Friday Links

1. An Explanation for Stock Market Gains from Nikolaos Panigirtzoglou (JPM) - MarketWatch

   Pension funds and so-called balanced mutual funds need to start re-jigging their portfolios in favor of stocks as the selloff in equities and rally in government bonds has driven down the value of their equity relative to their bond positions. Commodity trading advisors and long-short equity hedge funds have also had to cover their short bets on stocks.