Quote of the day
Michael Santoli, “Deeming rallies as less trustworthy because they’ve come on tepid volume is a common way to find flaws in a gift horse’s mouth…A perfectionist tape reader might wish to see total volume surge, to ratify higher index levels, but this won’t happen in the current market climate. ” (Barron’s)
Chart of the day
US Initial Claims for Unemployment Insurance data by YCharts
Does the stock market still just care about weekly initial unemployment claims? (Money Game)
Markets
Six reasons why the marker remains seemingly resilient. (FT Alphaville)
Yet another sign that high yield bond buyers will scoop up just about anything these days. (FT)
Market have rallied in the face of higher short interest. (All Star Charts)
Speaking of short interest the coal names are hated as well. (UpsideTrader)
Wall Street still expects $115 in S&P 500 earnings in 2013. (Crossing Wall Street)
Trading
How to accelerate your investment learning. (Howard Lindzon)
Great traders need to think about contingency planning. (See It Market)
An interview with Jack Schwager author of Hedge Fund Market Wizards. (StockTwitsU)
Strategy
Why dividends matter, redux. (The Reformed Broker)
In the end investing still comes down to companies with real assets and cash flow. (The Brooklyn Investor)
If diversification isn’t the answer then what is? (TechCrunch)
Companies
Shareholder value is getting a broader definition these days. (NYTimes)
It sucks to be Michael Dell. (Pando Daily)
Is Apple ($AAPL) losing some of its buzz? (The Atlantic)
Grocery store perimeters are becoming even more important. (NYTimes)
Finance
Changes are not done at Knight Capital Group ($KCG). (Bloomberg)
Short-selling bans don’t work. (Real Time Economics)
Should Bank of America ($BAC) kick Merrill Lynch to the curb? (Businessweek)
Why we shouldn’t be surprised that hedge funds keep most gains in the form of fees. (Noahpinion)
Global
The global oil markets have been able to handle the drop off in Iranian oil. (Businessweek)
Stimulating the Chinese economy is becoming more difficult. (NYTimes)
Economy
Why it has been so difficult for cities to balance their budgets post-recession. (WSJ)
Just how much do ethanol prices affect retail gasoline prices? (Sober Look)
Tyler Cowen reviews two books on the state of the economy including Daniel Gross’ Better, Stronger Faster. (NYTimes)
Why investors may be disappointed with the Fed’s next move. (Sober Look)
Earlier on Abnormal Returns
Top clicks this week on the site. (Abnormal Returns)
What you missed in our Saturday long form linkfest. (Abnormal Returns)
Mixed media
Are foreign language requirements a waste of time and money? (EconLog, ibid)
Whatever happened to the three-martini lunch? (Economist also The Martini FAQ via @daringfireball)
Why “nasty, fast food as we know it” is likely doomed. (Slate)
Abnormal Returns is a founding member of the StockTwits Blog Network.
