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Thursday links: policy uncertainty

S&P 500 dividend yields don’t look all that attractive any more.  (Bespoke)

Investor sentiment is neutral.  (Big Picture)

The economy and the stock market don’t bottom at the same time.  (Sentiment’s Edge also Economix)

Some odd sector performance stats.  (24/7 Wall St., Bespoke)

Bill Miller and Doug Kass on financial stocks. (Bloomberg.com, Reuters.com)

Time for General Motors (GM) to exit the Dow.  (Money & Co., Big Picture)

“In summary, momentum and value strategies applied at the asset class level via low-cost funds may be among the best for individual investors.”  (CXO Advisory Group)

“The interest among traditional managers in buying or launching hedge funds is spreading faster than the swine flu.”  (All About Alpha)

Comparing the performance of the broad-based commodity ETFs.  (HardAssetsInvestor.com)

Want to make a bet on emerging markets currencies? The WisdomTree Dreyfus Emerging Currency Fund (CEW) is here.  (ETF Trends, IndexUniverse.com)

A primer on the new MacroShares Major Metro Housing ETFs.  (IndexUniverse.com)

Asset-backed commercial paper outstanding continues to fall.  (Alea Blog)

The stress tests show a considerable hole in bank balance sheets.  (WSJ.com, NYTimes.com, 24/7 Wall St., Breakingviews, Dealscape)

What would happen if we stress-tested the rest of the banks?  (DealBook)

Is preferred stock (in one form or another) the answer to the bank capital problem?  (WSJ.com, ibid)

Are we just bailing out the subprime lenders?  (WashingtonPost.com)

“Policy uncertainty is bad when the changes are ad hoc and cannot be anticipated, but not all mid course corrections to policy come under this heading.”  (Economist’s View)

“In the end, when a financial system is dominated by banks that are too big to fail – and they do fail – the only options are an FDIC-style takeover or the kind of public-private co-dependency that we see today.”  (Baseline Scenario also Clusterstock)

“Perhaps, the Obama team doesn’t believe that America can handle the truth of the Chrysler bailout’s full cost.”  (Deal Journal also Atlantic Business)

“This move has shown potential partners that government funds are dangerous, and potential lenders that union firms are risky bets; both have probably cost American citizens more than they saved.”  (Atlantic Business)

Forget stress tests for a minute, what is going on in the rest of the global economy?  (Economix)

What does the new (and bigger) Kindle DX mean for Amazon.com (AMZN).  (The Big Money, WSJ.com, Newsweek.com, BusinessWeek.com)

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