Market Talk

-It only took two weeks and a 6% pullback in the stock market, but more newsletter writers are looking for a correction than at any other time since 1984, Bespoke reports, citing data from Investors Intelligence.

- A Kauffman Foundation survey of economic bloggers found what many already expected: we share a bleak economic view. “While [bloggers] individually express themselves virtually every day, we think their collective voice needs to be heard,” says Tim Kane, senior fellow at Kauffman and author of the study.

- Time Inc says 4Q subscription revenue down 6% from year ago and ad sales dropped 12%. Not great, but better than 3Q, when the declines were worse in each category. “Requisite caveat here: These numbers…are being compared to really terrible numbers from the previous year,” Peter Kafka says. “So the fact that Time Inc can’t show actual growth tells you that this is still an industry with really big problems.”

- Strategic defaults on mortgages gaining steam. “The longer the real estate bust continues, the more deeply underwater borrowers will think hard about the costs of upholding their side of a deal,” Yves Smith notes.

- A dandy revenue comeback? Not quite. Year-over-year revenue growth “leaves much to be desired,” Pragmatic Capitalist says, as revenue ex financials is up just 3%. “Not exactly a barn burner in top-line growth,” blog says. “And this is in comparison to the very weak 4Q08 when the economy was nearly lifeless.”

- AOL’s 4Q ad and subscription revenue fell. “Again, recall that these numbers are against miserable comps from a year ago, when advertisers and publishers just sat in the dark with towels over their heads, crying,” Kafka notes. CEO Tim Armstrong certainly has his work cut out for him.

- ADP says only 22,000 private-sector jobs were lost in January, the smallest decline since February 2008. “The less-bad theme continues,” says Miller Tabak equity strategist Peter Boockvar.

- The “Volcker Rule” is looking more “toothless” by the day.

- US Transportation Secretary Ray LaHood says he wants to talk directly with Toyota’s CEO about vehicle-safety concerns and the company’s handling of those issues.

- AIG”s ignoring its critics and still moving forward with plans to accelerate bonuses to employees of its financial products division.

- Economic fears prompt risk takers to take day off. “With investors and traders suddenly looking for shelter, the old standby – the dollar – is the day’s big winner,” Tom Petruno says.

- “News that is good (but not great) is sold in an overbought market while news that is bad (but not horrible) is bought in an oversold tape,” Minyanville’s Todd Harrison notes. It’s the reaction that counts.

- Apple (AAPL) speculation is running rampant ahead of its special event. The much-hyped tablet is expected to be unveiled, but could Apple announce a new phone compatible on Verizon Wireless?

- While we’re talking about Apple speculation, don’t expect a deal between Time Warner’s (TWX) Time Inc and Apple by next week when Apple’s expected to launch the tablet, MediaMemo blogger Peter Kafka says. But Time still remains “intensely interested” in the device.

- Scott Brown’s Senate victory in Massachusetts should be viewed as another indicator of increasing outrage over the state of the economy, the Pragmatic Capitalist says.

- Inflation fears aren’t warranted in the short-term. “But what we need is a convincing commitment from the government to both near-term stimulus and longer-term fiscal responsibility in order to be assured that it’s not a concern over the next decade,” James Hamilton says. “And that’s not what I’m seeing from the US Congress.”

- Sirius XM (SIRI) looks to be heading in the right direction. Between positive free cash flow for 2009 and a higher-than expected subscriber count in 4Q, “the winter holidays were particularly kind to Sirius,” John Paczkowski says.

- Stocks return to normalcy after the Massachusetts election rally. “It’s back to economic reality and an earnings season that is mediocre so far relative to expectations,” writes Miller Tabak equity strategist Peter Boockvar.

- Obama slows the health bill, telling lawmakers not to attempt to pass it until Massachusett’s new GOP senator takes office.

- BofA and Wells Fargo posted improved 4Q results, joining some of their other banking peers that have also performed better a year after the depths of the financial crisis.

- Oracle of Omaha isn’t a fan of Obama’s bank tax. ““I don’t see any reason why they should be paying a special tax,” said Warren Buffett. Supporters of the plan to tax the banks “are trying to punish people,” he said. “I don’t see the rationale for it.”