Book review: Trend Following with Managed Futures: The Search for Crisis Alpha by Alex Greyserman and Kathryn Kaminski raises “the standard for discussion concerning trend following.” (Enterprising Investor)

Quote of the Day

"The lesson of past cycles is that changes of sentiment occur with bewildering speed, too quickly for the most exposed to adjust. Those swimming naked have little time to reach shore."

(John Gapper)

Chart of the Day

No matter how you slice it the decline in initial jobless claims is stunning.