Quote of the day
James Picerno, “Your career is likely to have a bigger impact on your retirement than your decision on how much to hold in stocks vs. bonds vs. REITs vs.commodities.” (Capital Spectator)
Chart of the day
High yield bonds are rolling over. (StockCharts Blog)
Markets
Extended markets don’t have to “crash.” Sometimes they consolidate. (Big Picture)
Earnings preannouncements have negative. Is that actually a good thing? (MarketBeat)
New lows beat new highs for the first time all year. (Bespoke)
Gold sentiment is pretty bearish. (Mark Hulbert)
The $VIX is on a tear. Time to worry? (MarketBeat)
Options
Options traders take heed of the “theta thief.” (Tyler’s Trading)
What is going on with all that Apple call vega? (FT Alphaville)
How do options markets price in earnings reports? (Adam Warner)
Strategy
Ten commandments of trading. (Brian Lund)
On the difference between knowing how to trade and actually trading. (Ivanhoff Capital)
Why do you think YOU are going to beat the market? (Bucks Blog)
How investment organizations can use checklists. (the research puzzle)
Why committing to indexing works over the long run. (Rick Ferri)
Companies
Guess the company buying back $100 million in shares a week. (Crossing Wall Street, Bloomberg)
What does the Instagram deal signify? (Kid Dynamite also SAI)
Another Deepak Chopra is doing quite well for himself. (footnoted)
The “death of retail” claims another victim: the Best Buy ($BBY) edition. (Slate)
How do you value an outlier like Apple ($AAPL)? (Stock Sage also Minyanville)
Finance
The Fed weighs in favor of more regulation of money market funds. (WSJ, FT Alphaville)
While the SEC seems to be cowed by industry opposition. (Institutional Investor)
Are the days of sell-side research numbered? (Integrity Research)
HFT is squeezing smaller banks out of liquid currencies. (Institutional Investor)
Hedge funds
Hedge funds have to get by with a lot less leverage these days. (FT)
Maybe that is why they continue to lag. (Fortune, Deal Journal)
ETFs
Stay away from the coming 13F ETFs. (Random Roger)
In praise of the PowerShares S&P 500 Low Volatility ETF ($SPLV). (IndexUniverse also ETF Trends)
Global
Switzerland is issuing short-term paper at negative yields. (Money Game)
Is Sweden a sign that the Eurorecession cannot be contained? (Sober Look)
Why is the Kiwi doing so well? (FT Alphaville)
The end of the dollar era is not here yet. (Justin Fox)
Economy
The Fed is running out of short-term notes. (Sober Look)
Small business optimism has stalled out. (Calculated Risk, MarketBeat)
Given his druthers, Ben Bernanke be easing even more. (Money Game)
The changing labor market makes current employment statistics suspect. (Minyanville also The Atlantic)
What happens to seasonal adjustments when the seasons are all messed up? (FT Alphaville)
How truckers are trying to offset the cost of higher diesel prices. (LATimes)
Some things on which economists agree. (The Atlantic)
Earlier on Abnormal Returns
Announcing the Abnormal Returns blog tour. (Abnormal Returns)
What you missed in our Tuesday morning linkfest. (Abnormal Returns)
Mixed media
You paid how much, and with whose money for the LA Dodgers? (Dealbook)
Everyone talks their book, the question is when is it worth pointing out? (Money Game)
Make yourself useful: good stuff often follows. (The Reformed Broker)
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