Quote of the day

“Trading profits don’t accrue on a schedule.”  (Chicago Sean)

Chart of the day

The stunning rebound in S&P 500 earnings.  (Big Picture)

Markets

Is the junk bond market set to fade?  (Dealbook)

S&P 500 breadth is weak.  (Bespoke)

Implied volatility should drop heading into the holiday.  (InvestorPlace)

The muni market meltdown seems to be over for now, but longer term issues loom.  (AR Screencast)

Commodity ETFs facing contango perform worse than you think they should.  (FT Alphaville)

Gold

Joe Weisenthal, “Why I was 100% wrong on gold.”  (Money Game)

As long as real interest rates remain low George Soros is bullish on gold.  (MarketBeat)

The science behind humanity’s continuing interest in gold.  (Planet Money)

Strategy and Tactics

There is no single “magical sentiment indicator.”  (Derek Hernquist)

Jeremy Glaser, “(J)ust because correlations have increased, doesn’t mean that investors shouldn’t look abroad.”  (Morningstar)

On the value of selling premium here.  (Barron’s)

On the myth of dollar cost averaging.  (Crossing Wall Street)

An introduction to covered writes.  (A Dash of Insight)

How much alpha is there in “magic formula investing“?  (Insider Monkey)

Our talk with Charles Kirk of the Kirk Report.  (Abnormal Returns)

Companies

Sanity returns to the IPO market. (Kid Dynamite, Dealbook)

The backlash against the GM hoopla continues.  (Finance Trends Matter, Huffington Post, Big Picture)

Goldman Sachs (GS) new partners point to a push into Asia.  (Clusterstock)

A rundown on the new SEC rules facing hedge funds.  (Marketwatch)

Meet Quadroid.  The new wireless duopoly.  (The Reformed Broker)

Why the Mac keeps growing.  (Asymco)

Economy

Bernanke defends QE2.  (WSJ, Real Time Economics, FT Alphaville, Pragmatic Capitalism)

Andy Kessler, “Mr. Bernanke is clearly buying time with our dollars. If real estate drops, we’re back to September 2008 in a hurry.” (WSJ, FT Alphaville)

A broader look at the manufacturing data.  (Calculated Risk)

Ireland reluctantly nears a bailout.  (WSJ, naked capitalism, CNBC, ETFdb)

Why the world should fear a Chinese slowdown.  (FT Alphaville)

Just because

Only at Wrigley Field:  a football game with one endzone.  (SI)

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