Thinking about a stock replacement strategy.  “Realize profits. Maintain upside exposure at the same time. Limit risk. Welcome to the third dimension of investing.”  (Barron’s)

Updated global equity market performance YTD including a drop for China.  (Bespoke)

All of the stock market’s gain since 1970 has come when the price of gold is below $455.”  (Crossing Wall Street)

The VIX has been consistently overestimating volatility since November 2008.  (VIX and More)

Value Line thinks the stock market has gone too far, too fast.  (Marketwatch)

Holding cash has gone from a help to a hindrance for portfolio managers.  (The Pragmatic Capitalist)

After the results of the past year are commodities still a valuable portfolio diversifier? (Morningstar also IndexUniverse)

Stock market returns are not normally distributed.  (Big Picture)

Where did all the stock market volume go?  (MarketBeat)

The past five years have not been kind to active mutual fund managers.  (FT Alphaville)

Competition in the index mutual fund market is heating up.  (IndexUniverse)

Examining the performance of the Value Line Select ETF Index.  (CXO Advisory Group)

“Mostly EMH works and investing for the long haul is OK but occasionally it all goes horribly wrong and behavioural finance can tell us why but not when.”  (The Psy-Fi Blog)

Technical analysis is need of an overhaul.  (Behind the Headlines)

What is Bank of American (BAC) really worth?  (Breakingviews also market folly)

How has Barry Diller’s spin-off plan worked?  (DealBook)

There is no way the SEC is going to be able to keep up with changes in high frequency trading.  (Clusterstock)

Lumber prices have turned down.  Should we worry?  (The Pragmatic Capitalist)

The less bullish case for oil prices.  (Infectious Greed)

The banks are profiting on cheap leverage courtesy of the US Treasury.  (Clusterstock)

The jobs market is still weak.  (Economix, Calculated Risk)

Ben Bernanke has some fans out there.  (NYTimes also naked capitalism)

Is Nouriel Roubini a false prophet?  (Wall St. Cheat Sheet)

“..predictions without proper measurements and rigor are only cheap opinions…”  (designing better futures)

It’s not easy going from journalist to finance maven.  (Deal Journal)

Lehman Brothers the Movie.  (FT Alphaville, DealBook)

How smartphones are changing our lives.  (New Scientist)

Abnormal Returns is a proud member of the StockTwits Network.