Doug Kass fears a continued contraction in P/E multiples.  (TheStreet)

Equity market sentiment at week-end. (Trader’s Narrative also Attitrade)

A look at market breadth by sector.  (StockCharts Blog)

Why investing with the herd feels so good.  (WSJ)

Corporate cash continues to grow.  (Horan Capital Advisors)

The move in natural gas has caught many unawares.  (WSJ)

The CBOE (CBOE) makes for a tempting target.  (Barron’s)

Is Google (GOOG) cheap?  (Market Blog)

Is it a good time to bet against Apple (AAPL) stock?  (Apple 2.0)

Why are these warrants so cheap?  (Aleph Blog)

Negative carry and the need for investment flexibility.  (Abnormal Returns)

Let the debate about ethanol begin again.  (24/7 Wall St.)

Wall Street analysts completely misplayed the BP (BP) oil spill.  (Reuters, TRB)

Anadarko Petroleum (APC) is trying to distance itself from BP.  (Bloomberg, CNNMoney)

BP is going to sue Anadarako Petroleum and try and raise some serious cash.  (Telegraph, The Money Game, Guardian)

Are BP bonds a bargain?  (Barron’s)

The vultures are circling BP.  (Deal Journal)

How herding behavior can occur.  (Economist’s View)

How dark pools adversely affect liquidity and price discovery.  (The Psy-Fi Blog)

Lumber prices are off 30% since April.  (Calculated Risk)

The costs to fix Fannie and Freddie keep going higher.  (NYTimes, Calculated Risk)

Public pensions are unsustainable at current rates.  (NYTimes)

Who loses (and how much) in financial regulatory reform?  (Huffington Post)

Lakshman Achuthan at the Economic Cycle Research Institute (ECRI) on the value of leading economic indicators to forecast the stock market.  (Tech Ticker)

Why does anyone still listen to Alan Greenspan?  (Big Picture)

Is hyperinflation even possible?  (Data Diary)

On the relationship between new housing starts and unemployment.  (Calculated Risk)

On the role consumer sentiment measures play in forecasting economic activity.  (macroblog)

China talks “gradual” currency appreciation.  (NYTimes, Bloomberg, naked capitalism, Street Sweep)

Is the Canadian dollar a “petro currency”?  (The Buzz)

Let’s end the carried interest debate once and for all.  (Infectious Greed)

The IPO market shows some signs of life.  (Dealbook)

A successful via IPO is a rarity these days.  (A VC)

A review of Sebastian Mallaby’s “More Money Than God.”  (FT)

Hedge fund manager Ray Dalio’s philosophy of “hyper-realism.” (WSJ)

A strategy session with Adam Warner and Charles Kirk.  (Kirk Report)

In defense of Business Insider.  (Zero Beta)

Abnormal Returns screencasts of the week.  (Abnormal Returns)

Happy Fathers Day.  (The Reformed Broker, A VC)

There are now a number of ways to follow Abnormal Returns including:  @ARupdates, free e-mails:  AR Classic,  AR Energy, AR Options, the Abnormal Returns widget, our daily screencasts.