Something weird is happening in the stock market

Reuters/Michaela Rehle

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Investors are nervous. That ought to spell bad news for the stocks they consider overvalued.

But it’s not working out that way. In fact, the stocks with the largest bets against them have been on a tear lately. Here’s why.

In other news, America beat expectations, with the US economy growing in the fourth quarter even more than previously thought. It looks like inflation pressures are picking up too, with the latest report on personal income and spending beating expectations all around.

Meanwhile, China is finally facing reality, the Baker Hughes oil rig count fell for the 10th straight week, and Tim Cook hinted that Apple is gearing up for a buying spree of smaller technology companies.

And in politics news, Chris Christie announced his endorsement of Donald Trump’s presidential campaign.

Here are the top Wall Street headlines at midday:

The world’s rich are in ‘wait and see mode’ – The world’s rich are in “wait and see mode,” according to Sotheby’s CEO Tad Smith.

One bank CEO outlines what will happen to your bank account if the Fed takes interest rates negative – Since the European Central Bank and the Bank of Japan moved their interest rates negative, a debate has swirled over the practical and theoretical impacts of the move.

These economic ‘black swans’ could rock global markets – Societe Generale is out with its latest quarterly chart of so-called swan risks that threaten to rock the global financial markets. For the most part, the risks remain unchanged from November.

Canada’s answer to Boeing is plunging with a $3 billion sale in peril– Republic Airways Holdings filed for bankruptcy protection on Thursday.

The US IPO market has almost completely dried up – Nobody wants to go public anymore.

Here’s how rich you’d be if you had bet $1,000 on Warren Buffett way back when – This weekend, Warren Buffett will release his annual letter to Berkshire Hathaway stockholders.

We got a peek inside the starchitect-designed luxury apartments that are dramatically changing New York City’s skyline– Via 57 West, a luxury residential building designed by star Danish architect Bjarke Ingels, is changing the Manhattan skyline.