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Thursday links: fear and frustration

Dow 10,000.  (Bespoke, DJ Market Talk, Curious Capitalist, The Reformed Broker)

The S&P 500 is once again trading 20% over its 200 day moving average.  (Small Fish, Big Odds)

A bearish set-up over the next few days.  (Quantifiable Edges)

Long/short hedge funds are back to their historic equity exposure levels.  (Trader’s Narrative)

“Perhaps the most compelling reason of all for investors to fret is that private equity firms are selling shares in companies they control to the public.”  (Slate)

“Because of the fear in the stock markets…all from the illiquid and underinvested, I will remain long, but small.”  (Howard Lindzon)

Money managers are still playing catch-up this year.  (Money & Co.)

Without a plan many investors who exited the stock market last year have yet to re-enter.  Maybe we should blame Cramer?  (Abnormal Returns)

Muni bonds rallied right into a brick wall.  (Accrued Interest)

There is a shortage of junk bonds on Wall Street.  (WSJ)

Don’t try this at home.  “Buying toxic [mortgage] assets is brutal business.”  (Felix Salmon, NY Magazine, ibid)

Eight investing themes from JP Morgan Chase.  (The Pragmatic Capitalist)

Day traders know more about investing than the so-called pros.  (The Money Game)

An interview with Jason Zweig on the practical aspects of behavioral finance.  (Morningstar)

“As for investors, well, we need to learn that uncertainty and ambiguity dog our every step. For it is when we are at our most certain that we are at most risk.”  (The Psy-Fi Blog)

Calvin Trillin was right.  Smart guys did flood Wall Street to catastrophic consequence.  (Baseline Sceenario also Floyd Norris, The Stash, Free exchange, Daring Fireball)

Free money should produce “heroic profits.”  By that standard Goldman Sachs (GS) and JP Morgan Chase (JPM) disappointed.  (Clusterstock)

Goldman Sachs (still) has a PR problem.  (Big Picture)

“Outrage is easy. But fixing something is hard. And that’s why all the whining about Wall Street pay is for naught. It takes us nowhere.”  (Deal Journal)

The NYSE is under siege.  “Young, fast-moving rivals are splintering its public marketplace and creating private markets that, their critics say, give big banks and investment funds an edge over ordinary investors.”  (NYTimes)

It is very difficult to find a job at the moment.  (Economist’s View)

This is an example of why fund managers still love to go on CNBC.  (The Disciplined Investor)

Why exactly did Reuters buy Breakingviews?  (FT Alphaville also DealBook)

Just how much is Bill Luby’s blogroll worth?  Hint, more than BusinessWeek.  (VIX and More)

“Not many outsiders understand what a powerful learning mechanism the blogosphere has set in place.”  (Marginal Revolution)

It’s official your bullying boss really is an idiot.  (New Scientist)

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