Quote of the day

Cullen Roche, “The key element of any unstable market environment is the illusion of stability within disequilibrium.”  (Pragmatic Capitalism)

Chart of the day

Netflix ($NFLX) is a prime example of 2011/2012 reversals.  (MarketBeat also footnoted)

Markets

The S&P 500 P/E ratio has been surprisingly muted.  (Dr. Ed’s Blog)

Financial stress and the stock market.  (Big Picture)

A chartfest including a surge in economic surprises in Europe.  (Stone Street Advisors)

Gold has hung around as an investment for millenia for good reason.  (The Source)

Just how addicted to cheap money are the markets at the moment?  (Stock Sage)

Oil

Just how big is the speculative premium in oil?  (Dan Dicker)

Why is the US exporting so much petroleum these days?  (Wonkblog)

Companies

Some crazy a** charts comparing Apple ($AAPL) vs. Google ($GOOG) vs. Microsoft ($MSFT).  (Asymco)

Investors are skeptical of the Kraft ($KFT) break-up.  (Minyanville)

If you ever wanted a piece of the Empire State Building now is your chance.  (WSJ)

Some suggestions for Goldman Sachs ($GS) in their new PR push.  (Big Picture)

Finance

The mortgage settlement as just another not-so-stealth bailout of the banking system.  (Time)

If you don’t think manipulating Libor is a big deal…. (Finance Addict)

The Black-Scholes formula did not cause the financial crisis.  (Sober Look, Crossing Wall Street)

If taxes are raised on dividends expect firms to react.  (Marginal Revolution)

Funds

Hedge fund managers like Louis Bacon of Moore Capital are not happy about registering with the SEC.  (Fortune)

Traders seem to have forgotten about leveraged ETFs.  (Focus on Funds)

Global

Portugal and Greece should go bankrupt.  (FT)

All of Europe is at risk of “austerity fatigue.”  (Gavyn Davies)

Toronto is the new Miami as condo construction surges.  (Bloomberg)

Economy

Americans have yet to embrace spending within their means.  (Total Return)

The housing bust in one chart.  (Economix)

Americans continue to remodel their homes.  (Calculated Risk)

The US is becoming an “export powerhouse.”  (Gregor Macdonald)

The gold standard was not “the good old days.”  (Econbrowser)

Earlier on Abnormal Returns

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

Mixed media

10.5 questions for Joe Fahmy.  (bclund)

Zack Miller talks with Wes Gray of Turnkey Analyst fame.  (Tradestreaming)

Abnormal Returns is a founding member of the StockTwits Blog Network.