Quote of the day

Barry Ritholtz, “With the Fed out of bullets, traders are now left to their own devices.”  (Big Picture, ibid)

Chart of the day

Gold is breaking down.  (Bespoke, MarketBeat)

Markets

Gold does not like the rally in the US dollar.  (Data Diary also Money Game)

What Operation Twist means for the price of gold.  (Crossing Wall Street)

Just in case you weren’t convinced we were already in a global bear market.  (Bespoke)

Just how much did the Fed announcement move stocks yesterday?  (A Dash of Insight)

Daily market reportage is pretty much useless for most investors.  (Felix Salmon)

Strategy

The market still needs more time.  (Joe Fahmy)

The Crash Ten Commandments.  (The Reformed Broker)

High inflation kills equity valuations.  (World Beta)

Investors inevitably overpay for “guarantees.”  The latest craze is indexed annuities.  (Financial Adviser)

Traders should avoid stocks that regularly gap up/down.  (Tyler’s Trading)

Companies

Netflix ($NFLX) now has options it didn’t have before. (The Tech Trade, MarketBeat)

Microsoft ($MSFT) needs a new business model for tablets.  (SplatF)

The soap opera that is AOL ($AOL).  (Eric Jackson also Dealbook)

Instead of buying maybe United Technologies ($UTX) should be doing spinoffs.  (Deal Journal)

Finance

What spinoffs make sense?  (Musings on Markets)

Do mutual funds transmit crises?  (voxEU)

What hedge fund guys show up on the 2011 Forbes 400 list?  (Deal Journal)

How would you invest $100,000 today?  (Chicago Sean)

Double standards when it comes to margin hikes.  (Kid Dynamite)

Global

Blurring the lines between emerging and developed markets.  (WSJ)

A weak economy only makes the Euro mess worse.  (The Source)

The game is lost when Italian bonds trades as “risk assets.”  (FT Alphaville)

Economy

Is the Fed overpaying for Treasury bonds?  (Pragmatic Capitalism)

The Fed thinks they are being bold.  (Economist’s View)

Weekly initial claims data are stuck in a (too high) rut.  (Calculated Risk, Capital Spectator)

Comparing the US employment situation relative to other financial crisis aftermaths.  (FT Alphaville)

The long road to bring rents in line with home prices.  (Calafia Beach Pundit)

Earlier on Abnormal Returns

Guest post: Satyajit Das on hedge funds as Minksy machines.  (Abnormal Returns)

What you missed in our Thursday morning linkfest.  (Abnormal Returns)

Mixed media

Things to be optimistic (and pessimistic) about.  (Marginal Revolution, EconLog, Modeled Behavior)

A “very good” review for Daniel Gardner’s Future Babble.  (Portfolio Probe)

Fred Wilson, “You can’t create lasting value on hype. ” (A VC)

Social network fatigue is real.  (Om Malik)

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