Book notes: The ETF marketplace is sophisticated and needed an equal book. Eric Balchunas’ The Institutional ETF Toolbox: How Institutions Can Understand and Utilize the Fast-Growing World of ETFs.  (Reformed Broker)

Quote of the Day

"Play is our fuel; it gives us much of our joy, satisfaction, energy, and experience of affection. Without that emotional fuel, we burn out."

(Brett Steenbarger)

Chart of the Day

The junk bond market is signaling risk-on.