Earnings revisions are at a two-year high.  (Bespoke)

Emerging market bond spreads have been halved YTD.  (EconomPic Data)

Everyone thinks interest rates are going higher.  (Clusterstock)

Checking in on some credit market indicators.  (Calculated Risk)

Taking a look at the longer term cycles for the VIX.  (VIX and More)

Research into the relationship between the dispersion in equity returns, the VIX and forward alphas.  (SSRN)

Research shows hedge fund replication did its job during the crisis.  (FT Alphaville also Clusterstock)

There still remain some skeptics in the hedge fund world on the sustainability of the rally.  (WSJ)

Xerox (XRX) overpays Affiliated Computer Services (ACS).  (24/7 Wall St.)

An aluminum-backed ETF is in the works.  (WSJ)

On the value of using a “true market portfolio as a basic framework for designing and managing portfolios through time.”  (Capital Spectator)

Who knew?  Apparently some firms are still issuing closed-end mutual funds?  (WSJ)

On the business model of the options seminar companies.  (Condor Options)

Did Canadian banks miss an opportunity to expand in the midst of the crisis?  (Breakingviews)

The financial system has “fundamental design flaws” that have little to do with “greed, overconfidence and outright stupidity.”  (New Yorker also Big Picture, FT Alphaville)

An interview with Adam Warner of the Daily Options Report.  (Options for Rookies)

A profile of psychologist and behavioral economics pioneer Daniel Kahneman.  (IMF via Freakonomics)

Will Morningstar (MORN) buy the Dow Jones index business? (Pensions & Investments)

A blog-filled profile of the fast-rising and plenty controversial Zero Hedge.  (New York also The Reformed Broker, Matt Taibbi)

NBC Universal is franchising local versions of CNBC all around the world.  (NYTimes)

Sportswriters for hire.  Professional teams are hiring former sportswriters for their websites.  (NYTimes)

Racehorse prices are in freefall.  (Infectious Greed)

Abnormal Returns is a proud member of the StockTwits Network.