Quote of the day
Hunter, “Know that you can’t catch the bottom, but don’t let that stop you from doing the hard work, collecting your facts, and doing your due diligence.” (Distressed Debt Investing)
Chart of the day
How a reversal in Amgen ($AMGN) might work out. (StockCharts Blog)
Markets
Positive breadth is now non-existent. (Bespoke)
Putting the current pullback into perspective. (VIX and More)
Muni bonds are “fully participating” in the Treasury rally. (Bond Buyer, Money & Co.)
An inter-market look at stocks, bonds, gold and the US dollar. (Afraid to Trade)
What happens historically after a big market crack. (World Beta)
Preferred stocks are not immune from the selloff. (Bespoke)
Strategy
Protect your emotional capital as well as your financial capital. (Tickerville)
Respect risk, cut your losses. (Joe Fahmy)
Bottoms are a process not a one-day event. (Mark Hulbert)
401(k) investors: avoid complexity. (Aleph Blog)
How does some one out of the market get back in? Buy one stock. (A Dash of Insight)
The Gary Shilling Portfolio is built for deflation. (Pragmatic Capitalism)
Hedge funds
John Paulson is having a rough summer, gold aside. (Dealbook, Deal Journal)
It’s hard to trade when you can’t access your prime broker’s system. (NetNet)
Bill Ackman was a big winner in the Kraft ($KFT) breakup. (Deal Journal)
Companies
The bull case for Apple ($AAPL). (Tech Trader Daily)
LinkedIn ($LNKD) reports earnings for the first time as a public company. (Bloomberg, SAI, The Tech Trade)
CEO James Gorman thinks Morgan Stanley ($MS) is buy. (Dealbreaker, Deal Journal)
The rail car business is picking up. (WSJ)
Finance
Foreign bond ETFs are getting very country specific these days. (IndexUniverse)
A cautionary word about emerging market bond valuations. (IndexUniverse)
Don’t look to traditional equity mutual funds to be a net buyer of stocks. (research puzzle pix)
Global
Europe 2011 is 2008 all over again. (FT, Fortune)
The market isn’t happy with the ECB’s bond buying. (The Source)
Economy
A look at the better than expected NFP numbers. (Calculated Risk, Daniel Gross, CBS Moneywatch, Free exchange, EconomPic Data, Curious Capitalist, Calafia Beach Pundit, Real Time Economics)
It is time for negative interest rates to get liquidity moving. (FT Alphaville)
The stock market vs. the economy. (Felix Salmon)
Earlier on Abnormal Returns
Too much is never enough for the ETF industry. (Abnormal Returns)
What you missed in Friday morning’s big linkfest. (Abnormal Returns)
Mixed media
Working through the mortgage refi decision process. (Megan McArdle)
Instagram is the next great social network. (SplatF)
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