Institutions are bullish while individuals stay bearish.  (Bloomberg, The Technical Take)

Are equities overvalued? (Pragmatic Capitalism, ibid)

If Fedex (FDX) is raising estimates can the economy be all that bad?  (WSJ, Pragamatic Capitalism, MarketBeat)

Why the increasingly global nature of commerce is confusing individual investors.  (AR Screencast)

Edward Chancellor on the attraction of large, quality US stocks.  (IndexUniverse)

David Merkel, “Nothing beats the flexibility and simplicity of cash in a disaster.”  (Aleph Blog earlier Abnormal Returns)

“Wall Street is a house of mirrors. There is very little original thought that is usually copied and multiplied.” (Ivanhoff Capital)

Investors tend to seek our confirmatory opinions.  (CXO Advisory Group)

Money is flowing into merger arb hedge funds in hopes of an M&A boom.  (FT)

Keep an eye on the agriculture stocks.  (chessNwine)

What effect have wheat prices had on consumer inflation?  (Minyanville)

Investors are on the hunt for new currency safe havens.  (Reuters)

Better trend following via improved roll yield.  (Au.Tra.Sy Blog)

Are French and German equities attractive?  (FT Alphaville)

By emerging market standards the Korean market is cheap.  (beyonbrics)

Increasingly globalized companies now “inhabit their own thriving economy, unencumbered by many of the ills of nation-states.”  (Time)

The FCIC wants to look at Goldman Sachs (GS) books.  (FT)

New home sales are not that impressive.  (The Money Game, Calculated Risk)

The Chicago Fed National Activity Index turned down in June. (Calculated Risk, EconomPic Data)

Steven Malanga, “State and local borrowing, once thought of as a way to finance essential infrastructure, has mutated into a source of constant abuse.”  (City Journal)

Economists have no idea how deflation works in practice.  (WSJ)

Why did economists so completely miss the financial crisis?  (FT Alphaville also The Hedgehog Review)

Europe’s stress tests were not all that stressful.  (WSJ, Calculated Risk, Dealbook, FT Alphaville, Street Sweep, Bespoke)

The “flight path of global wealth” is in the emerging markets.  (beyondbrics)

Is uranium’s bear market over?  (Telegraph UK)

The lesson of sunk costs is a difficult one to learn.  (A VC)

Can the Kindle thrive alongside the iPad?  (Newsweek)

Is Apple (AAPL) lowballing its revenue estimates for next quarter?  (Apple 2.0, ibid)

Lessons on how to age gracefully from Hall and Oates. (True/Slant)

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, and Abnormal Returns TV.