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Quote of the day
Joe Fahmy, “The ultimate goal for all traders is: Get to the point where you can make confident decisions on your own and trade with complete independence.” (Joe Fahmy)
Chart of the day

Defensive sectors have started to lag. (StockCharts Blog, Market Montage)
Equities
When defensive stocks become offensive. (The Reformed Broker)
Emerging markets and technology are showing signs of life. (All Star Charts)
Look at what markets are leading markets higher. (Dynamic Hedge)
A look at some potential divergences. (Humble Student)
April’s major asset class performance. (Capital Spectator)
Strategy
What happens after six straight months of market gains? (Quantifiable Edges)
Every investment strategy is going to lead to some “restless nights.” (Above the Market)
Selling covered calls is same as being short puts. (In Pursuit of Value)
What it takes to built a successful prop trading desk. (SMB Training)
The downside of living in a 401(k) world. (Slate)
Apple
Checking back in on Apple’s ($AAPL) valuation. (Musings on Markets)
Why Apple doesn’t merit a AAA rating. (Dealbook)
Companies
What the end of the global mining boom means for equipment manufacturers. (FT)
Company founders don’t always do well even if the company does. (Dealbook)
Finance
High speed traders win again, this time at the CME. (WSJ)
Hedge funds have jumped into the tax lien business. (Fortune)
A critical look at Lending Club return statistics. (MoneyWatch)
ETFs
Megacaps are the original low vol stocks. (Morningstar)
Sector ETFs turn 15 years old. (IndexUniverse)
Global
What if the Yen reverses course? (FT Alphaville)
What the ECB can and cannot do to fix Euroland. (Gavyn Davies)
It’s 2005 all over again in the global credit markets. (MoneyBeat)
How has the anti-corruption program affected the Chinese economy? (Sober Look)
Problems down on the Australian farm. (MacroBusiness)
Maybe this shale gas thing is harder than it looks. (WashingtonPost)
Economy
ADP continues to show slow employment growth. (Calculated Risk, Capital Spectator)
The stock market is not divorced from the economy. (Bonddad Blog)
Why US manufacturing is making a comeback. (WashingtonPost)
Regional manufacturing reports are coming in weak. (Pragmatic Capitalism)
What is the most average place in the US? (Marginal Revolution)
Mixed media
Justin Fox, “Capitalizing on others’ unpaid labor is a great business – until suddenly it’s not.” (HBR)
People are inspired to come up with good ideas to ward off bad ones. (Medium via DF)
How to be gracious. (Esquire via Kottke)
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