Quote of the day
Barry Ritholtz, “Lending to insolvent people, institutions and countries is first and foremost the fault of the lenders.” (Big Picture)
Chart of the day
Is this the much anticipated reversal in Treasury yields? (StockCharts)
Markets
The stock market is still far from overbought. (Bespoke, Ticker Sense)
Three stocks that need to move higher for the rally to continue. (Dynamic Hedge)
Testing the Rydex asset ratio. (CXO Advisory Group)
Corn traders were caught flat-footed by the USDA report. (Zero Hedge)
July seasonality examined. (MarketSci Blog, ibid)
High yield bonds are getting pushed around by the shorts. (FT Alphaville)
Strategy
Tyler Craig, “Repetition breeds familiarity. Familiarity diminishes fear. Think of how potent the fear was during your first trade. ” (Tyler’s Trading)
Why you should always keep some cash on hand. (The Reformed Broker, Aleph Blog)
How to trade while on vacation. (Kirk Report)
Market pundits will always find some fear to harp upon. (A Dash of Insight)
Research
chessNwine, “While rigorously studying the history of the market is necessary for success, it is far from sufficient in terms of formulating an actionable thesis relevant to the current market.” (chessNwine)
Hey! Don’t forget about relative strength strategies. (Systematic Relative Strength)
Why nobody can continuously outperform the market over long periods of time. (Empirical Finance Blog)
Why where your hedge fund manager previously worked matters. (Insider Monkey)
Companies
Michelle Leder, “It is fair to say it was one of the more unusual 8-K filings in nearly 8 years of reading SEC filings.” (footnoted)
What has been holding Apple ($AAPL) stock down? (Eric Jackson)
The remarkable turnaround in IBM ($IBM). (research puzzle pix)
Private equity wants to take a whack at Hewlett-Packard ($HPQ). (peHUB)
Digging around in post-bankruptcy companies: the case for Chemtura ($CHMT). (Economic Musings)
Finance
The Fed bails out Visa ($V) and MasterCard ($MA) with a proposal for higher swipe fees. (Deal Journal, Felix Salmon)
How open, electronic market sow the seeds of their own demise. (socializing finance via trb)
Great. Companies are buying back shares hand over fist once again. (Crossing Wall Street, Money & Co.)
Only the small fry need worry about prosecution for subprime mortgage fraud. (Slate)
Glad to see Larry Summers landing on his feet. (Term Sheet)
Global
How to write about Greece for people who are sick of writing about Greece. (Infectious Greed)
How ‘extend and pretend‘ eventually breaks down. (Credit Writedowns)
With Greece out of the way for now, its time for emerging markets to outperform once again. (The Source)
Is China set for a second-half rally? (Pragmatic Capitalism)
Economy
Initial unemployment claims continue to disappoint. (Calculated Risk)
The Chicago PMI surprised to the upside. (EconomPic Data)
A look aback at May’s not so hot economic indicators. (The Atlantic)
Just how much Americans have delevered depends on the measure. (FT Alphaville)
A dangerous balance: jobs gains vs. the length of a typical expansion. (Tim Duy)
A more nuanced look at the housing market. (ValuePlays)
There is still a lot to do to update state pension fund accounting. (Economist)
The booming economy of North Dakota. (Carpe Diem)
Earlier on Abnormal Returns
On the attractions of cash in hedging tail risk. (AR Screencast)
What you missed in our Thursday morning linkfest. (Abnormal Returns)
Mixed media
Will Ferrell as hedge fund manager. You make the call. (Deadline, Dealbreaker)
StockTwits comes to the Android. (StockTwits, TechCrunch)
Notes from Tim Harford’s Adapt. (Farnam Street)
Is blogging dead? (Felix Salmon)
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