And you thought the rally in equities was impressive.  Check out corporate bonds.  (Bespoke)

Have individual investors permanently changed their demand for equities?  (The Globe and Mail)

Some 85% of S&P 500 stocks are trading above their 50-day moving average.  (The Pragmatic Capitalist)

Henry Blodget, “Today’s valuations also suggest that stocks may have gotten way ahead of themselves, especially in light of the structural problems that will continue to bog down the economy.” (The Money Game)

Don’t abandon the VIX just yet.  (Daily Options Report also MarketBeat)

Even DE Shaw is reducing fees and increasing transparency for its new fund.  (FT)

Buy Norway.  (FT Alphaville)

Private equity wants out.  Expect more IPOs in 2010.  (WSJ)

Chinese banks lead the world in valuations.  (FT Alphaville)

Does a “get rich quick mentality” doom China to boom-and-busts cycles?  (The Money Game)

Nine stocks “ultimate stock-pickers” are buying.  (Morningstar)

Is Berkshire Hathaway (BRK-A) undervalued?  (Street Capitalist)

Bond investors want TIPS.  The Treasury will accommodate them.  (WSJ also Curious Capitalist)

Gold has no intrinsic value.  Stop the incessant arguments already.  (The Reformed Broker)

What the “optimism hypothesis” tells us about the performance of a sector seasonality system.  (CSS Analytics also MarketSci Blog)

Brett Steenbarger, “Unless a trader has a true institutional advantage, great training, and a real edge in the markets, the casino’s edge will eventually erode all of his or her capital.”  (TraderFeed)

A sovereign default here in the US.  (Felix Salmon)

Bank bonuses are expected to be “offensive.”  (WSJ also Baseline Scenario, Atlantic Business)

James Hamilton, “The U.S. economy continues to recover at a painfully slow pace.”  (Econbrowser)

John Taylor vs. Ben Bernanke.  (Real Time Economics, Zero Hedge)

On the effect of bubbles on unemployment.  (Calculated Risk)

An alternative unemployment rate that is pushing 12%.  (EconomPic Data)

On the link between the slope of the yield curve and the business cycle.  (SSRN)

Apple (AAPL) shouldn’t pay a dividend.  (Felix Salmon)

Do we rely too much on human intuition?  (Andrew McAfee via Simoleon Sense)

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