Wednesday links: trust, but verify

11Mar09

After yesterday’s rally the S&P 500 remains well below major moving averages.  (Bespoke, ibid)

Should the stock market ever rise 7% in a day?  (24/7 Wall St.)

Why yesterday’s 90% up day may not be all that bullish.  (Quantifiable Edges)

Should we trust what Citigroup (C) has to say about its profitability?  (WSJ.com, FT.com, Clusterstock)

Bank of America (BAC) is worth less than the sum of its parts, i.e. minority holdings.  (breakingviews.com, Clusterstock)

Dow Chemical (DOW) now looks like a leveraged option on an economic recovery.  (WSJ.com, Corporate Dealmaker, Deal Journal)

What would the reinstatement of the uptick rule mean for the market?  (MarketBeat)

Valuation methods are not helping the average investor.”  (A Dash of Insight)

Countries that did not hit new 52-week lows in March.  (greenfaucet.com)

A neat graph of the first fifty days stock market performance of each Presidential administration.  (Big Picture)

Stock correlations remain high.  (Ticker Sense)

Deviations from NAV for bond ETFs may not be a sign of market inefficiency.  (Morningstar.com)

Jeremy Grantham gets a touch more bullish.  (Zero Hedge)

Robert Rodriguez is leaving the money management business with his track record intact.  (WSJ.com, Morningstar.com)

How will the stimulus plan help muni bonds?  (WSJ.com)

“In summary, the current wave of mega-mergers does not solve but rather exacerbates the deeper problems of the pharmaceutical industry.”  (Atlantic Business)

Why natural gas prices remain at depressed levels.  (FT Alphaville)

On the pressure facing hedge fund fees.  (All About Alpha)

An introduction to the new Minyanville Options Center.  (Minyanville.com)

An industry breakdown of Moody’s The Bottom Rung of troubled credits.  (Atlantic Business)

The Libor-OIS spread never returned to levels seen a couple of years ago.  (FT Alphaville)

“Asset prices reflect subjective probability distributions about the future. [...] The future has many paths. Our ignorance of the future cannot be measured on the same scale as the variation of the past.”  (EconLog)

“At last, our long wait to learn the Administration’s policy on banking is over.  The policy is: wait.”  (Baseline Scenario, ibid)

Why “looting” is a useful frame of reference on how the banks got us into this mess.  (NYTimes.com)

“Could it make any sense for AIG to sell and someone else to buy a promise on which AIG in fact could not deliver?”  (Econbrowser)

(T)he credit markets didn’t freeze up because Lehman was allowed to fail. They were already in the process of freezing.”  (Clusterstock)

Prominent experts, therefore, are often simply those whose voices are in harmony with today’s mood and who have an easier time selling their stories.”  (Newsweek.com)

How can Alan Greenspan relieve monetary policy of blame in the housing bubble?  (Aleph Blog)

Apparently the consequences of a currency crash aren’t all that dire for a major economy.  (Real Time Economics)

What defines a Depression, and the indicator(s) that will demonstrate the downturn?  (Calculated Risk)

Studying the Great Depression is a pointless exercise this time around.  (Clusterstock)

The happiest states of America.  (Economix)

Will Wolfram Alpha reinvent the search space to the detriment of Google (GOOG)?  (The Big Money)

Just when you think we know everything.  A “mystery” engraved message found inside Lincoln’s watch.  (WashingtonPost.com)

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