Quote of the day
Howard Marks, “There is nothing intelligent to be said about gold. Nobody can tell you the right price for an ounce of gold.” (Pragmatic Capitalism)
Chart of the day

The battle between Zillow ($Z) and Trulia ($TRLA) is heating up. (The Basis Point)
Equities
Keep an eye on declining market breadth. (DowntownTrader)
It’s now time for a correction. (Global Macro Monitor)
The consensus is for a shallow pullback. (All Star Charts)
Bullish sentiment is waning. (Bespoke)
Cyclical stocks are rolling over. (Humble Student)
Volatility is picking up. (MarketBeat)
Commodities
The case against commodities. (Behavioral Macro)
Lumber futures are selling off. (chessNwine)
Why gold is pushing lower. (Dr. Ed’s Blog)
Hedge funds are giving up on gold. (Money Game)
Ignore the ‘death cross‘ in gold. (Condor Options)
Research
How should “big data” affect how investors do research? (the research puzzle)
The details of rebalancing are less important than the doing. (Rick Ferri)
What happens to stock correlations in up and down markets? (Falkenblog)
How REIT ETFs distort dividend yields. (Income Investing, WSJ)
Strategy
Happy anniversary to the bursting of the Internet bubble. (Mark Hulbert)
Five big lies on Wall Street. (Brett Arends)
12 market wisdoms from Gerald Loeb. (Ivanhoff Capital)
Why we tend to avoid probing the motivation behind our financial decisions. (Bucks Blog)
Companies
AIG ($AIG) is the new favorite stock of hedge funds. (Money Game)
How much longer will it take to bring Yahoo! ($YHOO) “into the present.” (Pando Daily)
A closer look at how to get access to David Einhorn via Greenlight Re ($GLRE). (The Brooklyn Investor)
Finance
The SEC crushed Intrade. (FT, Marginal Revolution)
Venture capital investing is hard. (A VC)
Primary dealers seem to be pulling back at Treasury auctions. (Liberty Street Economics)
There is no shortage of currency indices to choose from. (Institutional Investor)
Funds
Vanguard is not chomping at the bit to launch a high yield bond ETF. (InvestmentNews)
The many headwinds facing retail mutual fund managers. (Term Sheet)
Hedge funds can’t stay out of the limelight any more. (Unexpected Returns)
Don’t buy a fund managed by an investment bank. (SSRN)
Global
It’s all about the “spread” in peripheral Europe. (Money Game)
Retirees can’t help trying to game the system. (Quartz)
Economy
Weekly initial claims tick up. (Calculated Risk, Capital Spectator)
Is the Fed wavering on QE? (Tim Duy, WSJ, FT Alphaville)
Are we going to have to live with low growth rates indefinitely? (Free exchange)
Mixed media
Where are all the science PhDs ending up? (The Atlantic)
Used cars are gold at present. (WSJ)
Be careful. That fish you bought may be mislabeled. (NYTimes)
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