Tuesday links: market dispersion

05May09

Is this stock market rally more like 1974 or 1982 (or 2000)?  (Big Picture also greenfaucet.com, Bespoke)

The quick rise in sentiment is usually indicative of a bear market rally.  (Marketwatch.com)

Winning streaks this long are a rarity for the stock market.  (Sentiment’s Edge, Big Picture)

As measured by breadth measures, the stock market is overbought.  (Quantifiable Edges)

Cyclical stocks have lead the recent stock market recovery.  (Crossing Wall Street)

(M)arket dispersion does not exist any more, and all asset class returns are tracking each other with impunity – buy one thing and you buy everything.”  (Zero Hedge)

The uptick rule is small potatoes compared to other changes in market structure.  (Daily Options Report)

Is there an arbitrage between the two classes of Chipotle (CMG) shares?  (WSJ.com)

There is so much that’s false and nutty in modern investing practice and modern investment banking,” he [Buffett] said. “If you just reduced the nonsense, that’s a goal you should reasonably hope for.”  (DealBook)

Don’t underestimate the importance of the insurance business to Berkshire Hathaway (BRK-A).  (Breakingviews)

What has David Einhorn been buying?  (market folly)

Interested in energy MLPs?   Then the JPMorgan Alerian MLP Index ETN (AMJ) might be right up your alley.  (24/7 Wall St.)

ETFs are not the cash cow Wall Street expected them to be.  (MarketBeat)

Two new ETFs allow you to bet on housing prices without having to move.  (WSJ.com)

Comparing the international bond ETFs.  (IndexUniverse.com)

Treasury yields are creeping up.  (FT Alphaville)

Surprise, surprise.  Most big banks need capital post-stress test.  (WSJ.com, naked capitalism, Baseline Scenario, Dealbreaker, Dealscape)

Is the Obama administration home free on the bank capitalization issue?  (The Balance Sheet)

Secondary markets are “real markets.”  (Atlantic Business, finem respice, Clusterstock)

Banks are still tightening lending standards.  (Clusterstock, Calculated Risk)

Kiss that $8 billion goodbye the Feds put into Chrysler.  (Clusterstock)

Is it time to eschew credit ratings and look at price for a proxy for risk?  (FT Alphaville)

The drop in global trade is quite spectacular.  (Econbrowser)

No need to fear inflation, yet.  (Accrued Interest also Capital Spectator)

Will empirical finance save us from “future calamities“?  (Rortybomb)

Pandemics and the need for better public health infrastructure.  (Marginal Revolution)

The Cramer-Roubini spat rolls on.  (The Reformed Broker)

Should we fear an oil spike once the economy revs up again?  (Green Sheet)

California has problems.  (Gregor.us, Crossing Wall Street)

Of course all the major players are looking at Twitter, that does not mean a deal is imminent.  (All Things Digital)

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