Book recommendation: The Achievement Habit: Stop Wishing, Start Doing, and Take Command of Your Life by Bernard Roth is “an enjoyable, uplifting read.”  (Reading the Markets)

Quote of the Day

"Market tops and market bottoms are fundamentally herd behavior. And while I'm sure that every cow in the herd feels that she is special, just a little bit more insightful than the average cow, collectively they are a bovine mass."

(Megan McArdle)

Chart of the Day

We have seen some pretty impressive spikes in the $VIX of late.