A few items I thought noteworthy for weekend perusal:

Corporations are issuing debt on record terms (and in the junk market in record volume).  IBM recently issued three year paper ^[1] at a meager 1 percent.  And JNJ just set the record for longer paper ^[2] — “around 3.10% for the 10-year maturity and 4.5% for the 30-year paper if market conditions hold.”  In a nutshell, while there are many variables at play, front and center is investors’ desire for safety and income.  It also partially explains why junk paper is being issued at a record clip ^[3].  Need I say that this dovetails nicely into the demographic theme I’ve been harping on?

The Journal floats a story — I haven’t seen this one in a while — about the “Hindenberg Omen.” ^[4] Now, I’m open to all manner of data analysis.  But when you tell me (toward the end of your story) that (emphasis mine):  “The Omen was behind every market crash since 1987, but also has occurred many other times without an ensuing significant downturn. Market analysts said only about 25% of Omen appearances have led to stock-market declines that can be considered crashes,” you have pretty much wasted my time.  Wake me up when you find something with an actual correlation — last I checked, 25% isn’t even in coin-flip territory.  And where was this indicator prior to the flash crash, or does that not count?

Third, the Journal’s Kelly Evans did a great one-on-one interview ^[5] with the inimitable David Rosenberg.  This is not sound-bite, dodeca-box TV.  It’s good stuff, and absolutely worth 26 minutes of your time.

Last, but not least, Economics of Contempt ^[6] has some of the truly priceless, must-read research that the sell side was pumping out on Lehman Brothers just before the firm went under.  EOC is, in my opinion, one of the blogosphere’s best kept secrets.