Rules of 20

(1) The valuation question in London. (2) From downside to upside. (3) Ahead of schedule on yearend target. (4) Qualitative and quantitative dimensions of a melt-up scenario. (5) One more time: Don’t fight the central banks. (6) Phasing out phasing out QE. (7) Draghi “ready to act if needed.” (8) Japan may be a leading indicator. (9) Playing both defense and offense. (10) Valuation models for a melt-up scenario. (11) Payrolls rose, but paychecks fell in April. (12) Focus on market-weight-rated auto-related stocks.