What a record number of stocks are stretched far above their 200 day moving averages might mean for the rally.  (Quantifiable Edges also Kirk Report)

“The Nasdaq’s gain of 33.25% year to date through 9/15 is the fourth best year on record for the index.”  (Bespoke)

Rising trading volumes indicate day trading is back.  (WSJ)

Just how big a role does high frequency trading have in the world of small caps?  (WSJ, FT Alphaville)

Using options to trade the United States Natural Gas Fund (UNG).  (Investing With Options, Zero Hedge also The Big Money)

Contango continues to weigh on oil ETF returns.  (WSJ)

A buy-write strategy has held its own during this market rally.  (Daily Options Report, ibid)

“If there’s still value to be had in stocks, shouldn’t companies be buying?”  (MarketBeat also Fund My Mutual Fund)

Five surprising ETF statistics.  (Morningstar)

The “free lunch in credit markets” is starting to fade.  (FT Alphaville)

Even simple arbitrage is tougher than it looks.  (SSRN)

Research shows a relationship between measures of downside risk and higher expected returns.  (SSRN)

Can Citadel Investment Group ever reclaim its prior position in the hedge fund industry?  (Bloomberg)

Cerberus finally wins one.  Talecris Biotherapeutics files for an IPO.  (Breakingviews)

Anheuser-Busch InBev NV (BUD) is back trading on the NYSE.  (CNNMoney)

Extricating itself from Citigroup (C) will be no small task for the Treasury.  (Dealscape, WSJ)

Break up the big banks.  “Though Obama says a return to “normalcy” means emergency rescue facilities can end, it’s a safe bet that they’ll come right back the next time we have a systemic event.”  (Rolfe Winkler)

Looking back at the last time Wall Street got a big dose of regulatory reform.  (WashingtonPost)

“CPI is beginning to level (and turn) in year over year figures”  (EconomPic Data)

The recession is “very likely over.” Now the hard work begins.  (Calculated Risk, Market Talk, Curious Capitalist, The Globe and Mail)

“There is no grand, unifying theoretical structure in economics. We do not have one model that rules them all.”  (Economist’s View)

Drawing parallels between Japan’s and China’s (nascent) speculative bubbles.  (The Pragmatic Capitalist)

A list of books to fill your need for “good bubble literature.”  (Economix)

Tech M&A is back.  What deals might be on the horizon?  (GigaOM)

On the dangers of the investment blogosphere.  “Can you imagine that anyone who can earn 10% month after month would tell anyone the secret.”  (Options for Rookies)

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