Are we owed a summer rally?  (Trader’s Narrative)

Doug Kass is having a hard time finding bulls these days.  (TheStreet)

More evidence that every one is a macro trader these days.  (Bloomberg)

Have we given analysts an impossible task?  (the research puzzle)

Why high yield corporate bond spreads may have more room to come in.  (Prof. Pinch)

Vanguard has S&P 500 ETF envy.  Plans to join the fray with 20 new funds.  (IndexUniverse, ETFdb, M* also AR Screencast)

America loves free ETF trades.  (Dealbook)

The dangers of ETFs are becoming more apparent.  (Economist)

The SEC pushes back against actively managed ETFs that don’t disclose their holdings.  (BusinessWeek)

The Bill Miller bounce.  (Bespoke)

Market seasonality illustrated.  (MarketSci Blog)

How contango affects the iPath S&P 500 VIX Short-Term Futures ETN (VXX).  (Options Zone)

Are massive corporate cash hoards bullish or bearish?  (Trader’s Narrative)

Buying companies that invest in their brand has resulted in outperformance.  (Pragmatic Capitalism)

Is there a turnover factor that affects stock returns?  (CXO Advisory Group)

On the importance of accountability in trading.  (Attitrade)

Why you don’t want to be on the wrong side of a margin call. (Falkenblog also Finance Trends Matter)

For-profit colleges are in the spotlight.  (Dealbook, market folly)

The Options Clearing Corp. wants to have “emergency access” to the Fed window.  (BusinessWeek)

The government is trying to get out of the GM business.  (Bloomberg, 24/7 Wall St.)

Goldman Sachs (GS) likes you, they really do.  (Dealbreaker)

America hates BP more than Goldman Sachs.  (Felix Salmon)

Is BP (BP) too big to fail?  (Zero Hedge, Bloomberg, BusinessWeek)

The legal consequences of the BP spill is going to play out over years.  (Tech Ticker)

The economic gangs of New York.  (The Reformed Broker)

Thirty year mortgage rates keep heading lower.  (Bespoke, Calculated Risk)

A look at the second leg down in housing.  (Big Picture also Maoxian, The Macro Trader)

The ratio of existing to new home sales is all out of whack.  (Calculated Risk)

Austerity is the new growth policy.  (Fortune, FT, Credit Writedowns)

Initial claims decline.  (Calculated Risk)

Comparing Fed statements.  (Market Rewind, Aleph Blog)

Signs of economic life:   steel imports, tourism, miles driven.  (Pragmatic Capitalism, EconomPic Data, Calculated Risk)

Europe is going to need a bigger TARP.  (FT Alphaville)

Swiss banks (and the franc) are enjoying a mini-revival.  (Bloomberg)

With the Euro down American companies may do some shopping.  (DealBook)

Why hasn’t protectionism reared its ugly head.  (Free exchange)

The natural gas transition is not a done deal.  (Gregor Macdonald, The Money Game)

High profile VC firm Elevation Partners hits “pause.”  (Fortune)

Google (GOOG) wins an important copyright ruling.  (WSJ also A VC)

Making the case for hedge funds as risk managers.  (Newsweek, Economist)

Jeff Miller, “If you do not know the answers, why are you so confident?”  (A Dash of Insight)

Pine beetles are a real danger for the lumber supply.  (Minyanville)

Sound like we need to start paying more attention to space weather forecasts.  (New Scientist)

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