This is an early (and abridged) edition of the linkfest. For all the latest links check out Abnormal Returns Now.

A bad way to start June.  (Bespoke)

Secular bear markets are long, drawn out, ugly affairs.  (Trader’s Narrative)

The S&P 500 is “extremely oversold.”  (Bespoke)

Are small investors turning against stocks?  (Pragmatic Capitalism)

Investors should fear mean reversion in profit margins.  (Credit Writedowns)

“Growth or value makes no difference if you can keep your head when all around others are losing theirs.”  (The Psy-Fi Blog)

Options volume continues to surge.  (Bloomberg BusinessWeek)

The Fed is still focused on deflation.  (A Dash of Insight)

Dark pools are coming to Asia.  (WSJ)

Trying to put an estimate on the costs to the companies involved in the  BP (BP) oil spill.  (ROI, MarketBeat, CNNMoney, The Money Game, Felix Salmon)

Is the rise in Libor due to liquidity concerns or growth?  (The Macro Trader)

The consensus on big banks has shifted.  (Baseline Scenario)

Andy Lo says we are in the “third or fourth inning” of understanding the financial crisis.  (CNNMoney)

There are no good answers on public pensions.  (Atlantic Business, Aleph Blog)

Europe remains racked with fear of inflation.  (Slate)

Michael Pettis, “Why are there so few value investors in China and so many speculators?”  (China Financial Markets)

Money managers should pay the same tax rate as everyone else.  (Chris Dixon also peHUB)

On the tensions between “amongst economic development, resources and energy.”  (Infectious Greed)

Estimating the odds of catastrophe are difficult at best.  (NYTimes)

On the value of walking away from a problem to help come up with a solution.  (The Frontal Cortex)

Do hyperlinks belong in-line or in an endnote?  (Felix Salmon)

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