Quote of the day

Gatis Roze, “Mastery is not achieved by knowing the Holy Grail of trading systems. Mastery is achieved by having the discipline to put in writing your own trading system, learning to overcome a lot of potentially costly enemies within yourself and then following your system.”  (StockCharts Blog)

Chart of the day

10 Year Treasury Rate data by YCharts

What happens when the 10 year Treasury yields and the S&P 500 high simultaneous 50 day highs?  (Quantitative Edges)

Markets

Transports continue to underperform.  (Market Montage, Mark Hulbert)

Are junk bond yields done going down?  (IndexUniverse)

Bond traders have bought into this rally.  (Learn Bonds)

REITs are overowned (for yield) at this point.  (YCharts Blog)

Growing interest in corn plays.  (Reuters also NYTimes)

Strategy

Investment managers are poor market timers.  (Rick Ferri)

On the demographic headwinds facing the US equity market.  (Enterprising Investor)

Wall Street is still eating their young.  (The Reformed Broker)

Companies

How the Apple ($AAPL) Store model succeeds.  (Asymco)

Best Buy ($BBY) is a company in search of a plan.  (NYTimes)

JC Penney ($JCP) shows the danger of heavily shorted stocks.  (MarketBeat)

The case for a turnaround in Hewlett-Packard ($HPQ) stock.  (SumZero)

Knight Capital ($KCG) as a model Wall Street failure.  (Big Picture)

How close is Berkshire Hathaway ($BRKB) to buying back its own shares.  (YCharts Blog)

Global

Goldman is pitching MISTs as a replacement for the BRICs.  (Businessweek)

Japan passes a big tax hike.  (Businessweek)

Economy

Why high levels of cash on the balance sheet are unlikely to change any time soon.  (FT Alphaville)

On the relationship between the housing market and unemployment.  (Calculated Risk)

How weather affects big ticket buying decisions.  (Real Time Economics)

Earlier on Abnormal Returns

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

Open items

What do CNBC’s ratings tell us about investor sentiment?  (Schaeffer’s Research via Talking Biz News)

Is college still worth it?  (Real Time Economics)

What’s so great about a cashless society?  (The Atlantic)

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