The correlation between the US Dollar and the S&P 500 is now at a historical low. (Bespoke also FT Alphaville)

A long term look at Tobin’s Q.  (The Pragmatic Capitalist)

Record stock issuance does not imply good things for the stock market going forward.  (Marketwatch)

To paraphrase John Bogle, people suck at ETF investing.  (IndexUniverse also Random Roger)

Taking a closer look at the VXX:VXZ ratio. (VIX and More)

Real people and real capital are a scarce resource in today’s market.”  (Zero Hedge)

“If all these seasonal tendencies work as expected this summer — rising oil, rising gold and falling bonds (meaning rising interest rates) — it would present strong headwinds for the stock market.”  (Barron’s)

“I think it’s important to acknowledge that there’s a huge (and misleading) disconnect between how Swensen ran the Yale endowment to produce such amazing results and the magic formula he recommended for ordinary investors.”  (BusinessWeek)

The EMH is the “dead parrot of finance.”  (FT Alphaville)

Are actively managed institutional mutual funds all that better than their retail cousins?  (All About Alpha)

Some contrary evidence against the “Congressional Effect” on the stock market.  (CXO Advisory Group)

Is it time to evict Russia from BRIC?  (greenfaucet)

In defense of reverse convertibles. (Atlantic Business, Research Reloaded also Felix Salmon, Rortybomb)

Hostile takeovers simply don’t work in technology.  (Dealzone)

“Rather, the Obama plan is little more than an attempt to stick some new regulatory fingers into a very leaky financial dam rather than rebuild the dam itself.”  (NYTimes also Baseline Scenario)

A Cliff Notes version of the Obama financial reform plan.  (Washington Wire)

More thoughts on the Obama plan.  (USNews, Economist, Free exchange, Megan McArdle,

It is going to be a tough slog for the Obama plan.  (Ezra Klein, Clusterstock, ibid)

S&P and Moody’s are largely unaffected by the proposals. (Big Picture, Clusterstock)

Systemic risk in the system is difficult to measure, but is venture capital really a source of ‘systemic risk’?  (Bull Bear Trader, Infectious Greed)

Want to reduce systemic risk?  Simply cap the size of banks.  (Felix Salmon)

Ten banks have paid back their TARP capital infusions.  (DealBook)

How stagflation might explain the power of the Fed Model.  (SSRN)

The turmoil in Iran demonstrates the utility of Twitter, but does little to clarify the value of the business.  (Breakingviews)

Reviews of iPhone 3.0 and its likely impact on wireless data usage.  (Gizmodo, GigaOM)

The new live, streaming MLB app will certainly be a part of increased usage.  (Daily Options Report)

In praise of the late Peter Bernstein.  (Aleph Blog)

Daniel Gross talks with Justin Fox about “The Myth of the Rational Market.”  (The Big Money)

RIP, a number of firms in 2009.  (The Reformed Broker)

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