So, are markets leading or lagging Indicators?” (Big Picture)

What goes up, must come down. The Chinese stock market is down by half in six months. (MarketBeat)

The emerging markets, both stocks and bonds, are part of our diversification toolkit. We ignore them at our peril.” (FT.com)

“(T)he vast majority of mutual funds are far more interested in taking money from investors than in making money for them, according to Mr. Lowenstein.” (NYTimes.com)

The downside of the rise in Libor, higher borrowing costs. (WSJ.com)

Mortgage rates are on the rise. (naked capitalism)

Adjustable rate mortgages are falling as a percentage of total mortgages. (Dash of Insight)

Just how far along we are in the process of moderating the mortgage mess? (Calculated Risk)

“An underrated element in trading success is mental flexibility…” (TraderFeed)

The relative market cap of S&P Energy to S&P Financials. (Big Picture)

Are we facing a momentary lull in volatility? (Daily Options Report)

TheOptionsInsider.com in the news. (SunTimes.com)

Muni yields come back down to earth. (WSJ.com)

The history of the premium for on-the-run Treasury securities. (Brad DeLong)

Objections to the idea of ‘liberal paternalism.’ (Volokh Conspiracy)

A multi-century look at the pattern of sovereign default. (Economist’s View)

“If there is one thing about the United States economy in recent years that is beyond dispute, it is this: It’s a great time to be rich.” (NYTimes.com)

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