market has certainly turned. The big question: Is this a bear market rally, destined to plummet again, or a new bull market that will see a continued rise? Many investors look at increasing trading volumes as a sign that the market is heading higher. This is based on the traditional premise that when both the market and volume go up, classic buy and hold institutional (more…)