Due to the holiday there will be no long-form linkfest tomorrow.  We hope all our readers have a safe and happy holiday season.

Quote of the day

Howard Lindzon, “I worry about 2011 because so many people are confusing a roaring bull market that I have often called ‘inconceivable’ with being smart.”  (Howard Lindzon)

Chart of the day

Investors keep piling into volatility ETNs.  (WSJ, chart: StockCharts)

Markets

What are to make of the extreme levels of bullish sentiment?  (Bespoke)

Energy and consumer discretionary continue to lead the sector pack.  (Dragonfly Capital)

A look at some really overbought stocks going into year-end.  (Bespoke)

It’s too early to get bullish on natural gas.  (Big Picture also Can Turtles Fly?)

Banks are short-term overbought.  (Trader’s Narrative)

How did the much-vaunted BRICs do in 2010?  (Global Macro Monitor)

Things could have been a lot worse for commercial mortgages this year.  (Floyd Norris)

Strategy and Tactics

It’s time to look beyond the biggest ETFs.  (IndexUniverse)

James Montier in defense of good, old fashioned mean reversion.  (Zero Hedge)

This year would you rather have had coal or toys in your stocking?  (Street Sweep)

All pundits get things wrong.  What matters is their thought process.  (Megan McArdle)

Investments are supposed to serve your purposes, not be a purpose unto themselves.  (Marketwatch)

You can’t become a better trader in the new year if you don’t properly assess your performance for the past year.  (Minyanville)

Companies

Why the run in Netflix (NFLX) may be over.  (ROI)

No wonder everyone is trying to get a piece of Facebook, Groupon and Twitter on the secondary market.  (Dealbook)

Can Wall Street save New Jersey’s horse racing operations?  (WSJ)

Economy

A look at consumption and the state of the recovery.  (EconomPic Data also Capital Spectator)

Inflation?  What inflation?  (Pragmatic Capitalism also The Source)

Go figure.  The US has become a net exporter of distillates.  (Infectious Greed)

Just because

Copyright issues aside, we are living in the “golden age of cocktails.”  (Freakonomics)

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